Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Investments Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at March 31, 2026 and December 31, 2025 measured at fair value on a recurring basis (in thousands):


		March 31, 2026																December 31, 2025


						Gross				Gross												Gross				Gross
						Unrealized				Unrealized				Recorded								Unrealized				Unrealized				Recorded
		Cost				Gains				Losses				Basis				Cost				Gains				Losses				Basis
Current:
Cash equivalents:
Money market funds		$	15,338			$	—			$	—			$	15,338			$	44,394			$	—			$	—			$	44,394
Total cash equivalents			15,338				—				—				15,338				44,394				—				—				44,394
Investments:
Corporate bonds			21,265				2				(1,255	)			20,012				27,827				5				(1,238	)			26,594
U.S. treasuries			14,260				—				(639	)			13,621				14,261				—				(634	)			13,627
Mortgage-backed securities			11,004				—				(2,075	)			8,929				11,174				—				(2,026	)			9,148
Asset-backed securities			7,548				—				(65	)			7,483				7,564				17				(63	)			7,518
U.S. government agency securities			5,287				—				(42	)			5,245				5,309				—				(42	)			5,267
Total current investments			59,364				2				(4,076	)			55,290				66,135				22				(4,003	)			62,154
Restricted cash and investments (1):
Corporate bonds			78,187				3				(3,955	)			74,235				79,178				8				(3,876	)			75,310
U.S. treasuries			51,785				—				(3,891	)			47,894				51,809				—				(3,767	)			48,042
Mortgage-backed securities			31,528				2				(4,077	)			27,453				32,560				10				(4,000	)			28,570
Mutual funds			12,956				—				—				12,956				13,602				—				—				13,602
U.S. government agency securities			5,940				—				(344	)			5,596				5,947				—				(336	)			5,611
Money market funds			1,786				—				—				1,786				486				—				—				486
Asset-backed securities			806				7				—				813				980				11				—				991
Total restricted cash and investments			182,988				12				(12,267	)			170,733				184,562				29				(11,979	)			172,612
Total investments		$	257,690			$	14			$	(16,343	)		$	241,361			$	295,091			$	51			$	(15,982	)		$	279,160

(1) Included in restricted cash and investments within the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 is restricted cash of $46.2 million and $30.8 million, respectively, which is excluded from the table above. Restricted cash and investments are classified as current and noncurrent on the balance sheet based on the nature of the restriction.

Summary of Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at March 31, 2026 and December 31, 2025 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):


		March 31, 2026																December 31, 2025
		Total																Total
		Recorded																Recorded
		Basis				Level 1				Level 2				Other (1)				Basis				Level 1				Level 2				Other (1)
Cash equivalents:
Money market funds		$	15,338			$	—			$	—			$	15,338			$	44,394			$	—			$	—			$	44,394
Investments:
Corporate bonds			20,012				—				20,012				—				26,594				—				26,594				—
U.S. treasuries			13,621				—				13,621				—				13,627				—				13,627				—
Mortgage-backed securities			8,929				—				8,929				—				9,148				—				9,148				—
Asset-backed securities			7,483				—				7,483				—				7,518				—				7,518				—
U.S. government agency securities			5,245				—				5,245				—				5,267				—				5,267				—
Restricted cash and investments:
Corporate bonds			74,235				—				74,235				—				75,310				—				75,310				—
U.S. treasuries			47,894				—				47,894				—				48,042				—				48,042				—
Mortgage-backed securities			27,453				—				27,453				—				28,570				—				28,570				—
Mutual funds			12,956				12,956				—				—				13,602				13,602				—				—
U.S. government agency securities			5,596				—				5,596				—				5,611				—				5,611				—
Money market funds			1,786				—				—				1,786				486				—				—				486
Asset-backed securities			813				—				813				—				991				—				991				—
Total investments		$	241,361			$	12,956			$	211,281			$	17,124			$	279,160			$	13,602			$	220,678			$	44,880

(1) Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.

Summary of Contractual Maturities of Available for Sale Securities

The following table summarizes the contractual maturities of the Company’s available-for-sale securities at March 31, 2026 and December 31, 2025. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. The table also includes money market funds, which are classified as cash and cash equivalents on the Company’s condensed consolidated balance sheets.


