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Fair Value Measurement (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024 measured at fair value on a recurring basis (in thousands):

		September 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		$	22,304			$	—			$	—			$	22,304			$	26,661			$	—			$	—			$	26,661
Total cash equivalents			22,304				—				—				22,304				26,661				—				—				26,661
Investments:
Corporate bonds			27,874				5				(1,402	)			26,477				27,954				3				(2,365	)			25,592
U.S. treasuries			14,260				—				(744	)			13,516				12,460				—				(1,140	)			11,320
Mortgage-backed securities			11,426				—				(2,132	)			9,294				12,128				—				(2,592	)			9,536
Asset-backed securities			7,572				15				(64	)			7,523				7,610				12				(109	)			7,513
U.S. government agency    securities			5,330				—				(64	)			5,266				12,734				—				(203	)			12,531
Total current investments			66,462				20				(4,406	)			62,076				72,886				15				(6,409	)			66,492
Restricted cash and    investments (1):
Corporate bonds			81,386				70				(4,403	)			77,053				100,030				16				(7,302	)			92,744
U.S. treasuries			52,535				14				(4,144	)			48,405				54,900				—				(6,348	)			48,552
Mortgage-backed securities			37,884				87				(4,280	)			33,691				40,858				10				(5,674	)			35,194
Mutual funds			13,003				—				—				13,003				10,961				—				—				10,961
U.S. government agency    securities			5,955				—				(373	)			5,582				16,785				—				(914	)			15,871
Asset-backed securities			1,401				14				—				1,415				1,666				6				(1	)			1,671
Money market funds			1,305				—				—				1,305				216				—				—				216
Emerging markets			200				10				—				210				200				1				—				201
Total restricted cash and    investments			193,669				195				(13,200	)			180,664				225,616				33				(20,239	)			205,410
Total investments		$	282,435			$	215			$	(17,606	)		$	265,044			$	325,163			$	48			$	(26,648	)		$	298,563

(1) Included in restricted cash and investments within the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 is restricted cash of $17.1 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 September 30, 2025 and December 31, 2024 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

		September 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		$	22,304			$	—			$	—			$	22,304			$	26,661			$	—			$	—			$	26,661
Investments:
Corporate bonds			26,477				—				26,477				—				25,592				—				25,592				—
U.S. treasuries			13,516				—				13,516				—				11,320				—				11,320				—
Mortgage-backed    securities			9,294				—				9,294				—				9,536				—				9,536				—
Asset-backed securities			7,523				—				7,523				—				7,513				—				7,513				—
U.S. government    agency securities			5,266				—				5,266				—				12,531				—				12,531				—
Restricted cash and    investments:
Corporate bonds			77,053				—				77,053				—				92,744				—				92,744				—
U.S. treasuries			48,405				—				48,405				—				48,552				—				48,552				—
Mortgage-backed    securities			33,691				—				33,691				—				35,194				—				35,194				—
Mutual funds			13,003				13,003				—				—				10,961				10,961				—				—
U.S. government    agency securities			5,582				—				5,582				—				15,871				—				15,871				—
Asset-backed securities			1,415				—				1,415				—				1,671				—				1,671				—
Money market funds			1,305				—				—				1,305				216				—				—				216
Emerging markets			210				—				210				—				201				—				201				—
Total investments		$	265,044			$	13,003			$	228,432			$	23,609			$	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 September 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.

	September 30, 2025
(In thousands)	Less than 1 Year				Between 1 to 5 Years				Between 5 to 10 Years				After 10 Years				Total
Corporate bonds	$	11,390			$	83,601			$	8,539			$	—			$	103,530
U.S. treasuries		1,477				42,404				18,040				—				61,921
Money market funds		23,609				—				—				—				23,609
U.S. government agency securities		577				9,173				1,098				—				10,848
Asset-backed securities		—				1,005				151				7,783				8,939
Emerging markets		—				—				210				—				210
Total	$	37,053			$	136,183			$	28,038			$	7,783			$	209,057
	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 September 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):

		September 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		$	—			$	—			$	26,258			$	(1,402	)		$	26,258			$	(1,402	)
U.S. treasuries			—				—				13,516				(744	)			13,516				(744	)
Mortgage-backed securities			—				—				9,294				(2,132	)			9,294				(2,132	)
U.S. government agency securities			—				—				5,266				(64	)			5,266				(64	)
Asset-backed securities			—				—				1,308				(64	)			1,308				(64	)
Total investments			—				—				55,642				(4,406	)			55,642				(4,406	)
Restricted investments:
Corporate bonds			—				—				73,432				(4,403	)			73,432				(4,403	)
U.S. treasuries			—				—				47,689				(4,144	)			47,689				(4,144	)
Mortgage-backed securities			—				—				28,059				(4,280	)			28,059				(4,280	)
U.S. government agency securities			—				—				5,582				(373	)			5,582				(373	)
Total restricted investments			—				—				154,762				(13,200	)			154,762				(13,200	)
Total investments and restricted    investments		$	—			$	—			$	210,404			$	(17,606	)		$	210,404			$	(17,606	)
		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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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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