Investment Securities and Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Available-for-sale Securities |
Investment securities classified as available-for-sale consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | U.S. government and agency securities | 4,286 | | | — | | | (2) | | | 4,284 | | | Total available-for-sale investment securities | $ | 4,286 | | | $ | — | | | $ | (2) | | | $ | 4,284 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | U.S. government and agency securities | 144,216 | | | 40 | | | — | | | 144,256 | | | Total available-for-sale investment securities | $ | 144,216 | | | $ | 40 | | | $ | — | | | $ | 144,256 | |
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| Schedule of Available-for-sale Investments, by Remaining Contract Maturity |
The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Amortized Cost | | Estimated Fair Value | | Amortized Cost | | Estimated Fair Value | | Due in one year or less | $ | 4,286 | | | $ | 4,284 | | | $ | 144,216 | | | $ | 144,256 | | | | | | | | | | | Total available-for-sale investment securities | $ | 4,286 | | | $ | 4,284 | | | $ | 144,216 | | | $ | 144,256 | |
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| Schedule of Sales, Calls, and Maturities |
During the six months ended June 30, 2026 and 2025, we had sales and maturities of investment securities, as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | Gross Realized Gains | | Gross Realized Losses | | Gross Proceeds from Sales | | Gross Proceeds from Maturities | | U.S. government and agency securities | $ | — | | | $ | (61) | | | $ | 140,154 | | | $ | 45,590 | | | Total | $ | — | | | $ | (61) | | | $ | 140,154 | | | $ | 45,590 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Gross Realized Gains | | Gross Realized Losses | | Gross Proceeds from Sales | | Gross Proceeds from Maturities | | U.S. government and agency securities | 94 | | | (49) | | | 202,662 | | | 43,820 | | | Total | $ | 94 | | | $ | (49) | | | $ | 202,662 | | | $ | 43,820 | |
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| Schedule of Long-Term Investments |
The tables above do not include our strategic investments of non-marketable equity investments in privately-held companies, which are recorded in long-term investments in our Condensed Consolidated Balance Sheets. These strategic investments consist of the following as of June 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | Second Nature | | $ | 75,000 | | | $ | 75,000 | | Others | | 12,668 | | | 2,033 | | Total long-term investments | | $ | 87,668 | | | $ | 77,033 | |
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| Schedule of Fair Value, Assets Measured on Recurring Basis |
The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 by level within the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Level 1 | | Level 2 | | | | Total Fair
Value | | Cash equivalents: | | | | | | | | | Money market funds | $ | 192,417 | | | $ | — | | | | | $ | 192,417 | | | Available-for-sale investment securities: | | | | | | | | | U.S. government and agency securities | — | | | 4,284 | | | | | 4,284 | | | Total | $ | 192,417 | | | $ | 4,284 | | | | | $ | 196,701 | |
| | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | | | Total Fair
Value | | Cash equivalents: | | | | | | | | | Money market funds | $ | 89,365 | | | $ | — | | | | | $ | 89,365 | | | Available-for-sale investment securities: | | | | | | | | | U.S. government and agency securities | — | | | 144,256 | | | | | 144,256 | | | Total | $ | 89,365 | | | $ | 144,256 | | | | | $ | 233,621 | |
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