Cash, Cash Equivalents and Short-Term Investments (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Cash, Cash Equivalents and Short-Term Investments |
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| Schedule of cash, cash equivalents and short-term investments |
Cash, cash equivalents and short-term investments consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | March 31, | | December 31, | | | | 2026 | | 2025 | | Cash | | $ | 42,198 | | $ | 42,370 | | Cash equivalents: | | | | | | | | Money market mutual fund | | | 230,714 | | | 208,124 | | Total cash and cash equivalents | | | 272,912 | | | 250,494 | | Short-term investments: | | | | | | | | U.S. Treasury notes and bills | | | 9,908 | | | 19,838 | | Mutual funds | | | 98,120 | | | 99,182 | | Corporate debt securities | | | 22,694 | | | 41,694 | | Total short-term investments | | | 130,722 | | | 160,714 | | Cash, cash equivalents and short-term investments | | $ | 403,634 | | $ | 411,208 | |
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| Schedule of available-for-sale investments |
The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at March 31, 2026 were as follows (in thousands): | | | | | | | | | | | | | | | Amortized | | Unrealized | | Unrealized | | | | | | Cost | | Gains | | Losses | | Fair Value | U.S. Treasury notes | | $ | 9,877 | | $ | 31 | | $ | — | | $ | 9,908 | Corporate debt securities | | | 22,707 | | 10 | | (23) | | 22,694 | Total available-for-sale investments | | $ | 32,584 | | $ | 41 | | $ | (23) | | $ | 32,602 |
The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at December 31, 2025 were as follows (in thousands): | | | | | | | | | | | | | | | Amortized | | Unrealized | | Unrealized | | | | | | Cost | | Gains | | Losses | | Fair Value | U.S. Treasury notes | | $ | 19,197 | | $ | 641 | | $ | — | | $ | 19,838 | Corporate debt securities | | | 40,803 | | | 891 | | | — | | | 41,694 | Total available-for-sale investments | | $ | 60,000 | | $ | 1,532 | | $ | — | | $ | 61,532 |
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| Schedule of investments based on stated contractual maturities |
The following table summarizes the amortized cost and fair value of available-for-sale investments based on stated contractual maturities as of March 31, 2026 (in thousands): | | | | | | | | | Amortized Cost | | Fair Value | Due within one year | | $ | 22,811 | | $ | 22,841 | Due after one year through five years | | | 9,773 | | | 9,761 | Due after five years through ten years | | | — | | | — | Total | | $ | 32,584 | | $ | 32,602 |
The following table summarizes the amortized cost and fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2025 (in thousands): | | | | | | | | | Amortized Cost | | Fair Value | Due within one year | | $ | 45,664 | | $ | 46,775 | Due after one year through five years | | | 14,336 | | | 14,757 | Due after five years through ten years | | | — | | | — | Total | | $ | 60,000 | | $ | 61,532 |
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| Schedule of gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position |
The following table shows the Company’s gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or More | | Total | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | U.S. Treasury notes | | $ | — | | $ | — | | $ | 9,908 | | $ | (645) | | $ | 9,908 | | $ | (645) | Corporate debt securities | | | — | | | — | | | 22,694 | | | (1,710) | | | 22,694 | | | (1,710) | Total | | $ | — | | $ | — | | $ | 32,602 | | $ | (2,355) | | $ | 32,602 | | $ | (2,355) |
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| Schedule of unrealized gains (losses) related to equity securities held |
Unrealized gains (losses) during the three months ended March 31, 2026 and 2025 related to equity securities held at March 31, 2026 and 2025 are as follows (in thousands): | | | | | | | | | | Three Months Ended March 31, | | | | 2026 | | 2025 | | Net losses recognized during the period on equity securities | | $ | (1,062) | | $ | — | | Less: net gains recognized during the period on equity securities sold during the period | | | — | | | 659 | | Unrealized gains (losses) recognized during the period on equity securities still held at March 31, 2026 and 2025 | | $ | (1,062) | | $ | 659 | |
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