Investments in Marketable Debt Securities, Available-for-Sale (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains/Losses in Accumulated Other Comprehensive Income/Loss and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security

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 debt	113,974		—		38		(35)		113,977
Asset-backed securities (“ABS”) and other	3,512		—		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 entities	2,846		—		15		(50)		2,811
Corporate debt	45,252		—		571		(475)		45,348
Asset-backed securities (“ABS”) and other	57,411		—		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 debt	160,152		—		55		(57)		160,150

	$	189,667	$	—	$	75	$	(75)	$	189,667
Long-term investments:
U.S. treasuries	$	819	$	—	$	—	$	(46)	$	773
U.S. government sponsored entities	996		—		3		(70)		929
Corporate debt	31,820		—		139		(1,025)		30,934
ABS and other	18,731		—		114		(334)		18,511
	$	52,366	$	—	$	256	$	(1,475)	$	51,147

Schedule of Available-for-sale Marketable Debt Securities in a Continuous Unrealized Loss Position

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 entities	1,899		(1)		421		(49)		2,320		(50)
Corporate debt	37,432		(8)		13,498		(502)		50,930		(510)
ABS and other	10,136		(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 debt	15,654		(46)		25,520		(1,036)		41,174		(1,082)
ABS and other	6,393		(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.

Schedule of Gross Realized Gains and Losses from Sale of Available for Sale Marketable Debt Securities

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,
	2025		2024		2025		2024
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.

Schedule of Amortized Cost and Fair Value of Marketable Debt Securities, Available-for-Sale, by Contractual Maturity

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, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	129,413	$	129,420	$	189,667	$	189,667
Due after one year through five years	75,775		76,221		26,315		25,944
Due after five years through ten years	17,528		17,535		11,246		10,716
Due after ten years	41,264		40,963		14,805		14,487
	$	263,980	$	264,139	$	242,033	$	240,814
Weighted average contractual maturity			5.8 years				2.3 years