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Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Financial Instruments | Financial Instruments Fair Value Measurements The following table presents the Company’s financial assets measured at fair value on a recurring basis, as well as the amortized cost basis and gross unrealized gains and losses of those assets as of September 30, 2025 (in thousands):
|  |  | Balance Sheet Classification
|  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Level 1: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 162,478 |  |  | $ | — |  |  | $ | — |  |  | $ | 162,478 |  |  | $ | 162,478 |  |  | $ | — |
Money market mutual funds |  | 32,182 |  |  | — |  |  | — |  |  | 32,182 |  |  | 32,182 |  |  | — |
U.S. treasury securities |  | 85,880 |  |  | 38 |  |  | — |  |  | 85,918 |  |  | 4,492 |  |  | 81,426 |
Subtotal |  | 280,540 |  |  | 38 |  |  | — |  |  | 280,578 |  |  | 199,152 |  |  | 81,426 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 57,833 |  |  | — |  |  | — |  |  | 57,833 |  |  | 12,657 |  |  | 45,176 |
Certificates of deposit |  | 114 |  |  | — |  |  | — |  |  | 114 |  |  | — |  |  | 114 |
Corporate notes and obligations |  | 54,082 |  |  | 11 |  |  | (5) |  |  | 54,088 |  |  | — |  |  | 54,088 |
Asset-backed securities |  | 18,334 |  |  | 23 |  |  | — |  |  | 18,357 |  |  | — |  |  | 18,357 |
Subtotal |  | 130,363 |  |  | 34 |  |  | (5) |  |  | 130,392 |  |  | 12,657 |  |  | 117,735 |
Total cash, cash equivalents, and marketable securities |  | $ | 410,903 |  |  | $ | 72 |  |  | $ | (5) |  |  | $ | 410,970 |  |  | $ | 211,809 |  |  | $ | 199,161 |
As of December 31, 2024, the Company’s financial assets consisted of the following (in thousands):
|  |  | Balance Sheet Classification
|  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Level 1: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 176,987 |  |  | $ | — |  |  | $ | — |  |  | $ | 176,987 |  |  | $ | 176,987 |  |  | $ | — |
Money market mutual funds |  | 18,721 |  |  | — |  |  | — |  |  | 18,721 |  |  | 18,721 |  |  | — |
U.S. treasury securities |  | 149,555 |  |  | 73 |  |  | — |  |  | 149,628 |  |  | — |  |  | 149,628 |
Subtotal |  | 345,263 |  |  | 73 |  |  | — |  |  | 345,336 |  |  | 195,708 |  |  | 149,628 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 11,688 |  |  | — |  |  | — |  |  | 11,688 |  |  | 1,337 |  |  | 10,351 |
Certificates of deposit |  | 3,987 |  |  | — |  |  | — |  |  | 3,987 |  |  | — |  |  | 3,987 |
Corporate notes and obligations |  | 135,302 |  |  | 17 |  |  | (40) |  |  | 135,279 |  |  | 21,387 |  |  | 113,892 |
Asset-backed securities |  | 9,585 |  |  | 6 |  |  | — |  |  | 9,591 |  |  | — |  |  | 9,591 |
Subtotal |  | 160,562 |  |  | 23 |  |  | (40) |  |  | 160,545 |  |  | 22,724 |  |  | 137,821 |
Total cash, cash equivalents, and marketable securities |  | $ | 505,825 |  |  | $ | 96 |  |  | $ | (40) |  |  | $ | 505,881 |  |  | $ | 218,432 |  |  | $ | 287,449 |
The Company’s money market mutual funds and treasury securities are measured at fair value using quoted prices in active markets for identical assets and are classified within Level 1 in the fair value hierarchy. The fair values of the Company’s Level 2 commercial paper and certificates of deposit are determined using quoted prices in markets that are not active or using model-driven valuations employing significant inputs derived from observable market data. The fair values of the Company’s Level 2 corporate notes and obligations and asset-backed securities are determined using an evaluated price based on a compilation of reported market information, such as benchmark yield curves, credit spreads and estimated default rates. The carrying amounts of the Company’s remaining financial instruments not discussed in the above table, including accounts receivable and accounts payable, approximate fair value because of their short-term maturities, except for the Company’s senior unsecured notes due 2030 (the “Notes”) which are valued on a quarterly basis for disclosure purposes only based on quoted prices for the Notes in less active markets and categorized accordingly as Level 2 in the fair value hierarchy. The aggregate fair value of the Notes was estimated to be approximately $441.4 million as of September 30, 2025 and approximately $496.4 million as of December 31, 2024. Equity Securities The Company’s investments in equity securities consist primarily of money market mutual funds. During the three and nine months ended September 30, 2025 and 2024, the Company recorded no unrealized gains or losses in connection with its money market mutual funds held as of September 30, 2025. Available-for-sale Debt Securities The following table summarizes the fair value of the Company’s available-for-sale debt securities by contractual maturity as of September 30, 2025 (in thousands):
Due within 1 year | $ | 197,348 |
Due after 1 year through 5 years | 18,962 |
Total available-for-sale debt securities | $ | 216,310 |
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of September 30, 2025 (in thousands):
| Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |  |  |
Corporate notes and obligations | 20,654 |  |  | (5) |  |  |  |  |  |  |  |  |
Total available-for-sale debt securities | $ | 20,654 |  |  | $ | (5) |  |  |  |  |  |  |  |  |
The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of December 31, 2024 (in thousands):
| Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |  |  |
Corporate notes and obligations | 74,872 |  |  | (40) |  |  |  |  |  |  |  |  |
Total available-for-sale debt securities | $ | 74,872 |  |  | $ | (40) |  |  |  |  |  |  |  |  |
The Company had no available-for-sale debt securities in a continuous unrealized loss position for more than 12 months as of September 30, 2025 or December 31, 2024. The Company did not recognize any credit losses for its available-for-sale debt securities during the three and nine months ended September 30, 2025 and 2024. The Company had no ending allowance balances for credit losses as of September 30, 2025 or December 31, 2024. During the three months ended September 30, 2025, the Company had no sales of its available-for-sale debt securities. During the nine months ended September 30, 2025, the Company recorded $1.0 million in proceeds related to sales of its available-for-sale securities. The Company recorded no material gross realized gains or gross realized losses in its condensed consolidated statements of operations as a result of those sales. During the three and nine months ended September 30, 2024, the Company had no sales of its available-for-sale debt securities.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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