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Investments in Marketable Securities
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in Marketable Securities
3. Investments in Marketable Securities
All of the Company’s debt securities are classified as available-for-sale. The Company’s cash equivalents and investments as of March 31, 2026 and December 31, 2025 consisted of the following:
March 31, 2026
(In thousands)Fair Value Level
Amortized cost
Gross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash EquivalentsShort-term investments
Money market funds1$1,648 $— $— $1,648 $1,648 $— 
Commercial paper218,157 — (9)18,148 4,993 13,155 
Total cash equivalents and investments$19,805 $— $(9)$19,796 $6,641 $13,155 
December 31, 2025
(In thousands)Fair Value Level
Amortized cost
Gross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash EquivalentsShort-term investments
Money market funds1$18,602 $— $— $18,602 $18,602 $— 
Commercial paper223,397 1 (1)23,397 16,425 6,972 
U.S. Corporate bonds23,503 1 — 3,504 — 3,504 
Total cash equivalents and investments$45,502 $2 $(1)$45,503 $35,027 $10,476 
Proceeds from the sales of securities were zero and $22.5 million for the three months ended March 31, 2026 and 2025, respectively. Additionally, the Company received proceeds from the maturity of securities of $10.5 million and $51.7 million during the same periods. Proceeds during the three months ended March 31, 2025 included gross realized gains of $0.1 million, which were reclassified from other comprehensive loss into other (expense) income and interest income, net, in the Company’s condensed consolidated statements of operations. The gross realized gains and losses were determined using the specific identification method.
As of March 31, 2026, all of the Company’s available-for-sale securities with a fair value of $19.8 million mature within one year.
As of March 31, 2026 and December 31, 2025, the Company’s investments have been in an immaterial gross unrealized loss position for less than 12 months. As such, no allowance for credit losses was recorded for these securities as of March 31, 2026 and December 31, 2025.