v3.26.1
Investments in Marketable Debt Securities, Available-for-Sale
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in Marketable Debt Securities, Available-for-Sale Investments in Marketable Debt Securities, Available-for-Sale
Amortized cost, allowance for credit losses, gross unrealized gains (losses) in accumulated other comprehensive (loss) income and fair value of marketable debt securities, available-for-sale, by type of security consisted of the following (in thousands):
June 30, 2026
Amortized
Cost		Allowance
for Credit
Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses 		Fair
Value
Short-term investments:
U.S. treasuries$9,765 $— $— $(13)$9,752 
Corporate debt47,522 — 6 (31)47,497 
$57,287 $— $6 $(44)$57,249 
Long-term investments:
U.S. treasuries$21,759 $— $— $(183)$21,576 
U.S. government sponsored entities4,074 — 10 (75)4,009 
Corporate debt48,419 — 169 (544)48,044 
Asset-backed securities (“ABS”) and other61,567 — 159 (909)60,817 
$135,819 $— $338 $(1,711)$134,446 
December 31, 2025
Amortized
Cost		Allowance
for Credit
Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Short-term investments:
Corporate debt$90,557 $— $28 $(21)$90,564 
$90,557 $— $28 $(21)$90,564 
Long-term investments:
U.S. treasuries$29,058 $— $218 $(17)$29,259 
U.S. government sponsored entities2,490 — 17 (46)2,461 
Corporate debt54,093 — 578 (414)54,257 
ABS and other59,929 — 452 (657)59,724 
$145,570 $— $1,265 $(1,134)$145,701 
The Company’s investments in marketable debt securities, available-for-sale, that have been in a continuous unrealized loss position, for which an allowance for credit losses has not been recorded, by type of security consisted of the following (in thousands):
June 30, 2026
Less than 12 months 12 months or greater Total
Fair
Value		Gross
Unrealized
Losses 		Fair
Value		Gross
Unrealized
Losses
Fair
Value(1)
Gross
Unrealized
Losses
U.S. treasuries$30,310 $(172)$763 $(24)$31,073 $(196)
U.S. government sponsored entities3,155 (27)384 (48)3,539 (75)
Corporate debt62,677 (107)9,216 (468)71,893 (575)
ABS and other24,768 (208)6,058 (701)30,826 (909)
$120,910 $(514)$16,421 $(1,241)$137,331 $(1,755)

December 31, 2025
Less than 12 months 12 months or greater Total
Fair
Value		Gross
Unrealized
Losses 		Fair
Value		Gross
Unrealized
Losses
Fair
Value(1)
Gross
Unrealized
Losses
U.S. treasuries$— $— $780 $(17)$780 $(17)
U.S. government sponsored entities1,562 (2)413 (44)1,975 (46)
Corporate debt21,937 (5)12,266 (430)34,203 (435)
ABS and other8,237 (387)3,426 (270)11,663 (657)
$31,736 $(394)$16,885 $(761)$48,621 $(1,155)
(1)The fair value excludes accrued interest receivable.
Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, consisted of the following (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Gross realized gains (1)
$— $— $— $8 
Gross realized losses (1)
$— $— $— $— 
(1)Recorded in other income, net in the condensed consolidated statements of operations. The cost basis of securities sold were determined based on the specific identification method.
The Company invests its excess cash in a diversified portfolio of fixed and variable rate debt securities to meet current and future cash flow needs. All investments are made in accordance with the Company’s approved investment policy. As of June 30, 2026, the portfolio had a weighted average credit rating of A+ and a weighted term to contractual maturity of 7.9 years. As of June 30, 2026, the Company had 177 securities in the portfolio for which there was an unrealized loss. For these securities, there was an unrealized aggregate loss of $1.8 million, or 0.9% of amortized cost of the Company's total portfolio, and a weighted average credit rating of AA-.
As of June 30, 2026, the Company performed an impairment analysis and determined an allowance for credit losses was not required. The Company determined that it did not have an intent to sell and it was not more likely than not that the Company would be required to sell any security based on its current liquidity position, or to maintain compliance with its investment policy, specifically as it relates to minimum credit ratings. The Company evaluated the securities with an unrealized loss considering severity of loss, credit ratings, specific credit events during the period since acquisition, overall likelihood of default, market sector, potential impact from the current economic environment, including interest rates, geopolitical unrest and a review of an issuer’s and securities’ liquidity and financial strength, as needed. The Company concluded that it would receive all scheduled interest and principal payments. The Company, therefore, determined qualitatively that the unrealized loss was related to changes in interest rates and other market factors and therefore no allowance for credit losses was required.
Amortized cost and fair value of marketable debt securities, available-for-sale, by contractual maturity consisted of the following (in thousands, except weighted average data):
June 30, 2026December 31, 2025
Amortized
 Cost		Fair ValueAmortized
 Cost		Fair Value
Due in one year or less$57,287 $57,249 $90,557 $90,564 
Due after one year through five years73,972 73,560 85,624 86,148 
Due after five years through ten years16,978 16,885 16,055 16,118 
Due after ten years44,869 44,001 43,891 43,435 
$193,106 $191,695 $236,127 $236,265 
The weighted average contractual maturity as of June 30, 2026 and December 31, 2025 was 7.9 years and 6.8 years, respectively. Actual maturities may differ from contractual maturities because certain issuers have the right to prepay certain obligations with or without prepayment penalties.