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Marketable Securities and Fair Value Measurements | 6 Months Ended
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Jun. 30, 2025
Debt Securities [Abstract] |
Marketable Securities and Fair Value Measurements |
NOTE 4. Marketable Securities and Fair Value Measurements
Marketable Securities The following table summarizes the Company’s marketable securities (in thousands):
| June 30, 2025 |  | December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Corporate debt securities | $ | 26,330 |  |  | $ | 29 |  |  | $ | (2) |  |  | $ | 26,357 |  |  | $ | 110,820 |  |  | $ | 91 |  |  | $ | (204) |  |  | $ | 110,707 |
U.S. Treasury notes | 128,575 |  |  | 712 |  |  | (59) |  |  | 129,228 |  |  | 101,059 |  |  | 184 |  |  | (213) |  |  | 101,030 |
| $ | 154,905 |  |  | $ | 741 |  |  | $ | (61) |  |  | $ | 155,585 |  |  | $ | 211,879 |  |  | $ | 275 |  |  | $ | (417) |  |  | $ | 211,737 |
For the three months ended June 30, 2025, the Company recognized total interest income (included in other income (expense), net in the condensed consolidated statements of operations) of $3.6 million, of which $2.6 million was related to its marketable securities investments and $1.0 million was related to interest on cash and cash equivalent balances. For the three months ended June 30, 2024, the Company recognized total interest income (included in other income (expense), net in the condensed consolidated statements of operations) of $4.8 million, of which $3.3 million was related to its marketable securities investments and $1.5 million was related to interest on cash and cash equivalent balances. For the six months ended June 30, 2025, the Company recognized total interest income (included in other income (expense), net in the condensed consolidated statements of operations) of $7.9 million, of which $5.7 million was related to its marketable securities investments and $2.2 million was related to interest on cash and cash equivalent balances. For the six months ended June 30, 2024, the Company recognized total interest income (included in other income (expense), net in the condensed consolidated statements of operations) of $10.2 million, of which $7.2 million was related to its marketable securities investments and $3.0 million was related to interest on cash and cash equivalent balances. The following table summarizes the Company’s marketable securities maturity as of June 30, 2025 (in thousands):
Year |  | Amortized Cost |  | Fair Value
2025 |  | $ | 40,260 |  |  | $ | 40,248 |
2026 |  | 62,145 |  |  | 62,389 |
2027 |  | 27,966 |  |  | 28,194 |
2028 |  | 24,534 |  |  | 24,754 |
|  | $ | 154,905 |  |  | $ | 155,585 |
The following table summarizes the Company’s marketable securities with gross unrealized losses by security type aggregated by the length of time the investments have been in a continuous unrealized loss position as of June 30, 2025 (in thousands):
| Less Than 12 Months |  | 12 Months or Greater
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate debt securities | $ | 747 |  |  | $ | — |  |  | $ | 3,999 |  |  | $ | 2 |
U.S. Treasury notes | 25,613 |  |  | 55 |  |  | 12,985 |  |  | 4 |
| $ | 26,360 |  |  | $ | 55 |  |  | $ | 16,984 |  |  | $ | 6 |
The following table summarizes the Company’s marketable securities with gross unrealized losses by security type aggregated by the length of time the investments have been in a continuous unrealized loss position as of December 31, 2024 (in thousands):
| Less Than 12 Months |  | 12 Months or Greater
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate debt securities | $ | — |  |  | $ | — |  |  | $ | 73,128 |  |  | $ | 204 |
U.S. Treasury notes | 25,295 |  |  | 104 |  |  | 38,787 |  |  | 109 |
| $ | 25,295 |  |  | $ | 104 |  |  | $ | 111,915 |  |  | $ | 313 |
The Company’s unrealized losses from marketable securities as of June 30, 2025 and December 31, 2024 were caused primarily by interest rate increases. As of June 30, 2025, all of the Company’s marketable securities carry an investment grade rating by nationally recognized statistical rating organizations. The Company does not intend to sell marketable securities that are in an unrealized loss position, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. There was no allowance for credit losses on available-for-sale marketable securities at June 30, 2025 or December 31, 2024. Fair Value Measurements The Company’s financial instruments consist of cash and cash equivalents, restricted cash and equivalents, marketable securities, receivables, other liabilities, accounts payable, certain accrued expenses, and borrowings which consist of a term loan and a revolving credit facility. The carrying values of the financial instruments classified as current in the consolidated balance sheets approximate their fair values due to their short-term maturities. The Company's cash and cash equivalents are classified within Level 1 of the fair value hierarchy. The carrying values of the term loan and revolving credit facility are a reasonable estimate of fair value because the interest rates on such borrowings approximate market rates as of the reporting date. Such borrowings are classified within Level 2 of the fair value hierarchy. During the three and six months ended June 30, 2025 and 2024, there were no material transfers of financial assets or liabilities within the fair value hierarchy. The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: •Level 1—quoted prices for identical instruments in active markets; •Level 2—quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and •Level 3—fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The table below summarizes the Company’s financial instruments measured at fair value on a recurring basis (in thousands):
| June 30, 2025 |  | December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Marketable securities: |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | $ | — |  |  | $ | 26,357 |  |  | $ | — |  |  | $ | — |  |  | $ | 110,707 |  |  | $ | — |
U.S. Treasury notes | 129,228 |  |  | — |  |  | — |  |  | 101,030 |  |  | — |  |  | — |
| $ | 129,228 |  |  | $ | 26,357 |  |  | $ | — |  |  | $ | 101,030 |  |  | $ | 110,707 |  |  | $ | — |

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- Definition The entire disclosure of cash, cash equivalent, and debt and equity securities, including realized and unrealized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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