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FINANCIAL INSTRUMENTS | 3 Months Ended
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Mar. 31, 2026
Investments, All Other Investments [Abstract] |
FINANCIAL INSTRUMENTS | Financial Instruments Cash Equivalents and Marketable Securities Cash equivalents, restricted cash and marketable securities by security type at March 31, 2026 were as follows:
(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Included in cash and cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 43,727 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,727 |
Commercial paper |  | 4,995 |  |  | — |  |  | — |  |  | 4,995 |
|  | $ | 48,722 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,722 |
Restricted cash: |  |  |  |  |  |  |  |
Money market fund |  | $ | 1,610 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,610 |
Certificate of deposit |  | 274 |  |  | — |  |  | — |  |  | 274 |
|  | $ | 1,884 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,884 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities (due in less than one year) |  | $ | 14,980 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 14,985 |
Municipal securities (due in less than one year) |  | 10,023 |  |  | 1 |  |  | (2) |  |  | 10,022 |
Municipal securities (due in one to two years) |  | 2,024 |  |  | — |  |  | (7) |  |  | 2,017 |
Government-sponsored enterprise securities (due in less than one year) |  | 2,960 |  |  | — |  |  | (1) |  |  | 2,959 |
Commercial paper (due in less than one year) |  | 66,584 |  |  | 5 |  |  | (28) |  |  | 66,561 |
Corporate notes (due in less than one year) |  | 149,086 |  |  | 23 |  |  | (130) |  |  | 148,979 |
Corporate notes (due in one to two years) |  | 24,716 |  |  | — |  |  | (47) |  |  | 24,669 |
|  | $ | 270,373 |  |  | $ | 34 |  |  | $ | (215) |  |  | $ | 270,192 |
Cash equivalents, restricted cash and marketable securities by security type at December 31, 2025 were as follows:
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Included in cash and cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 48,950 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 48,951 |
Commercial paper |  | 4,979 |  |  | — |  |  | — |  |  | 4,979 |
|  | $ | 53,929 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 53,930 |
Restricted cash: |  |  |  |  |  |  |  |
Money market fund |  | $ | 1,606 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,606 |
Certificate of deposit |  | 274 |  |  | — |  |  | — |  |  | 274 |
|  | $ | 1,880 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,880 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities (due in less than one year) |  | $ | 22,910 |  |  | $ | 41 |  |  | $ | — |  |  | $ | 22,951 |
Municipal securities (due in less than one year) |  | 10,032 |  |  | 9 |  |  | — |  |  | 10,041 |
Commercial paper (due in less than one year) |  | 79,354 |  |  | 49 |  |  | — |  |  | 79,403 |
Corporate notes (due in less than one year) |  | 167,805 |  |  | 175 |  |  | (16) |  |  | 167,964 |
Corporate notes (due in one to two years) |  | 41,316 |  |  | 11 |  |  | (38) |  |  | 41,289 |
|  | $ | 321,417 |  |  | $ | 285 |  |  | $ | (54) |  |  | $ | 321,648 |
Cash equivalents and marketable securities with unrealized losses that have been in a continuous unrealized loss position for less than 12 months and 12 months or longer at March 31, 2026 and December 31, 2025 were as follows:
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(In thousands) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
As of March 31, 2026: |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities (due in less than one year) |  | $ | 2,959 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | 2,959 |  |  | $ | (1) |
Municipal securities (due in less than one year) |  | 4,998 |  |  | (2) |  |  | — |  |  | — |  |  | 4,998 |  |  | (2) |
Municipal securities (due in one to two years) |  | 2,017 |  |  | (7) |  |  | — |  |  | — |  |  | 2,017 |  |  | (7) |
Commercial paper (cash equivalent) |  | 4,995 |  |  | — |  |  | — |  |  | — |  |  | 4,995 |  |  | — |
Commercial paper (due in less than one year) |  | 37,753 |  |  | (28) |  |  | — |  |  | — |  |  | 37,753 |  |  | (28) |
Corporate notes (due in less than one year) |  | 93,543 |  |  | (130) |  |  | — |  |  | — |  |  | 93,543 |  |  | (130) |
Corporate notes (due in one to two years) |  | 24,669 |  |  | (47) |  |  | — |  |  | — |  |  | 24,669 |  |  | (47) |
|  | $ | 170,934 |  |  | $ | (215) |  |  | $ | — |  |  | $ | — |  |  | $ | 170,934 |  |  | $ | (215) |
As of December 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes (due in less than one year) |  | 17,987 |  |  | (16) |  |  | — |  |  | — |  |  | 17,987 |  |  | (16) |
Corporate notes (due in one to two years) |  | 31,265 |  |  | (38) |  |  | — |  |  | — |  |  | 31,265 |  |  | (38) |
|  | $ | 49,252 |  |  | $ | (54) |  |  | $ | — |  |  | $ | — |  |  | $ | 49,252 |  |  | $ | (54) |
The gross unrealized losses related to municipal securities, government-sponsored enterprise securities, commercial paper and corporate notes as of March 31, 2026 and December 31, 2025 were due to changes in interest rates and not credit risk. If an available-for-sale security’s fair value is less than its amortized cost basis, we evaluate whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses. We have not recorded any allowances for credit losses on our available-for-sale securities for the three months ended March 31, 2026 as we have not identified any unrealized losses for these securities attributable to credit factors. Our exposure to unrealized losses may increase in the future due to the economic pressures or uncertainties associated with local or global economic recessions as a result of ongoing geopolitical events, such as the current military conflicts between Ukraine and Russia or the United States and Iran, as well as recent and potential future disruptions in access to bank deposits or lending commitments due to bank failure. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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