v3.26.3
Investments in Debt Securities
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt Securities Investments in Debt Securities
The Company’s investments in debt securities comprise U.S. Treasury securities and corporate bonds. As of September 30, 2025, these investments were classified as held-to-maturity (“HTM”) and recorded at amortized cost, net of any allowance for credit losses. The Company purchased these debt securities with the positive intent and ability to hold to contractual maturity.

During the fourth quarter of fiscal year 2025, management reassessed its HTM portfolio and concluded that, based on certain facts and circumstances at the time, the Company could no longer assert its positive intent to hold the remaining debt securities to maturity. Accordingly, the remaining debt securities were reclassified from HTM to available for sale (“AFS”) during the fourth quarter of 2025. The Company’s investments in debt securities were classified as available for sale during the nine months ended September 30, 2026, and recorded at fair value. Unrealized gains and losses on AFS investments, net of applicable taxes, are reported in other comprehensive loss.

The table below summarizes the Company’s AFS investments:
September 30, 2026
Amortized cost
Allowance for credit losses
Gross unrealized gainsGross unrealized lossesFair value
U.S. Treasury securities$95,954 $— $— $(435)$95,519 
Corporate bonds227,847 — — (1,503)226,344 
Total
$323,801 $— $— $(1,938)$321,863 
December 31, 2025
Amortized costAllowance for credit lossesGross unrealized gainsGross unrealized lossesFair value
U.S. Treasury securities$131,229 $— $123 $(2)$131,350 
Corporate bonds243,028 — 129 (97)243,060 
Total
$374,257 $— $252 $(99)$374,410 
September 30,
2026		December 31, 2025
Weighted-average effective interest rate of AFS investments4.03 %3.85 %

The following table discloses investments in debt securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or longer:

September 30, 2026
Less than 12 monthsMore than 12 months
Fair valueUnrealized lossesFair valueUnrealized losses
U.S. Treasury securities$95,519 $(435)$— $— 
Corporate bonds226,344 (1,503)— — 
Total$321,863 $(1,938)$— $— 
December 31, 2025
Less than 12 monthsMore than 12 months
Fair valueUnrealized lossesFair valueUnrealized losses
U.S. Treasury securities$131,350 $(2)$— $— 
Corporate bonds243,060 (97)— — 
Total$374,410 $(99)$— $— 

As of September 30, 2026 and December 31, 2025, no allowance for credit loss has been recognized as the issuers of these securities have not established a cause for default and various rating agencies have reaffirmed each security’s investment grade status. The fair value of these securities have fluctuated since the purchase date as market interest rates fluctuate. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell before the
recovery of the securities’ amortized cost basis.

The table below presents the interest income on investments in debt securities, included within interest income on the condensed consolidated statements of operations and comprehensive (loss) income, and fair value of investments in debt securities sold during the following periods:

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Interest income on investments in debt securities$3,579 $1,051 $10,504 $1,051 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Fair value of investments in debt securities sold$— $— $1,229 $— 

Realized gains (losses) on the sale of AFS investments were immaterial during the nine months ended September 30, 2026.

The table below presents the contractual maturity by major class of AFS investments. In some cases, the issuers may have the right to call obligations without penalties prior to the contractual maturity date.

September 30, 2026
Within 1 year
1 to 5 years
Total
Balance sheet caption:
Available for sale investments
(current assets)		Available for sale investments
(non-current assets)
Amortized costFair valueAmortized costFair valueAmortized costFair value
U.S. Treasury securities$78,555 $78,267 $17,399 $17,252 $95,954 $95,519 
Corporate bonds130,901 130,411 96,946 95,933 227,847 226,344 
Total$209,456 $208,678 $114,345 $113,185 $323,801 $321,863 
December 31, 2025
Within 1 year
1 to 5 years
Total
Balance sheet caption:
Available for sale investments
(current assets)		Available for sale investments
(non-current assets)
Amortized costFair valueAmortized costFair valueAmortized costFair value
U.S. Treasury securities$72,075 $72,116 $59,154 $59,234 $131,229 $131,350 
Corporate bonds128,393 128,345 114,635 114,715 243,028 243,060 
Total$200,468 $200,461 $173,789 $173,949 $374,257 $374,410