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Investments in Marketable Debt Securities, Available-for-Sale
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments in Marketable Debt Securities, Available-for-Sale Investments in Marketable Debt Securities, Available-for-Sale
Amortized cost, allowance for credit losses, gross unrealized gains (losses) in accumulated other comprehensive income (loss) and fair value of marketable debt securities, available-for-sale, by type of security consisted of the following (in thousands):
September 30, 2025
Amortized
Cost		Allowance
for Credit
Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses 		Fair
Value
Short-term investments:
U.S. treasuries$11,927 $— $3 $— $11,930 
Corporate debt113,974 — 38 (35)113,977 
Asset-backed securities (“ABS”) and other3,512 — 1 — $3,513 
$129,413 $— $42 $(35)$129,420 
Long-term investments:
U.S. treasuries$29,058 $— $160 $(21)$29,197 
U.S. government sponsored entities2,846 — 15 (50)2,811 
Corporate debt45,252 — 571 (475)45,348 
Asset-backed securities (“ABS”) and other57,411 — 511 (559)57,363 
$134,567 $— $1,257 $(1,105)$134,719 
December 31, 2024
Amortized
Cost		Allowance
for Credit
Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Short-term investments:
U.S. treasuries$29,515 $— $20 $(18)$29,517 
Corporate debt160,152 — 55 (57)160,150 
$189,667 $— $75 $(75)$189,667 
Long-term investments:    
U.S. treasuries$819 $— $— $(46)$773 
U.S. government sponsored entities996 — 3 (70)929 
Corporate debt31,820 — 139 (1,025)30,934 
ABS and other18,731 — 114 (334)18,511 
$52,366 $— $256 $(1,475)$51,147 
The Company’s investments in marketable debt securities, available-for-sale, that have been in a continuous unrealized loss position, for which an allowance for credit losses has not been recorded, by type of security consisted of the following (in thousands):
September 30, 2025
Less than 12 months 12 months or greater Total
Fair
Value		Gross
Unrealized
Losses 		Fair
Value		Gross
Unrealized
Losses
Fair
Value(1)
Gross
Unrealized
Losses
U.S. treasuries$— $— $780 $(21)$780 $(21)
U.S. government sponsored entities1,899 (1)421 (49)2,320 (50)
Corporate debt37,432 (8)13,498 (502)50,930 (510)
ABS and other10,136 (320)3,261 (239)13,397 (559)
$49,467 $(329)$17,960 $(811)$67,427 $(1,140)

December 31, 2024
Less than 12 months 12 months or greater Total
Fair
Value		Gross
Unrealized
Losses 		Fair
Value		Gross
Unrealized
Losses
Fair
Value(1)
Gross
Unrealized
Losses
U.S. treasuries$— $— $10,050 $(64)$10,050 $(64)
U.S. government sponsored entities— — 432 (70)432 (70)
Corporate debt15,654 (46)25,520 (1,036)41,174 (1,082)
ABS and other6,393 (70)4,333 (264)10,726 (334)
$22,047 $(116)$40,335 $(1,434)$62,382 $(1,550)
(1)The fair value excludes accrued interest receivable.
Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, consisted of the following (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Gross realized gains (1)
$— $— $8 $— 
Gross realized losses (1)
$— $— $— $— 
(1)Recorded in other income, net in the condensed consolidated statements of operations. The cost basis of securities sold were determined based on the specific identification method.
The Company invests its excess cash in a diversified portfolio of fixed and variable rate debt securities to meet current and future cash flow needs. All investments are made in accordance with the Company’s approved investment policy. As of September 30, 2025, the portfolio had a weighted average credit rating of AA- and a weighted term to contractual maturity of 5.8 years. As of September 30, 2025, the Company had 109 securities in the portfolio for which there was an unrealized loss. For these securities, there was an unrealized aggregate loss of $1.1 million, or 0.4% of amortized cost, and a weighted average credit rating of A+.
As of September 30, 2025, the Company performed an impairment analysis and determined an allowance for credit losses was not required. The Company determined that it did not have an intent to sell and it was not more likely than not that the Company would be required to sell any security based on its current liquidity position, or to maintain compliance with its investment policy, specifically as it relates to minimum credit ratings. The Company evaluated the securities with an unrealized loss considering severity of loss, credit ratings, specific credit events during the period since acquisition, overall likelihood of default, market sector, potential impact from the current economic environment, including interest
rates, geopolitical unrest and a review of an issuer’s and securities’ liquidity and financial strength, as needed. The Company concluded that it would receive all scheduled interest and principal payments. The Company, therefore, determined qualitatively that the unrealized loss was related to changes in interest rates and other market factors and therefore no allowance for credit losses was required.
Amortized cost and fair value of marketable debt securities, available-for-sale, by contractual maturity consisted of the following (in thousands, except weighted average data):
September 30, 2025December 31, 2024
Amortized
 Cost		Fair ValueAmortized
 Cost		Fair Value
Due in one year or less$129,413 $129,420 $189,667 $189,667 
Due after one year through five years75,775 76,221 26,315 25,944 
Due after five years through ten years17,528 17,535 11,246 10,716 
Due after ten years41,264 40,963 14,805 14,487 
$263,980 $264,139 $242,033 $240,814 
Weighted average contractual maturity5.8 years2.3 years
Actual maturities may differ from contractual maturities because certain issuers have the right to prepay certain obligations with or without prepayment penalties.