XML 37 R25.htm IDEA: XBRL DOCUMENT v3.25.3

Fair Value Measurements and Available for Sale Investments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:

			Fair Value Measurements at End of Period Using:
(in thousands)			Fair Value						Quoted Market Prices for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
At September 30, 2025
Money market funds(1)			$	94,704					$	94,704					$	—					$	—
Mutual funds(1)			9,217						9,217						—						—
U.S. Treasury securities(2)			130,727						130,727						—						—
Agency securities(2)			2,505						—						2,505						—
Commercial and corporate obligations(2)			13,589						—						13,589						—
At December 31, 2024
Money market funds(1)			$	104,553					$	104,553					$	—					$	—
Mutual funds(1)			9,376						9,376						—						—
U.S. Treasury securities(1)(2)			284,495						284,495						—						—
Agency securities(2)			7,579						—						7,579						—
Commercial and corporate obligations(2)			10,652						—						10,652						—

(1)    Included in cash and cash equivalents in the accompanying consolidated balance sheets.

(2)    Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.

Schedule of Available-for-sale Investments

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in short-term and long-term investments as of September 30, 2025 are as follows:

(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Total Fair Value
Agency securities(1)			$	2,506					$	—					$	(1)					$	2,505
Commercial and corporate obligations(2)			13,563						26						—						13,589
U.S. Treasury securities(3)			130,497						230						—						130,727
Total available for sale investments			$	146,566					$	256					$	(1)					$	146,821

(1)    Of our outstanding agency securities, $2.5 million have maturity dates of less than one year and none have maturity dates between one to two years as of September 30, 2025.    

(2)    Of our outstanding commercial and corporate obligations, $13.6 million have maturity dates of less than one year and none have a maturity date of between one to two years as of September 30, 2025.

(3)    Of our outstanding U.S. Treasury securities, $123.0 million have maturity dates of less than one year and $7.7 million have a maturity date of between one to two years as of September 30, 2025.

The aggregate market value, cost basis, and gross unrealized gains and losses of available for sale investments by security type, classified in short-term and long-term investments as of December 31, 2024 are as follows:

(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Total Fair Value
Agency securities(1)			$	7,587					$	—					$	(8)					$	7,579
Commercial and corporate obligations(2)			10,642						10						—						10,652
U.S. Treasury securities(3)			283,985						517						(7)						284,495
Total available for sale investments			$	302,214					$	527					$	(15)					$	302,726

(1)    Of our outstanding agency securities, $7.6 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2024.

(2)     Of our outstanding commercial and corporate obligations, $10.7 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2024.

(3)     Of our outstanding U.S. Treasury securities, $249.0 million have maturity dates of less than one year and $35.5 million have a maturity date of between one to two years as of December 31, 2024.

Schedule of Unrealized Loss and Fair Values in a Loss Position

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2025 and December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:

			September 30, 2025
			Less than 12 Months												12 Months or Greater												Total
(in thousands)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Agency securities			$	2,505					$	(1)					$	—					$	—					$	2,505					$	(1)

			December 31, 2024
			Less than 12 Months												12 Months or Greater												Total
(in thousands)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Agency securities			$	7,579					$	(8)					$	—					$	—					$	7,579					$	(8)
U.S. Treasury Securities			25,250						(7)						—						—						25,250						(7)
Total			$	32,829					$	(15)					$	—					$	—					$	32,829					$	(15)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration