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Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Summary of Investments Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s investments at December 31, 2024 and 2023 measured at fair value on a recurring basis (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |  |  |  |  |  | Gross |  |  | Gross |  |  |  |
|  |  |  |  | Unrealized |  |  | Unrealized |  |  | Recorded |  |  |  |  |  | Unrealized |  |  | Unrealized |  |  | Recorded |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Basis |  |  | Cost |  |  | Gains |  |  | Losses |  |  | Basis |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 26,661 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,661 |  |  | $ | 19,539 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,539 |
Total cash equivalents |  |  | 26,661 |  |  |  | — |  |  |  | — |  |  |  | 26,661 |  |  |  | 19,539 |  |  |  | — |  |  |  | — |  |  |  | 19,539 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 27,954 |  |  |  | 3 |  |  |  | (2,365 | ) |  |  | 25,592 |  |  |  | 34,472 |  |  |  | 2 |  |  |  | (3,161 | ) |  |  | 31,313 |
U.S. government agency securities |  |  | 12,734 |  |  |  | — |  |  |  | (203 | ) |  |  | 12,531 |  |  |  | 12,830 |  |  |  | — |  |  |  | (408 | ) |  |  | 12,422 |
U.S. treasuries |  |  | 12,460 |  |  |  | — |  |  |  | (1,140 | ) |  |  | 11,320 |  |  |  | 12,448 |  |  |  | — |  |  |  | (1,253 | ) |  |  | 11,195 |
Mortgage-backed securities |  |  | 12,128 |  |  |  | — |  |  |  | (2,592 | ) |  |  | 9,536 |  |  |  | 13,084 |  |  |  | — |  |  |  | (2,454 | ) |  |  | 10,630 |
Asset-backed securities |  |  | 7,610 |  |  |  | 12 |  |  |  | (109 | ) |  |  | 7,513 |  |  |  | 13,659 |  |  |  | 4 |  |  |  | (191 | ) |  |  | 13,472 |
Emerging markets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,003 |  |  |  | — |  |  |  | (8 | ) |  |  | 1,995 |
Total current investments |  |  | 72,886 |  |  |  | 15 |  |  |  | (6,409 | ) |  |  | 66,492 |  |  |  | 88,496 |  |  |  | 6 |  |  |  | (7,475 | ) |  |  | 81,027 |
Restricted cash and investments (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 100,030 |  |  |  | 16 |  |  |  | (7,302 | ) |  |  | 92,744 |  |  |  | 82,481 |  |  |  | 19 |  |  |  | (8,473 | ) |  |  | 74,027 |
U.S. treasuries |  |  | 54,900 |  |  |  | — |  |  |  | (6,348 | ) |  |  | 48,552 |  |  |  | 109,020 |  |  |  | 21 |  |  |  | (6,436 | ) |  |  | 102,605 |
Mortgage-backed securities |  |  | 40,858 |  |  |  | 10 |  |  |  | (5,674 | ) |  |  | 35,194 |  |  |  | 42,077 |  |  |  | 2 |  |  |  | (5,218 | ) |  |  | 36,861 |
U.S. government agency securities |  |  | 16,785 |  |  |  | — |  |  |  | (914 | ) |  |  | 15,871 |  |  |  | 16,863 |  |  |  | — |  |  |  | (1,199 | ) |  |  | 15,664 |
Mutual funds |  |  | 10,961 |  |  |  | — |  |  |  | — |  |  |  | 10,961 |  |  |  | 8,941 |  |  |  | — |  |  |  | — |  |  |  | 8,941 |
Asset-backed securities |  |  | 1,666 |  |  |  | 6 |  |  |  | (1 | ) |  |  | 1,671 |  |  |  | 799 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 799 |
Money market funds |  |  | 216 |  |  |  | — |  |  |  | — |  |  |  | 216 |  |  |  | 337 |  |  |  | — |  |  |  | — |  |  |  | 337 |
Emerging markets |  |  | 200 |  |  |  | 1 |  |  |  | — |  |  |  | 201 |  |  |  | 200 |  |  |  | 2 |  |  |  | — |  |  |  | 202 |
Total restricted cash and investments |  |  | 225,616 |  |  |  | 33 |  |  |  | (20,239 | ) |  |  | 205,410 |  |  |  | 260,718 |  |  |  | 45 |  |  |  | (21,327 | ) |  |  | 239,436 |
Total investments |  | $ | 325,163 |  |  | $ | 48 |  |  | $ | (26,648 | ) |  | $ | 298,563 |  |  | $ | 368,753 |  |  | $ | 51 |  |  | $ | (28,802 | ) |  | $ | 340,002 |
(1) Included in restricted cash and investments within the consolidated balance sheets as of December 31, 2024 and 2023 is restricted cash of $26.7 million and $3.6 million, respectively, which is excluded from the table above. Restricted cash and investments are classified as current and noncurrent on the balance sheet based on the nature of the restriction.
