v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Summary of Investments

Investments consist of the following as of March 31, 2026 and December 31, 2025 (dollars in thousands):

 

 

March 31, 2026

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available-for-sale):

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

$

328,291

 

 

$

264

 

 

$

(663

)

 

$

327,892

 

Treasury and federal agencies

 

 

187,186

 

 

 

176

 

 

 

(414

)

 

 

186,948

 

Total short-term investments (available-for-sale)

 

$

515,477

 

 

$

440

 

 

$

(1,077

)

 

$

514,840

 

 

 

December 31, 2025

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available-for-sale):

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

$

329,108

 

 

$

1,105

 

 

$

(112

)

 

$

330,101

 

Treasury and federal agencies

 

 

180,631

 

 

 

529

 

 

 

(50

)

 

 

181,110

 

Total short-term investments (available-for-sale)

 

$

509,739

 

 

$

1,634

 

 

$

(162

)

 

$

511,211

 

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

Financial instruments measured at fair value on a recurring basis subject to the disclosure requirements of FASB ASC Topic 820 - Fair Value Measurements at March 31, 2026 and December 31, 2025 were as follows (dollars in thousands):

 

 

 

As of March 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Cash and cash equivalents - money market funds

 

$

20,314

 

 

$

-

 

 

$

20,314

 

Short-term investments - non-governmental debt securities

 

 

-

 

 

 

327,892

 

 

 

327,892

 

Short-term investments - treasury and federal agencies

 

 

-

 

 

 

186,948

 

 

 

186,948

 

Totals

 

$

20,314

 

 

$

514,840

 

 

$

535,154

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Cash and cash equivalents - money market funds

 

$

20,202

 

 

$

-

 

 

$

20,202

 

Short-term investments - non-governmental debt securities

 

 

-

 

 

 

330,101

 

 

 

330,101

 

Short-term investments - treasury and federal agencies

 

 

-

 

 

 

181,110

 

 

 

181,110

 

Totals

 

$

20,202

 

 

$

511,211

 

 

$

531,413