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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy | 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 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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