Summary of Assets Measured at Fair Value on Recurring Basis | The following table summarizes the Company's investments at December 31, 2024 and 2023 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recorded |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Basis |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Other (1) |  |  | Basis |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Other (1) |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 26,661 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26,661 |  |  | $ | 19,539 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,539 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 25,592 |  |  |  | — |  |  |  | 25,592 |  |  |  | — |  |  |  | — |  |  |  | 31,313 |  |  |  | — |  |  |  | 31,313 |  |  |  | — |  |  |  | — |
U.S. government agency securities |  |  | 12,531 |  |  |  | — |  |  |  | 12,531 |  |  |  | — |  |  |  | — |  |  |  | 12,422 |  |  |  | — |  |  |  | 12,422 |  |  |  | — |  |  |  | — |
U.S. treasuries |  |  | 11,320 |  |  |  | — |  |  |  | 11,320 |  |  |  | — |  |  |  | — |  |  |  | 11,195 |  |  |  | — |  |  |  | 11,195 |  |  |  | — |  |  |  | — |
Mortgage-backed securities |  |  | 9,536 |  |  |  | — |  |  |  | 9,536 |  |  |  | — |  |  |  | — |  |  |  | 10,630 |  |  |  | — |  |  |  | 10,630 |  |  |  | — |  |  |  | — |
Asset-backed securities |  |  | 7,513 |  |  |  | — |  |  |  | 7,513 |  |  |  | — |  |  |  | — |  |  |  | 13,472 |  |  |  | — |  |  |  | 13,472 |  |  |  | — |  |  |  | — |
Emerging markets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,995 |  |  |  | — |  |  |  | 1,995 |  |  |  | — |  |  |  | — |
Restricted cash and investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 92,744 |  |  |  | — |  |  |  | 92,744 |  |  |  | — |  |  |  | — |  |  |  | 74,027 |  |  |  | — |  |  |  | 74,027 |  |  |  | — |  |  |  | — |
U.S. treasuries |  |  | 48,552 |  |  |  | — |  |  |  | 48,552 |  |  |  | — |  |  |  | — |  |  |  | 102,605 |  |  |  | — |  |  |  | 102,605 |  |  |  | — |  |  |  | — |
Mortgage-backed securities |  |  | 35,194 |  |  |  | — |  |  |  | 35,194 |  |  |  | — |  |  |  | — |  |  |  | 36,861 |  |  |  | — |  |  |  | 36,861 |  |  |  | — |  |  |  | — |
U.S. government agency securities |  |  | 15,871 |  |  |  | — |  |  |  | 15,871 |  |  |  | — |  |  |  | — |  |  |  | 15,664 |  |  |  | — |  |  |  | 15,664 |  |  |  | — |  |  |  | — |
Mutual funds |  |  | 10,961 |  |  |  | 10,961 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,941 |  |  |  | 8,941 |  |  |  | — |  |  |  | — |  |  |  | — |
Asset-backed securities |  |  | 1,671 |  |  |  | — |  |  |  | 1,671 |  |  |  | — |  |  |  | — |  |  |  | 799 |  |  |  | — |  |  |  | 799 |  |  |  | — |  |  |  | — |
Money market funds |  |  | 216 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 216 |  |  |  | 337 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 337 |
Emerging markets |  |  | 201 |  |  |  | — |  |  |  | 201 |  |  |  | — |  |  |  | — |  |  |  | 202 |  |  |  | — |  |  |  | 202 |  |  |  | — |  |  |  | — |
Total investments |  | $ | 298,563 |  |  | $ | 10,961 |  |  | $ | 260,725 |  |  | $ | — |  |  | $ | 26,877 |  |  | $ | 340,002 |  |  | $ | 8,941 |  |  | $ | 311,185 |  |  | $ | — |  |  | $ | 19,876 |
(1) Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.
