v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains (Losses), and Fair Value of Cash Equivalents and Marketable Securities
The following tables summarize the amortized cost, net unrealized gains and losses, fair value, and the level in the fair value hierarchy of the Company’s available-for-sale investments in marketable securities. As of June 30, 2026, the marketable securities had maturity dates that ranged from less than one month to approximately 22 months. Realized gains and losses were insignificant for the three and six months ended June 30, 2026 and 2025.
(in thousands)
Amortized CostUnrealized Losses, Net
Fair Value(1)
Level 1Level 2
June 30, 2026
Cash equivalents
Money market funds$661 $— $661 $661 $— 
Total cash equivalents661 — 661 661 — 
Short-term marketable securities
Corporate debt securities99,297 (36)99,261 — 99,261 
Commercial paper3,234 (2)3,232 — 3,232 
Total short-term marketable securities102,531 (38)102,493 — 102,493 
Long-term marketable securities
Corporate debt securities69,177 (242)68,935 — 68,935 
U.S. government agency securities1,750 (14)1,736 — 1,736 
Total long-term marketable securities70,927 (256)70,671 — 70,671 
Total cash equivalents and marketable securities$174,119 $(294)$173,825 $661 $173,164 
(in thousands)
Amortized CostUnrealized Gains, Net
Fair Value(1)
Level 1Level 2
December 31, 2025
Cash equivalents
Money market funds$407 $— $407 $407 $— 
Total cash equivalents407 — 407 407 — 
Short-term marketable securities
Corporate debt securities99,371 205 99,576 — 99,576 
Commercial paper7,185 — 7,185 — 7,185 
Total short-term marketable securities106,556 205 106,761 — 106,761 
Long-term marketable securities
Corporate debt securities88,078 185 88,263 — 88,263 
Total long-term marketable securities88,078 185 88,263 — 88,263 
Total cash equivalents and marketable securities$195,041 $390 $195,431 $407 $195,024 
(1) Fair values were determined using market prices obtained from third-party pricing sources.
Schedule of Roll forward of Allowance for Expected Credit Losses on Held-to-maturity Investments
A roll forward of the Company’s allowance for expected credit losses on its held-to-maturity investment is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)
2026202520262025
Beginning allowance for expected credit losses$24,926 $19,126 $24,424 $18,834 
Loss on adjustment of allowance for expected credit losses521 4,311 1,023 4,603 
Write-offs, net of recoveries— — — — 
Ending allowance for expected credit losses$25,447 $23,437 $25,447 $23,437