v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and liabilities subject to fair value measurements are required to be disclosed within a fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair value. Accordingly, assets and liabilities carried at fair value are classified within the fair value hierarchy in one of the following categories:
• Level 1 inputs — Quoted prices in active markets for identical assets or liabilities.
• Level 2 inputs — Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
• Level 3 inputs — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.
The following tables present the Company’s financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy:
June 30, 2026
Level 1Level 2Level 3Total
(In thousands)
Assets:
Money market$205,547 $— $— $205,547 
U.S. treasuries59,664 — — 59,664 
Corporate bonds— 8,050 — 8,050 
Total assets at fair value$265,211 $8,050 $— $273,261 
December 31, 2025
Level 1Level 2Level 3Total
(In thousands)
Assets:
Money market$168,028 $— $— $168,028 
U.S. treasuries9,898 — — 9,898 
Corporate bonds— 152,415 — 152,415 
Total assets at fair value$177,926 $152,415 $— $330,341 
The following tables present the Company’s financial liabilities that are recorded at amortized cost, segregated among the appropriate levels within the fair value hierarchy:
June 30, 2026
Level 1Level 2Level 3Total
(In thousands)
Liabilities:
2028 Notes
$— $153,005 $— $153,005 
2027 Notes— 17,222 — 17,222 
Total liabilities at fair value$— $170,227 $— $170,227 
December 31, 2025
Level 1Level 2Level 3Total
(In thousands)
Liabilities:
2028 Notes
$— $173,184 $— $173,184 
2027 Notes— 57,592 — 57,592 
Total liabilities at fair value$— $230,776 $— $230,776 
The estimated fair values of the 2028 Notes and 2027 Notes, which are classified as Level 2 financial instruments, were determined based on the estimated or actual bid prices of the respective notes in an over-the-counter market on the last business day of the period, if available, or indicative pricing from market information.