v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 198,837 $ 78,301
Short-term investments 2,481 17,047
Investment securities, available-for-sale (Amortized cost: 2026: $39,950; 2025: $23,231) 39,727 23,131
Investment securities, held-to-maturity (Fair value: 2026: $2,021; 2025: $1,779) 2,055 1,777
Accrued retrospective premiums 129,614 63,875
Healthcare receivables 73,121 94,866
Prepaid expenses 19,213 18,209
Other assets, current 20,398 10,649
Total current assets 485,446 307,855
Investment securities, available-for-sale (Amortized cost: 2026: $190,771; 2025: $186,464) 189,443 187,092
Investment securities, held-to-maturity (Fair value: 2026: $10,295; 2025: $12,495) 10,471 12,571
Property and equipment, net 7,231 6,385
Other intangible assets 2,990 2,990
Other assets, non-current 24,745 24,118
Total assets 720,326 541,011
Current liabilities:    
Unpaid claims 250,890 153,250
Accounts payable and accrued expenses 35,407 36,211
Accrued salaries and benefits 31,156 16,038
Other liabilities, current 5,877 3,324
Total current liabilities 323,330 208,823
Other liabilities, non-current 20,739 23,484
Total liabilities 344,069 232,307
Commitments and Contingencies (Note 12)
Stockholders' equity:    
Additional paid-in capital 2,706,640 2,682,663
Accumulated other comprehensive (loss) income (1,551) 528
Accumulated deficit (2,233,017) (2,288,352)
Less: Treasury stock, at cost; 35,782,658 and 33,412,273 shares held at June 30, 2026 and December 31, 2025, respectively (95,867) (86,187)
Total stockholders' equity 376,257 308,704
Total liabilities and stockholders' equity 720,326 541,011
Common Class A    
Stockholders' equity:    
Common stock, value 43 43
Common Class B    
Stockholders' equity:    
Common stock, value $ 9 $ 9