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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
As of December 31, 2025 and 2024, the Company had $112.5 million and $167.7 million, respectively, in financial assets held in money market accounts and $197.9 million and $65.6 million, respectively, held in marketable securities, including U.S. treasury bills. The Company measured these assets at fair value and all were classified as Level 1 in the fair value hierarchy. The Company classified these assets as Level 1 because the values of these assets are determined using unadjusted quoted prices in active markets for identical assets. For the years ended December 31, 2025, 2024, and 2023, interest income on cash, cash equivalents, restricted cash, and marketable securities, including the accretion of discounts on investments, was $10.4 million, $12.4 million, and $3.3 million, respectively.
During the year ended December 31, 2025, the Company had no gross realized gains related to marketable securities included within earnings. The gross realized gains included within earnings for the years ended December 31, 2024 and 2023 were $10.0 million and $5.2 million, respectively. There were no related gross realized losses included within earnings for these periods.
The Company reclassified no net unrealized holding gains out of other comprehensive income and into earnings for the year ended December 31, 2025. The reclassified net unrealized holdings gains out of other comprehensive income and into earnings for the years ended December 31, 2024, and 2023 were $7.3 million, and $3.8 million, respectively. These amounts were reclassified into interest and other income, net in the consolidated statement of operations.
The total net gains for marketable securities recorded into other comprehensive income, before reclassifications into earnings, for the years ended December 31, 2025, 2024, and 2023, was $0.1 million, $4.5 million, and $6.1 million, respectively. The amortized cost of these securities approximates fair value.
During the years ended December 31, 2025, 2024, and 2023, the Company did not maintain any assets or liabilities classified as Level 2 or Level 3 in the fair value hierarchy.