Marketable Securities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Marketable Securities, Measured at Fair Value |
The following table presents the Company’s marketable securities, measured at fair value as of the following periods:
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As of June 30, 2026 |
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Quoted |
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Other |
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prices |
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significant |
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Significant |
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in active |
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observable |
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unobservable |
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markets |
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inputs |
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inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Fair value |
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Assets: |
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Available for sale securities, at fair value: |
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U.S. Treasury securities |
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$ |
— |
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$ |
157,652 |
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$ |
— |
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$ |
157,652 |
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Certificates of deposit |
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|
581 |
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— |
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— |
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|
581 |
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Total available for sale securities, at fair value |
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581 |
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157,652 |
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— |
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158,233 |
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Total marketable securities |
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$ |
581 |
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$ |
157,652 |
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$ |
— |
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$ |
158,233 |
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As of December 31, 2025 |
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Quoted |
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Other |
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prices |
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significant |
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Significant |
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in active |
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observable |
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unobservable |
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markets |
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inputs |
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inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Fair value |
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Assets: |
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Available for sale securities, at fair value: |
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U.S. Treasury securities |
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$ |
— |
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$ |
16,491 |
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$ |
— |
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$ |
16,491 |
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Certificates of deposit |
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|
581 |
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|
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— |
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— |
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|
581 |
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Total available for sale securities, at fair value |
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581 |
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16,491 |
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— |
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17,072 |
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Equity securities, at fair value |
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4,629 |
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— |
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— |
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4,629 |
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Total marketable securities |
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$ |
5,210 |
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$ |
16,491 |
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$ |
— |
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$ |
21,701 |
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| Schedule of Available-for-sale Securities, at Fair Value |
The following tables present the Company’s investments in AFS securities:
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As of June 30, 2026 |
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Amortized |
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Allowance for |
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Net carrying |
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Gross |
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Gross |
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Cost |
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credit losses (1) |
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amount |
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unrealized gains |
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unrealized losses |
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Fair value |
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U.S. Treasury securities |
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$ |
157,193 |
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$ |
— |
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$ |
157,193 |
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$ |
459 |
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$ |
— |
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$ |
157,652 |
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Certificates of deposit |
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|
581 |
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— |
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|
581 |
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— |
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— |
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|
581 |
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Total |
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$ |
157,774 |
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$ |
— |
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$ |
157,774 |
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$ |
459 |
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$ |
— |
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$ |
158,233 |
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As of December 31, 2025 |
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Amortized |
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Allowance for |
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Net carrying |
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Gross |
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Gross |
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Cost |
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credit losses (1) |
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amount |
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unrealized gains |
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unrealized losses |
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Fair value |
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U.S. Treasury securities |
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$ |
16,158 |
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|
$ |
— |
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|
$ |
16,158 |
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|
$ |
333 |
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|
$ |
— |
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$ |
16,491 |
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Certificates of deposit |
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|
581 |
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— |
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|
581 |
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— |
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— |
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|
581 |
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Total |
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$ |
16,739 |
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$ |
— |
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|
$ |
16,739 |
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$ |
333 |
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$ |
— |
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$ |
17,072 |
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The Company did not identify any of its available-for-sale marketable securities requiring an allowance for credit loss or as other-than-temporarily impaired in any of the periods presented.
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| Schedule of Amortized Cost and Fair Value by Contractual Maturity Date |
The amortized cost and fair values of AFS securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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As of |
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June 30, 2026 |
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December 31, 2025 |
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Amortized cost |
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Fair value |
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Amortized cost |
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Fair value |
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Due in one year or less |
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$ |
157,774 |
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$ |
158,233 |
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$ |
16,739 |
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$ |
17,072 |
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| Schedule of Components of Net Realized and Unrealized Gain (Losses) |
The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations. Net unrealized gains (losses) on AFS securities are included within other comprehensive income (loss) (OCI), net of tax, and, as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment related financial assets and liabilities are included below:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2026 |
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2025 |
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|
2026 |
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|
2025 |
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Net realized gains (losses) |
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Net realized gains (losses) on equity securities |
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$ |
— |
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$ |
— |
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|
$ |
(3,095 |
) |
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$ |
— |
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Net realized gains other |
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— |
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|
50 |
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— |
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|
50 |
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Total net realized gains (losses) |
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$ |
— |
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$ |
50 |
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|
$ |
(3,095 |
) |
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$ |
50 |
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Net unrealized gains (losses) |
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|
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Net unrealized gains (losses) on equity securities held at period end |
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$ |
— |
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|
$ |
(1,504 |
) |
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$ |
— |
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|
$ |
(1,216 |
) |
Reclass of unrealized (gains) losses from prior periods for equity securities sold |
|
|
— |
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|
|
— |
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|
2,834 |
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|
|
— |
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Other |
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|
— |
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— |
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— |
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|
452 |
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Total net unrealized gains (losses) |
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|
— |
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(1,504 |
) |
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|
2,834 |
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|
(764 |
) |
Total net realized and unrealized gains (losses) |
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$ |
— |
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|
$ |
(1,454 |
) |
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$ |
(261 |
) |
|
$ |
(714 |
) |
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