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Short-Term and Long-Term Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Short-Term and Long-Term Investments | 5. Short-Term and Long-Term Investments The following represents a summary of the estimated fair value of short-term and long-term investments at September 30, 2025 and December 31, 2024:
|  | At September 30, 2025 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (in thousands) |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  | $ | 189,875 |  |  | $ | 327 |  |  | $ | — |  |  | $ | 190,202 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury notes |  |  | 45,301 |  |  |  | 27 |  |  |  | — |  |  |  | 45,328 |
Total |  | $ | 235,176 |  |  | $ | 354 |  |  | $ | — |  |  | $ | 235,530 |
|  | At December 31, 2024 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (in thousands) |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  | $ | 73,078 |  |  | $ | 65 |  |  | $ | — |  |  | $ | 73,143 |
Total |  | $ | 73,078 |  |  | $ | 65 |  |  | $ | — |  |  | $ | 73,143 |
The following represents the contractual maturities of available-for-sale debt securities as of September 30, 2025:
|  | At September 30, 2025 |
|  | Years to Maturity |
|  | Within One |  |  | One to Two |  |  | More Than Two |  |  | Estimated |
|  | Year |  |  | Years |  |  | Years |  |  | Fair Value |
|  | (in thousands) |
U.S. Treasury bills |  | $ | 190,202 |  |  | $ | 45,328 |  |  | $ | — |  |  | $ | 235,530 |
Total |  | $ | 190,202 |  |  | $ | 45,328 |  |  | $ | — |  |  | $ | 235,530 |

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