Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of available-for-sale securities

Available-for-sale securities are summarized below:


				March 31, 2026
							Gross			Gross
				Amortized			Unrealized			Unrealized			Estimated
(In thousands)				Cost			Gains			Losses			Fair Value
US government securities		Level 1		$	12,838		$	1		$	(5)		$	12,834
Corporate notes		Level 2			37,757			—			(40)			37,717
Commercial paper		Level 2			80,944			1			(19)			80,926
Marketable securities					131,539			2			(64)			131,477
Money market funds		Level 1			256,172			—			—			256,172
Total				$	387,711		$	2		$	(64)		$	387,649


				December 31, 2025
							Gross			Gross
				Amortized			Unrealized			Unrealized			Estimated
(In thousands)				Cost			Gains			Losses			Fair Value
US government securities		Level 1		$	130,602		$	43		$	(1)		$	130,644
Corporate notes		Level 2			37,690			15			(1)			37,704
Commercial paper		Level 2			71,695			8			(3)			71,700
Marketable securities					239,987			66			(5)			240,048
Money market funds		Level 1			79,387			—			—			79,387
Total				$	319,374		$	66		$	(5)		$	319,435

Schedule of available-for-sale debt securities with unrealized losses

Available-for-sale securities with unrealized losses as of March 31, 2026 are summarized below:


		March 31, 2026
		Less than 12 Months						Greater than 12 Months						Total
					Gross						Gross						Gross
		Estimated			Unrealized			Estimated			Unrealized			Estimated			Unrealized
(In thousands)		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
US government securities		$	5,322		$	(5)		$	—		$	—		$	5,322		$	(5)
Corporate notes			37,717			(40)			—			—			37,717			(40)
Commercial paper			73,038			(19)			—			—			73,038			(19)
Total		$	116,077		$	(64)		$	—		$	—		$	116,077		$	(64)

Available-for-sale securities with unrealized losses as of December 31, 2025 are summarized below:


		December 31, 2025
		Less than 12 Months						Greater than 12 Months						Total
					Gross						Gross						Gross
		Estimated			Unrealized			Estimated			Unrealized			Estimated			Unrealized
(In thousands)		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
US government securities		$	9,998		$	(1)		$	—		$	—		$	9,998		$	(1)
Corporate notes			8,265			(1)			—			—			8,265			(1)
Commercial paper			23,565			(3)			—			—			23,565			(3)
Total		$	41,828		$	(5)		$	—		$	—		$	41,828		$	(5)

Schedule of changes to the contract derivative


(In thousands)
Balance at December 31, 2025		$	2,381
Unrealized loss			(41)
Balance at March 31, 2026		$	2,340

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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