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Short-Term and Long-Term Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Estimated Fair Value of 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

Contractual Maturities of Available-for-Sale Debt Securities

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