Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of fair value and amortized cost of available-for-sale debt securities

At June 30, 2026, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following (in thousands):


	As of June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term:
U.S. treasury securities	$	80,481	$	—	$	(148	)	$	80,333

Long-term:
U.S. treasury securities	$	106,276	$	3	$	(933	)	$	105,346

At December 31, 2025, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following (in thousands):


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term:
U.S. treasury securities	$	23,994	$	33	$	—		$	24,027
Corporate Bonds		2,923		10		—			2,933
Total		26,917		43		—			26,960

Long-term:
U.S. treasury securities	$	42,652	$	143	$	(11	)	$	42,784
Corporate Bonds		4,098		12		(1	)		4,109
Total		46,750		155		(12	)		46,893

Schedule of Amortized Cost and Estimated Fair Value by Maturity of Investment Securities

The amortized cost and estimated fair value by maturity or next repricing date of investment securities at June 30, 2026 are shown in the following table. Fixed rate securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities.


	As of June 30, 2026
(in thousands)	Amortized Cost		Fair Value
Within one year or less	$	80,481	$	80,333
One through five years		106,276		105,346
Total	$	186,757	$	185,679

Schedule of gross unrealized losses and fair value of available-for-sale securities

The following table shows gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of June 30, 2026 (in thousands, except for number of securities):


	Unrealized losses less than 12 months						Unrealized losses 12 months or greater						Total
	Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss
Available-for-sale securities:
U.S. treasury securities		135	$	183,468	$	1,081		—	$	—	$	—		135	$	183,468	$	1,081
Total		135	$	183,468	$	1,081		—	$	—	$	—		135	$	183,468	$	1,081

The following table shows gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2025 (in thousands, except for number of securities):


	Unrealized losses less than 12 months						Unrealized losses 12 months or greater						Total
	Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss
Available-for-sale securities:
U.S. treasury securities		4	$	7,802	$	11		—	$	—	$	—		4	$	7,802	$	11
Corporate Bonds		8		772		1		—		—		—		8		772		1
Total		12	$	8,574	$	12		—	$	—	$	—		12	$	8,574	$	12

Summary of Gross Realized gains and Losses on the Sale of Available-for-Sale Debt Securities

The following table summarizes the Company’s gross realized gains and losses on the sale of available-for-sale debt securities:


	For The Six Months Ended June 30,
(in thousands)	2026			2025
Gross realized gains	$	50		$	—
Gross realized losses		(3	)		—
Net realized gains	$	47		$	—

Schedule of unrealized and realized gains (losses) recognized on equity securities


	Three Months Ended June 30,					For The Six Months Ended June 30,
	2026		2025			2026			2025
Net gains (losses) recognized during the period	$	7	$	(4	)	$	(10	)	$	1
Less: Realized net gains (losses) recognized on equity securities sold		7		13			3			25
Unrealized net gains (losses) recognized on equity securities held	$	—	$	(17	)	$	(13	)	$	(24	)