	March 31, 2026
(In thousands)	Less than 1 Year				Between 1 to 5 Years				Between 5 to 10 Years				After 10 Years				Total
Corporate bonds	$	15,835			$	74,246			$	4,166			$	—			$	94,247
U.S. treasuries		3,249				58,266				—				—				61,515
Money market funds		17,124				—				—				—				17,124
U.S. government agency securities		2,092				8,749				—				—				10,841
Asset-backed securities		—				408				150				7,738				8,296
Total	$	38,300			$	141,669			$	4,316			$	7,738			$	192,023


	December 31, 2025
(In thousands)	Less than 1 Year				Between 1 to 5 Years				Between 5 to 10 Years				After 10 Years				Total
Corporate bonds	$	11,486			$	85,088			$	5,330			$	—			$	101,904
U.S. treasuries		3,237				49,405				9,027				—				61,669
Money market funds		44,880				—				—				—				44,880
U.S. government agency securities		2,096				8,782				—				—				10,878
Asset-backed securities		—				578				151				7,780				8,509
Total	$	61,699			$	143,853			$	14,508			$	7,780			$	227,840

Summary of Fair Values and Gross Unrealized Losses of Available for Sale Securities

The fair values and gross unrealized losses of the Company’s available for sale securities that were in an unrealized loss position as of March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous loss position, were as follows (in thousands):


		March 31, 2026
		Less than 12 months								12 months or longer								Total
						Gross								Gross								Gross
		Recorded				Unrealized				Recorded				Unrealized				Recorded				Unrealized
		Basis				Losses				Basis				Losses				Basis				Losses
Investments:
Corporate bonds		$	885			$	(126	)		$	18,929			$	(1,129	)		$	19,814			$	(1,255	)
U.S. treasuries			—				—				13,621				(639	)			13,621				(639	)
Mortgage-backed securities			—				—				8,929				(2,075	)			8,929				(2,075	)
Asset-backed securities			—				—				7,483				(65	)			7,483				(65	)
U.S. government agency securities			—				—				5,245				(42	)			5,245				(42	)
Total investments			885				(126	)			54,207				(3,950	)			55,092				(4,076	)
Restricted investments:
Corporate bonds			—				—				73,525				(3,956	)			73,525				(3,956	)
U.S. treasuries			726				(6	)			47,168				(3,885	)			47,894				(3,891	)
Mortgage-backed securities			—				—				27,297				(4,077	)			27,297				(4,077	)
U.S. government agency securities			—				—				5,596				(344	)			5,596				(344	)
Total restricted investments			726				(6	)			153,586				(12,262	)			154,312				(12,268	)
Total investments and restricted investments		$	1,611			$	(132	)		$	207,793			$	(16,212	)		$	209,404			$	(16,344	)

		December 31, 2025
		Less than 12 months								12 months or longer								Total
						Gross								Gross								Gross
		Recorded				Unrealized				Recorded				Unrealized				Recorded				Unrealized
		Basis				Losses				Basis				Losses				Basis				Losses
Investments:
Corporate bonds		$	—			$	—			$	26,394			$	(1,238	)		$	26,394			$	(1,238	)
U.S. treasuries			—				—				13,627				(634	)			13,627				(634	)
Mortgage-backed securities			—				—				9,148				(2,026	)			9,148				(2,026	)
U.S. government agency securities			—				—				5,267				(42	)			5,267				(42	)
Asset-backed securities			—				—				1,302				(63	)			1,302				(63	)
Total investments			—				—				55,738				(4,003	)			55,738				(4,003	)
Restricted investments:
Corporate bonds			100				—				73,745				(3,876	)			73,845				(3,876	)
U.S. treasuries			729				(1	)			47,313				(3,766	)			48,042				(3,767	)
Mortgage-backed securities			—				—				26,916				(4,000	)			26,916				(4,000	)
U.S. government agency securities			—				—				5,611				(336	)			5,611				(336	)
Total restricted investments			829				(1	)			153,585				(11,978	)			154,414				(11,979	)
Total investments and restricted investments		$	829			$	(1	)		$	209,323			$	(15,981	)		$	210,152			$	(15,982	)