Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of Investments Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at June 30, 2026 and December 31, 2025 measured at fair value on a recurring basis (in thousands):


		June 30, 2026																December 31, 2025


						Gross				Gross												Gross				Gross
						Unrealized				Unrealized				Recorded								Unrealized				Unrealized				Recorded
		Cost				Gains				Losses				Basis				Cost				Gains				Losses				Basis
Current:
Cash equivalents:
Money market funds		$	781			$	—			$	—			$	781			$	44,394			$	—			$	—			$	44,394
Total cash equivalents			781				—				—				781				44,394				—				—				44,394
Investments:
Corporate bonds			19,308				3				(1,107	)			18,204				27,827				5				(1,238	)			26,594
U.S. treasuries			14,261				—				(631	)			13,630				14,261				—				(634	)			13,627
Mortgage-backed securities			10,786				—				(2,102	)			8,684				11,174				—				(2,026	)			9,148
Asset-backed securities			380				—				(46	)			334				7,564				17				(63	)			7,518
U.S. government agency securities			—				—				—				—				5,309				—				(42	)			5,267
Total current investments			44,735				3				(3,886	)			40,852				66,135				22				(4,003	)			62,154
Restricted cash and investments (1):
Corporate bonds			70,899				1				(3,734	)			67,166				79,178				8				(3,876	)			75,310
U.S. treasuries			51,762				—				(4,001	)			47,761				51,809				—				(3,767	)			48,042
Mortgage-backed securities			30,109				3				(4,139	)			25,973				32,560				10				(4,000	)			28,570
Mutual funds			14,819				—				—				14,819				13,602				—				—				13,602
U.S. government agency securities			4,105				—				(335	)			3,770				5,947				—				(336	)			5,611
Money market funds			2,443				—				—				2,443				486				—				—				486
Asset-backed securities			662				2				—				664				980				11				—				991
Total restricted cash and investments			174,799				6				(12,209	)			162,596				184,562				29				(11,979	)			172,612
Total investments		$	220,315			$	9			$	(16,095	)		$	204,229			$	295,091			$	51			$	(15,982	)		$	279,160

(1) Included in restricted cash and investments within the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 is restricted cash of $1.4 million and $30.8 million, respectively, which is excluded from the table above. Restricted cash and investments are classified as current and noncurrent on the balance sheet based on the nature of the restriction.

Summary of Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at June 30, 2026 and December 31, 2025 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):


		June 30, 2026																December 31, 2025
		Total																Total
		Recorded																Recorded
		Basis				Level 1				Level 2				Other (1)				Basis				Level 1				Level 2				Other (1)
Cash equivalents:
Money market funds		$	781			$	—			$	—			$	781			$	44,394			$	—			$	—			$	44,394
Investments:
Corporate bonds			18,204				—				18,204				—				26,594				—				26,594				—
U.S. treasuries			13,630				—				13,630				—				13,627				—				13,627				—
Mortgage-backed securities			8,684				—				8,684				—				9,148				—				9,148				—
Asset-backed securities			334				—				334				—				7,518				—				7,518				—
U.S. government agency securities			—				—				—				—				5,267				—				5,267				—
Restricted cash and investments:
Corporate bonds			67,166				—				67,166				—				75,310				—				75,310				—
U.S. treasuries			47,761				—				47,761				—				48,042				—				48,042				—
Mortgage-backed securities			25,973				—				25,973				—				28,570				—				28,570				—
Mutual funds			14,819				14,819				—				—				13,602				13,602				—				—
U.S. government agency securities			3,770				—				3,770				—				5,611				—				5,611				—
Money market funds			2,443				—				—				2,443				486				—				—				486
Asset-backed securities			664				—				664				—				991				—				991				—
Total investments		$	204,229			$	14,819			$	186,186			$	3,224			$	279,160			$	13,602			$	220,678			$	44,880

(1) Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.

Summary of Contractual Maturities of Available for Sale Securities

The following table summarizes the contractual maturities of the Company’s available-for-sale securities at June 30, 2026 and December 31, 2025. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. The table also includes money market funds, which are classified as cash and cash equivalents on the Company’s condensed consolidated balance sheets.