Summary of Contractual Maturities of Available for Sale Securities | The following table summarizes the contractual maturities of the Company’s available for sale securities at December 31, 2024 and 2023. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. The table also includes money market funds, which are classified as cash and cash equivalents on the Company’s consolidated balance sheets.
| December 31, 2024 |
(In thousands) | Less than 1 Year |  |  | Between 1 to 5 Years |  |  | Between 5 to 10 Years |  |  | After 10 Years |  |  | Total |
Corporate bonds | $ | 18,815 |  |  | $ | 76,574 |  |  | $ | 22,947 |  |  | $ | — |  |  | $ | 118,336 |
U.S. treasuries |  | 497 |  |  |  | 42,333 |  |  |  | 17,042 |  |  |  | — |  |  |  | 59,872 |
U.S. government agency securities |  | 8,014 |  |  |  | 19,333 |  |  |  | 1,055 |  |  |  | — |  |  |  | 28,402 |
Money market funds |  | 26,877 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,877 |
Asset-backed securities |  | — |  |  |  | 1,228 |  |  |  | 6,654 |  |  |  | 1,302 |  |  |  | 9,184 |
Emerging markets |  | — |  |  |  | — |  |  |  | 201 |  |  |  | — |  |  |  | 201 |
Total | $ | 54,203 |  |  | $ | 139,468 |  |  | $ | 47,899 |  |  | $ | 1,302 |  |  | $ | 242,872 |
| December 31, 2023 |
(In thousands) | Less than 1 Year |  |  | Between 1 to 5 Years |  |  | Between 5 to 10 Years |  |  | After 10 Years |  |  | Total |
U.S. treasuries | $ | 55,955 |  |  | $ | 32,706 |  |  | $ | 25,139 |  |  | $ | — |  |  | $ | 113,800 |
Corporate bonds |  | 6,859 |  |  |  | 67,731 |  |  |  | 30,574 |  |  |  | 176 |  |  |  | 105,340 |
U.S. government agency securities |  | 39 |  |  |  | 27,018 |  |  |  | 1,029 |  |  |  | — |  |  |  | 28,086 |
Money market funds |  | 19,876 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,876 |
Asset-backed securities |  | — |  |  |  | 799 |  |  |  | 12,182 |  |  |  | 1,290 |  |  |  | 14,271 |
Emerging markets |  | 1,995 |  |  |  | — |  |  |  | 202 |  |  |  | — |  |  |  | 2,197 |
Total | $ | 84,724 |  |  | $ | 128,254 |  |  | $ | 69,126 |  |  | $ | 1,466 |  |  | $ | 283,570 |
Summary of Fair Values and Gross Unrealized Losses of Available for Sale Securities | The fair values and gross unrealized losses of the Company’s available for sale securities that were in an unrealized loss position as of December 31, 2024 and 2023, aggregated by investment category and length of time that individual securities have been in a continuous loss position, were as follows (in thousands):
|  | December 31, 2024 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Recorded |  |  | Unrealized |  |  | Recorded |  |  | Unrealized |  |  | Recorded |  |  | Unrealized |
|  | Basis |  |  | Losses |  |  | Basis |  |  | Losses |  |  | Basis |  |  | Losses |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 20 |  |  | $ | — |  |  | $ | 25,377 |  |  | $ | (2,365 | ) |  | $ | 25,397 |  |  | $ | (2,365 | )
U.S. government agency securities |  |  | — |  |  |  | — |  |  |  | 12,531 |  |  |  | (203 | ) |  |  | 12,531 |  |  |  | (203 | )
U.S. treasuries |  |  | — |  |  |  | — |  |  |  | 11,320 |  |  |  | (1,140 | ) |  |  | 11,320 |  |  |  | (1,140 | )
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 9,536 |  |  |  | (2,592 | ) |  |  | 9,536 |  |  |  | (2,592 | )
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 1,301 |  |  |  | (109 | ) |  |  | 1,301 |  |  |  | (109 | )
