Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is determined based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions. As a basis for considering such assumptions, U.S. GAAP establishes a three-tier value hierarchy, which prioritizes the inputs used to develop the assumptions and for measuring fair value as follows:

•Level 2 — inputs other than the quoted prices in active markets that are observable either directly or indirectly; and

•Level 3 — unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions.

This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.


	June 30, 2026
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash equivalents:
Money market funds	$	57,306	$	—	$	—	$	57,306
Obligations of U.S. Government and its Agencies	—		20,942		—		20,942
Total cash equivalents	57,306		20,942		—		78,248
Available-for-sale investments:
Obligations of U.S. Government and its Agencies	—		197,601		—		197,601
Total available-for-sale investments	—		197,601		—		197,601
Total assets measured at fair value	$	57,306	$	218,543	$	—	$	275,849


	December 31, 2025
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash equivalents:
Money market funds	$	35,800	$	—	$	—	$	35,800
Total cash equivalents	35,800		—		—		35,800
Available-for-sale investments:
Obligations of U.S. Government and its Agencies	—		246,175		—		246,175
Total available-for-sale investments	—		246,175		—		246,175
Total assets measured at fair value	$	35,800	$	246,175	$	—	$	281,975


	June 30, 2026
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	197,381	$	447	$	—	$	(227)	$	197,601
Total investments	$	197,381	$	447	$	—	$	(227)	$	197,601


	December 31, 2025
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	244,455	$	1,491	$	234	$	(5)	$	246,175
Total investments	$	244,455	$	1,491	$	234	$	(5)	$	246,175

The Company’s investments consist of fixed income securities whose valuations are based on observable direct and indirect inputs, primarily quoted prices of similar, but not identical, instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. These fair values are obtained from independent pricing services.

As of June 30, 2026, the Company had 25 securities with a total estimated fair value of $185,122 in an unrealized loss position. The unrealized losses were primarily attributable to changes in market interest rates and not to deterioration in the credit quality of the issuers. The Company does not have an intent to sell these investments, and it is more likely than not that the investments will be held until recovery of their amortized cost basis. As such, no allowance was recognized.

The following table summarizes the scheduled maturity for the Company’s investments at June 30, 2026 and December 31, 2025:


	June 30, 2026		December 31, 2025
Maturing in one year or less	$	197,601	$	185,011
Maturing after one year through two years	—		61,164
Total investments	$	197,601	$	246,175