Fair Value Measurements and Available for Sale Investments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At June 30, 2026
Money market funds(1)	$	41,874	$	41,874	$	—	$	—
Mutual funds(1)		36,503		36,503		—		—
U.S. Treasury securities(1)(2)		74,990		74,990		—		—
Commercial and corporate obligations(2)		5,075		—		5,075		—
At December 31, 2025
Money market funds(1)	$	140,380	$	140,380	$	—	$	—
Mutual funds(1)		91,359		91,359		—		—
U.S. Treasury securities(2)		63,268		63,268		—		—
Commercial and corporate obligations(2)		10,174		—		10,174		—
At December 31, 2024
Money market funds(1)	$	104,553	$	104,553	$	—	$	—
Mutual funds(1)		9,376		9,376		—		—
U.S. Treasury securities(1)(2)		284,495		284,495		—		—
Agency securities(2)		7,579		—		7,579		—
Commercial and corporate obligations(2)		10,652		—		10,652		—

(1)

Included in cash and cash equivalents in the accompanying consolidated balance sheets.

(2)

Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.

Schedule of Available-for-sale Investments

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in short-term and long-term investments as of June 30, 2026 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Total Fair Value
Commercial and corporate obligations(1)	$	5,072	$	3	$	-		$	5,075
US Treasury securities(2)		74,974		17		(1	)		74,990
Total available-for-sale investments	$	80,046	$	20	$	(1	)	$	80,065

(1)

Of our outstanding commercial and corporate obligations, $5.1 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of June 30, 2026.

(2)

Of our outstanding U.S. Treasury securities, $75.0 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of June 30, 2026.

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2025 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Commercial and corporate obligations(1)	$	10,152	$	22	$	-	$	10,174
U.S. Treasury securities(2)		63,107		161		—		63,268
Total available-for-sale investments	$	73,259	$	183	$	—	$	73,442

(1)

Of our outstanding commercial and corporate obligations, $10.2 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.

(2)

Of our outstanding U.S. Treasury securities, $63.3 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.

Schedule of Unrealized Loss and Fair Values in a Loss Position

The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2026, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	June 30, 2026
	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
US Treasury securities	$	24,842	$	(1	)	$	—	$	—	$	24,842	$	(1	)
Total	$	24,842	$	(1	)	$	—	$	—	$	24,842	$	(1	)

The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	December 31, 2024
	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Agency securities	$	7,579	$	(8	)	$	—	$	—	$	7,579	$	(8	)
US Treasury Securities		25,250		(7	)		—		—		25,250		(7	)
Total	$	32,829	$	(15	)	$	—	$	—	$	32,829	$	(15	)