Total investments |  |  | 20 |  |  |  | — |  |  |  | 60,065 |  |  |  | (6,409 | ) |  |  | 60,085 |  |  |  | (6,409 | )
Restricted investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 11,142 |  |  |  | (15 | ) |  |  | 71,716 |  |  |  | (7,287 | ) |  |  | 82,858 |  |  |  | (7,302 | )
U.S. treasuries |  |  | 1,399 |  |  |  | (29 | ) |  |  | 46,656 |  |  |  | (6,319 | ) |  |  | 48,055 |  |  |  | (6,348 | )
Mortgage-backed securities |  |  | 3,360 |  |  |  | (37 | ) |  |  | 29,877 |  |  |  | (5,637 | ) |  |  | 33,237 |  |  |  | (5,674 | )
U.S. government agency securities |  |  | — |  |  |  | — |  |  |  | 15,871 |  |  |  | (914 | ) |  |  | 15,871 |  |  |  | (914 | )
Asset-backed securities |  |  | 443 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 443 |  |  |  | (1 | )
Total restricted investments |  |  | 16,344 |  |  |  | (82 | ) |  |  | 164,120 |  |  |  | (20,157 | ) |  |  | 180,464 |  |  |  | (20,239 | )
Total investments and restricted investments |  | $ | 16,364 |  |  | $ | (82 | ) |  | $ | 224,185 |  |  | $ | (26,566 | ) |  | $ | 240,549 |  |  | $ | (26,648 | )
|  | December 31, 2023 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Recorded |  |  | Unrealized |  |  | Recorded |  |  | Unrealized |  |  | Recorded |  |  | Unrealized |
|  | Basis |  |  | Losses |  |  | Basis |  |  | Losses |  |  | Basis |  |  | Losses |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | — |  |  | $ | — |  |  | $ | 31,122 |  |  | $ | (3,161 | ) |  | $ | 31,122 |  |  | $ | (3,161 | )
U.S. government agency securities |  |  | 562 |  |  |  | (20 | ) |  |  | 11,859 |  |  |  | (388 | ) |  |  | 12,421 |  |  |  | (408 | )
U.S. treasuries |  |  | — |  |  |  | — |  |  |  | 11,195 |  |  |  | (1,253 | ) |  |  | 11,195 |  |  |  | (1,253 | )
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 10,629 |  |  |  | (2,454 | ) |  |  | 10,629 |  |  |  | (2,454 | )
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 5,268 |  |  |  | (191 | ) |  |  | 5,268 |  |  |  | (191 | )
Emerging Markets |  |  | — |  |  |  | — |  |  |  | 1,995 |  |  |  | (8 | ) |  |  | 1,995 |  |  |  | (8 | )
Total investments |  |  | 562 |  |  |  | (20 | ) |  |  | 72,068 |  |  |  | (7,455 | ) |  |  | 72,630 |  |  |  | (7,475 | )
Restricted investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 176 |  |  |  | (1 | ) |  |  | 72,439 |  |  |  | (8,472 | ) |  |  | 72,615 |  |  |  | (8,473 | )
U.S. treasuries |  |  | 994 |  |  |  | (1 | ) |  |  | 47,046 |  |  |  | (6,435 | ) |  |  | 48,040 |  |  |  | (6,436 | )
Mortgage-backed securities |  |  | 1,235 |  |  |  | (5 | ) |  |  | 35,383 |  |  |  | (5,213 | ) |  |  | 36,618 |  |  |  | (5,218 | )
U.S. government agency securities |  |  | 3,287 |  |  |  | (171 | ) |  |  | 12,377 |  |  |  | (1,028 | ) |  |  | 15,664 |  |  |  | (1,199 | )
Asset-backed securities |  |  | 300 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 300 |  |  |  | (1 | )
Total restricted investments |  |  | 5,992 |  |  |  | (179 | ) |  |  | 167,245 |  |  |  | (21,148 | ) |  |  | 173,237 |  |  |  | (21,327 | )
Total investments and restricted investments |  | $ | 6,554 |  |  | $ | (199 | ) |  | $ | 239,313 |  |  | $ | (28,603 | ) |  | $ | 245,867 |  |  | $ | (28,802 | )

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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