	June 30, 2026
(In thousands)	Less than 1 Year				Between 1 to 5 Years				Between 5 to 10 Years				After 10 Years				Total
Corporate bonds	$	12,723			$	70,253			$	2,394			$	—			$	85,370
U.S. treasuries		3,264				58,127				—				—				61,391
Money market funds		3,224				—				—				—				3,224
U.S. government agency securities		—				3,770				—				—				3,770
Asset-backed securities		—				262				149				587				998
Total	$	19,211			$	132,412			$	2,543			$	587			$	154,753


	December 31, 2025
(In thousands)	Less than 1 Year				Between 1 to 5 Years				Between 5 to 10 Years				After 10 Years				Total
Corporate bonds	$	11,486			$	85,088			$	5,330			$	—			$	101,904
U.S. treasuries		3,237				49,405				9,027				—				61,669
Money market funds		44,880				—				—				—				44,880
U.S. government agency securities		2,096				8,782				—				—				10,878
Asset-backed securities		—				578				151				7,780				8,509
Total	$	61,699			$	143,853			$	14,508			$	7,780			$	227,840

Summary of Fair Values and Gross Unrealized Losses of Available for Sale Securities

The fair values and gross unrealized losses of the Company’s available for sale securities that were in an unrealized loss position as of June 30, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous loss position, were as follows (in thousands):


		June 30, 2026
		Less than 12 months								12 months or longer								Total
						Gross								Gross								Gross
		Recorded				Unrealized				Recorded				Unrealized				Recorded				Unrealized
		Basis				Losses				Basis				Losses				Basis				Losses
Investments:
Corporate bonds		$	906			$	(104	)		$	17,099			$	(1,003	)		$	18,005			$	(1,107	)
U.S. treasuries			—				—				13,630				(631	)			13,630				(631	)
Mortgage-backed securities			—				—				8,683				(2,102	)			8,683				(2,102	)
Asset-backed securities			—				—				334				(46	)			334				(46	)
Total investments			906				(104	)			39,746				(3,782	)			40,652				(3,886	)
Restricted investments:
Corporate bonds			373				—				66,608				(3,734	)			66,981				(3,734	)
U.S. treasuries			721				(12	)			47,040				(3,989	)			47,761				(4,001	)
Mortgage-backed securities			915				(8	)			24,431				(4,131	)			25,346				(4,139	)
U.S. government agency securities			—				—				3,770				(335	)			3,770				(335	)
Asset-backed securities			149				—				—				—				149				—
Total restricted investments			2,158				(20	)			141,849				(12,189	)			144,007				(12,209	)
Total investments and restricted investments		$	3,064			$	(124	)		$	181,595			$	(15,971	)		$	184,659			$	(16,095	)

		December 31, 2025
		Less than 12 months								12 months or longer								Total
						Gross								Gross								Gross
		Recorded				Unrealized				Recorded				Unrealized				Recorded				Unrealized
		Basis				Losses				Basis				Losses				Basis				Losses
Investments:
Corporate bonds		$	—			$	—			$	26,394			$	(1,238	)		$	26,394			$	(1,238	)
U.S. treasuries			—				—				13,627				(634	)			13,627				(634	)
Mortgage-backed securities			—				—				9,148				(2,026	)			9,148				(2,026	)
U.S. government agency securities			—				—				5,267				(42	)			5,267				(42	)
Asset-backed securities			—				—				1,302				(63	)			1,302				(63	)
Total investments			—				—				55,738				(4,003	)			55,738				(4,003	)
Restricted investments:
Corporate bonds			100				—				73,745				(3,876	)			73,845				(3,876	)
U.S. treasuries			729				(1	)			47,313				(3,766	)			48,042				(3,767	)
Mortgage-backed securities			—				—				26,916				(4,000	)			26,916				(4,000	)
U.S. government agency securities			—				—				5,611				(336	)			5,611				(336	)
Total restricted investments			829				(1	)			153,585				(11,978	)			154,414				(11,979	)
Total investments and restricted investments		$	829			$	(1	)		$	209,323			$	(15,981	)		$	210,152			$	(15,982	)