v3.25.4
Investments in Marketable Securities
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments in Marketable Securities Investments in Marketable Securities
As of December 31, 2025 and 2024 the Company’s marketable securities were classified as available-for-sale securities, carried at fair value, with the unrealized holding gains/(losses), net of income taxes, reflected in accumulated other comprehensive income/(loss) until realized.

During the year ended December 31, 2023, the Company’s investments in marketable securities were classified as trading securities and consisted of ownership interests in fixed income mutual funds. In the fourth quarter of 2023, these trading securities were sold and the Company reinvested the funds received from the sale in marketable securities deemed to be available-for-sale securities. Unrealized gain (loss) on trading securities and realized loss on trading securities related to the Company’s trading securities for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
202520242023
Unrealized gain on trading securities$— $— $10,690 
Realized loss on trading securities$— $— $(5,103)
The following is a summary of the Company’s available-for-sale securities recorded within Marketable securities on the Consolidated Balance Sheets as of December 31, 2025 and 2024 (in thousands):
December 31, 2025
Amortized
Costs		Gross
Unrealized Net
Gains/(Losses)		Fair
Value
Financial Assets
Short-term marketable securities:
   U.S. Treasury securities$43,159 $13 $43,172 
   Corporate bonds14,241 5 14,246 
   Commercial paper83,816 37 83,853 
      Total short-term marketable securities141,216 55 141,271 
Long-term marketable securities:
   U.S. government agency bonds31,100 (67)31,033 
   Corporate bonds21,805 17 21,822 
      Total long-term marketable securities52,905 (50)52,855 
Total marketable securities$194,121 $5 $194,126 
December 31, 2024
Amortized
Costs		Gross
Unrealized
Net Gains		Fair
Value
Financial Assets
Short-term marketable securities:
   U.S. Treasury securities$108,047 $63 $108,110 
   Commercial paper52,243 9 52,252 
Total marketable securities$160,290 $72 $160,362 
The fair values of the Company’s available-for-sale securities included within Marketable securities on the Consolidated Balance Sheets as of December 31, 2025 and 2024, by remaining contractual maturity, are as follows (in thousands):
December 31, 2025
One Year
or Less		Over
One Year
Through
Five Years		Total
Financial Assets
Short-term marketable securities:
   U.S. Treasury securities$43,172 $— $43,172 
   Corporate bonds14,246 — 14,246 
   Commercial paper83,853 — 83,853 
      Total short-term marketable securities141,271 — 141,271 
Long-term marketable securities
   U.S. government agency bonds— 31,033 31,033 
   Corporate bonds— 21,822 21,822 
      Total long-term marketable securities— 52,855 52,855 
Total marketable securities$141,271 $52,855 $194,126 
December 31, 2024
One Year
or Less		Total
Financial Assets
Short-term marketable securities:
   U.S. Treasury securities$108,110 $108,110 
   Commercial paper52,252 52,252 
Total marketable securities$160,362 $160,362