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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 4. Fair Value Measurements The authoritative guidance on fair value measurements establishes a framework with respect to measuring assets and liabilities at fair value on a recurring basis and non-recurring basis. Under the framework, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The framework also establishes a three-tier hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy consists of the following three levels:
Level 1: | Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2: | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: | Inputs are unobservable for the asset or liability.
The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy:
| June 30, 2026 |
| Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
| (in thousands) |
Equity securities, debt securities and cash equivalents |  |  |  |  |  |  |  |  |  |  |
U.S. government debt securities | $ | 401,909 |  |  | $ | — |  |  | $ | 401,909 |  |  | $ | — |
U.S. agency debt securities |  | 80,954 |  |  |  | — |  |  |  | 80,954 |  |  |  | — |
Corporate debt securities |  | 40,887 |  |  |  | — |  |  |  | 40,887 |  |  |  | — |
Preferred stock of privately-held companies |  | 15,001 |  |  |  | — |  |  |  | — |  |  |  | 15,001 |
Money market accounts |  | 5,108 |  |  |  | 5,108 |  |  |  | — |  |  |  | — |
Municipal bonds |  | 1,293 |  |  |  | — |  |  |  | 1,293 |  |  |  | — |
Total equity securities, debt securities and cash equivalents | $ | 545,152 |  |  | $ | 5,108 |  |  | $ | 525,043 |  |  | $ | 15,001 |
| December 31, 2025 |
| Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
| (in thousands) |
Equity securities, debt securities and cash equivalents |  |  |  |  |  |  |  |  |  |  |
U.S. government debt securities | $ | 448,233 |  |  | $ | — |  |  | $ | 448,233 |  |  | $ | — |
U.S. agency debt securities |  | 157,557 |  |  |  | — |  |  |  | 157,557 |  |  |  | — |
Corporate debt securities |  | 47,481 |  |  |  | — |  |  |  | 47,481 |  |  |  | — |
Money market accounts |  | 18,398 |  |  |  | 18,398 |  |  |  | — |  |  |  | — |
Preferred stock of privately-held companies |  | 15,001 |  |  |  | — |  |  |  | — |  |  |  | 15,001 |
Municipal bonds |  | 1,387 |  |  |  | — |  |  |  | 1,387 |  |  |  | — |
Yankee debt securities |  | 495 |  |  |  | — |  |  |  | 495 |  |  |  | — |
Total equity securities, debt securities and cash equivalents | $ | 688,552 |  |  | $ | 18,398 |  |  | $ | 655,153 |  |  | $ | 15,001 |
The Company’s Level 1 assets include money market instruments and are valued based upon observable market prices. Level 2 assets consist of U.S. government and U.S. agency debt securities, municipal bonds, corporate debt securities and Yankee debt securities. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer quotes, bids and offers. As of June 30, 2026, and December 31, 2025, the Company held preferred stock of two privately held companies, which were included in other long-term assets in the accompanying Condensed Consolidated Balance Sheets, that were measured using unobservable (Level 3) inputs. For the value of the investment in private equity securities, the Company elected to measure such investments at cost minus impairment, as the preferred stock of the privately held companies did not have a readily determinable fair value. An impairment of $9.9 million was recognized in 2025 related to Helio Genomics, Inc. There was no impairment loss recorded as of June 30, 2026, for the other preferred stock investment. There were no transfers between fair value measurement levels during the three and six months ended June 30, 2026, and 2025.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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