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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Investments Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at June 30, 2025 and December 31, 2024 measured at fair value on a recurring basis (in thousands):

		June 30, 2025																December 31, 2024
						Gross				Gross												Gross				Gross
						Unrealized				Unrealized				Recorded								Unrealized				Unrealized				Recorded
		Cost				Gains				Losses				Basis				Cost				Gains				Losses				Basis
Current:
Cash equivalents:
Money market funds		$	8,314			$	—			$	—			$	8,314			$	26,661			$	—			$	—			$	26,661
Total cash equivalents			8,314				—				—				8,314				26,661				—				—				26,661
Investments:
Corporate bonds			27,901				5				(1,660	)			26,246				27,954				3				(2,365	)			25,592
U.S. treasuries			14,260				—				(849	)			13,411				12,460				—				(1,140	)			11,320
Mortgage-backed securities			11,663				—				(2,335	)			9,328				12,128				—				(2,592	)			9,536
U.S. government agency    securities			7,687				—				(89	)			7,598				12,734				—				(203	)			12,531
Asset-backed securities			7,585				10				(81	)			7,514				7,610				12				(109	)			7,513
Total current investments			69,096				15				(5,014	)			64,097				72,886				15				(6,409	)			66,492
Restricted cash and investments (1):
Corporate bonds			81,572				51				(5,123	)			76,500				100,030				16				(7,302	)			92,744
U.S. treasuries			53,054				11				(4,540	)			48,525				54,900				—				(6,348	)			48,552
Mortgage-backed securities			39,274				53				(4,737	)			34,590				40,858				10				(5,674	)			35,194
Mutual funds			12,330				—				—				12,330				10,961				—				—				10,961
U.S. government agency    securities			6,686				—				(455	)			6,231				16,785				—				(914	)			15,871
Asset-backed securities			1,527				9				(3	)			1,533				1,666				6				(1	)			1,671
Emerging markets			199				6				—				205				200				1				—				201
Money market funds			101				—				—				101				216				—				—				216
Total restricted cash and    investments			194,743				130				(14,858	)			180,015				225,616				33				(20,239	)			205,410
Total investments		$	272,153			$	145			$	(19,872	)		$	252,426			$	325,163			$	48			$	(26,648	)		$	298,563

(1) Included in restricted cash and investments within the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 is restricted cash of $10.7 million and $26.7 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 June 30, 2025 and December 31, 2024 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

		June 30, 2025																December 31, 2024
		Total																Total
		Recorded																Recorded
		Basis				Level 1				Level 2				Other (1)				Basis				Level 1				Level 2				Other (1)
Cash equivalents:
Money market funds		$	8,314			$	—			$	—			$	8,314			$	26,661			$	—			$	—			$	26,661
Investments:
Corporate bonds			26,246				—				26,246				—				25,592				—				25,592				—
U.S. treasuries			13,411				—				13,411				—				11,320				—				11,320				—
Mortgage-backed    securities			9,328				—				9,328				—				9,536				—				9,536				—
U.S. government    agency securities			7,598				—				7,598				—				12,531				—				12,531				—
Asset-backed securities			7,514				—				7,514				—				7,513				—				7,513				—
Restricted cash and    investments:
Corporate bonds			76,500				—				76,500				—				92,744				—				92,744				—
U.S. treasuries			48,525				—				48,525				—				48,552				—				48,552				—
Mortgage-backed    securities			34,590				—				34,590				—				35,194				—				35,194				—
Mutual funds			12,330				12,330				—				—				10,961				10,961				—				—
U.S. government    agency securities			6,231				—				6,231				—				15,871				—				15,871				—
Asset-backed securities			1,533				—				1,533				—				1,671				—				1,671				—
Emerging markets			205				—				205				—				201				—				201				—
Money market funds			101				—				—				101				216				—				—				216
Total investments		$	252,426			$	12,330			$	231,681			$	8,415			$	298,563			$	10,961			$	260,725			$	26,877

(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 June 30, 2025 and December 31, 2024. 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 condensed consolidated balance sheets.

	June 30, 2025
(In thousands)	Less than 1 Year				Between 1 to 5 Years				Between 5 to 10 Years				After 10 Years				Total
Corporate bonds	$	5,031			$	87,516			$	10,199			$	—			$	102,746
U.S. treasuries		497				43,580				17,859				—				61,936
U.S. government agency securities		3,060				9,683				1,086				—				13,829
Asset-backed securities		—				1,126				151				7,770				9,047
Money market funds		8,415				—				—				—				8,415
Emerging markets		—				—				205				—				205
Total	$	17,003			$	141,905			$	29,500			$	7,770			$	196,178
	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

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 June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position, were as follows (in thousands):

		June 30, 2025
		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		$	—			$	—			$	26,028			$	(1,660	)		$	26,028			$	(1,660	)
U.S. treasuries			—				—				13,411				(849	)			13,411				(849	)
Mortgage-backed securities			—				—				9,329				(2,335	)			9,329				(2,335	)
U.S. government agency securities			—				—				5,262				(89	)			5,262				(89	)
Asset-backed securities			—				—				1,304				(81	)			1,304				(81	)
Total investments			—				—				55,334				(5,014	)			55,334				(5,014	)
Restricted investments:
Corporate bonds			397				(1	)			72,903				(5,122	)			73,300				(5,123	)
U.S. treasuries			1,219				(5	)			46,592				(4,535	)			47,811				(4,540	)
Mortgage-backed securities			1,522				(17	)			28,584				(4,720	)			30,106				(4,737	)
U.S. government agency securities			—				—				5,507				(455	)			5,507				(455	)
Asset-backed securities			257				(3	)			—				—				257				(3	)
Total restricted investments			3,395				(26	)			153,586				(14,832	)			156,981				(14,858	)
Total investments and restricted    investments		$	3,395			$	(26	)		$	208,920			$	(19,846	)		$	212,315			$	(19,872	)
		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	)

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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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