v3.26.1
Investments and Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of available-for-sale securities

Available-for-sale securities are summarized below:

June 30, 2026

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Gross

  ​ ​ ​

Gross

  ​ ​ ​

Amortized

Unrealized

Unrealized

Estimated

(In thousands)

Cost

Gains

Losses

Fair Value

US government securities

Level 1

$

26,710

$

$

(26)

$

26,684

Corporate notes

Level 2

 

26,314

(30)

 

26,284

Commercial paper

Level 2

169,279

3

(23)

169,259

Marketable securities

222,303

3

(79)

222,227

Money market funds

Level 1

158,780

158,780

Total

$

381,083

$

3

$

(79)

$

381,007

 

December 31, 2025

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Gross

  ​ ​ ​

Gross

  ​ ​ ​

Amortized

Unrealized

Unrealized

Estimated

(In thousands)

Cost

Gains

Losses

Fair Value

US government securities

Level 1

$

130,602

$

43

$

(1)

$

130,644

Corporate notes

Level 2

 

37,690

 

15

 

(1)

 

37,704

Commercial paper

Level 2

 

71,695

 

8

 

(3)

 

71,700

Marketable securities

239,987

66

(5)

240,048

Money market funds

Level 1

79,387

79,387

Total

$

319,374

$

66

$

(5)

$

319,435

 

Schedule of available-for-sale debt securities with unrealized losses

Available-for-sale securities with unrealized losses as of June 30, 2026 are summarized below:

June 30, 2026

Less than 12 Months

Greater than 12 Months

Total

  ​ ​ ​

  ​ ​ ​

Gross

  ​ ​ ​

Gross

  ​ ​ ​

Gross

Estimated

Unrealized

Estimated

Unrealized

Estimated

Unrealized

(In thousands)

Fair Value

Losses

Fair Value

Losses

Fair Value

Losses

US government securities

$

21,682

$

(26)

$

$

$

21,682

$

(26)

Corporate notes

26,284

(30)

26,284

(30)

Commercial paper

139,526

(23)

139,526

(23)

Total

$

187,492

$

(79)

$

$

$

187,492

$

(79)

Available-for-sale securities with unrealized losses as of December 31, 2025 are summarized below:

December 31, 2025

Less than 12 Months

Greater than 12 Months

Total

  ​ ​ ​

  ​ ​ ​

Gross

  ​ ​ ​

Gross

  ​ ​ ​

Gross

Estimated

Unrealized

Estimated

Unrealized

Estimated

Unrealized

(In thousands)

Fair Value

Losses

Fair Value

Losses

Fair Value

Losses

US government securities

$

9,998

$

(1)

$

$

$

9,998

$

(1)

Corporate notes

 

8,265

(1)

 

 

8,265

(1)

Commercial paper

23,565

(3)

23,565

(3)

Total

$

41,828

$

(5)

$

$

$

41,828

$

(5)

 

Schedule of changes to the contract derivative

(In thousands)

  ​ ​ ​

Balance at December 31, 2025

$

2,381

Unrealized loss

 

(52)

Balance at June 30, 2026

$

2,329