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Investment Securities | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | 5. Investme nt Securities The Company’s investment policy defines allowable investment securities and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. The Company’s investment securities consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
|  |  |  | As of March 31, 2026 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated |
|  |  |  |  |  |  |  |  |  |  |  |  | Allowance |  |  | Fair |
|  |  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for Credit |  |  | Market |
|  | Maturity |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
U.S. Treasury securities |  | Within 1 year |  | $ | 102,438 |  |  | $ | 121 |  |  | $ | (29 | ) |  | $ | — |  |  | $ | 102,530 |
U.S. Treasury securities |  | Greater than 1 year |  |  | 92,883 |  |  |  | 13 |  |  |  | (304 | ) |  |  | — |  |  |  | 92,592 |
U.S. Government agency securities |  | Greater than 1 year |  |  | 15,000 |  |  |  | — |  |  |  | (69 | ) |  |  | — |  |  |  | 14,931 |
Total |  |  |  | $ | 210,321 |  |  | $ | 134 |  |  | $ | (402 | ) |  | $ | — |  |  | $ | 210,053 |
|  |  |  | As of December 31, 2025 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated |
|  |  |  |  |  |  |  |  |  |  |  |  | Allowance |  |  | Fair |
|  |  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for Credit |  |  | Market |
|  | Maturity |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
U.S. Treasury securities |  | Within 1 year |  | $ | 102,285 |  |  | $ | 247 |  |  | $ | — |  |  | $ | — |  |  | $ | 102,532 |
U.S. Treasury securities |  | Greater than 1 year |  |  | 85,301 |  |  |  | 165 |  |  |  | — |  |  |  | — |  |  |  | 85,466 |
U.S. Government agency securities |  | Greater than 1 year |  |  | 15,000 |  |  |  | 2 |  |  |  | (11 | ) |  |  | — |  |  |  | 14,991 |
Total |  |  |  | $ | 202,586 |  |  | $ | 414 |  |  | $ | (11 | ) |  | $ | — |  |  | $ | 202,989 |
The Company reviews its investments at each reporting date to identify and evaluate whether a decline in fair value below the amortized cost basis of available-for-sale securities is due to credit-related factors and determines if such unrealized losses are the result of credit losses that require impairment. Factors considered in determining whether an unrealized loss is the result of a credit loss or other factors include the extent to which the fair value is less than the cost basis, any changes to the rating of the security by a rating agency, the financial condition and near-term prospects of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic condition and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. There were 45 and 4 securities in an unrealized loss position at March 31, 2026 and December 31, 2025, respectively. The Company determined that unrealized losses on its available-for-sale investment securities were primarily attributable to changes in interest rates. Each security remained at a high credit quality rating. Further, there had been no adverse conditions noted for any of the issuers and the Company does not intend to sell any of the securities prior to maturity. As such, an allowance for credit losses has not been recognized as of March 31, 2026 or December 31, 2025. The following tables present available-for-sale investments that were in an unrealized loss position as of March 31, 2026 and December 31, 2025, aggregated by security type and length of time in a continuous unrealized loss position (in thousands):
|  | As of March 31, 2026 |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Estimated |  |  |  |  |  | Estimated |  |  | Estimated |  |  |  |
|  | Fair |  |  |  |  |  | Fair |  |  | Fair |  |  |  |
|  | Market |  |  | Unrealized |  |  | Market |  |  | Market |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Value |  |  | Losses |
U.S. Treasury securities |  | $ | 117,548 |  |  | $ | (333 | ) |  | $ | — |  |  | $ | 117,548 |  |  | $ | (333 | )
U.S. Government agency securities |  |  | 14,931 |  |  |  | (69 | ) |  |  | — |  |  |  | 14,931 |  |  |  | (69 | )
Total |  | $ | 132,479 |  |  | $ | (402 | ) |  | $ | — |  |  | $ | 132,479 |  |  | $ | (402 | )
|  | As of December 31, 2025 |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Estimated |  |  |  |  |  | Estimated |  |  | Estimated |  |  |  |
|  | Fair |  |  |  |  |  | Fair |  |  | Fair |  |  |  |
|  | Market |  |  | Unrealized |  |  | Market |  |  | Market |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Value |  |  | Losses |
U.S. Government agency securities |  | $ | 9,989 |  |  | $ | (11 | ) |  | $ | — |  |  | $ | 9,989 |  |  | $ | (11 | )
Total |  | $ | 9,989 |  |  | $ | (11 | ) |  | $ | — |  |  | $ | 9,989 |  |  | $ | (11 | )
Accrued interest receivable on available-for-sale investment securities, included in “Prepaid expenses and other current assets” on the Company’s balance sheets, was $1.8 million and $1.7 million as of March 31, 2026 and December 31, 2025, respectively.

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