Cash, Cash Equivalents and Short-Term Investments (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Cash, Cash Equivalents and Short-Term Investments |
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| Schedule of cash, cash equivalents and short-term investments |
Cash, cash equivalents and short-term investments consisted of the following as of September 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | September 30, | | December 31, | | | | 2026 | | 2025 | | Cash | | $ | 39,806 | | $ | 42,370 | | Cash equivalents: | | | | | | | | Money market mutual fund | | | 239,373 | | | 208,124 | | Total cash and cash equivalents | | | 279,179 | | | 250,494 | | Short-term investments: | | | | | | | | U.S. Treasury notes and bills | | | - | | | 19,838 | | Mutual funds | | | 95,094 | | | 99,182 | | Corporate debt securities | | | 18,803 | | | 41,694 | | Total short-term investments | | | 113,897 | | | 160,714 | | Cash, cash equivalents and short-term investments | | $ | 393,076 | | $ | 411,208 | |
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| Schedule of available-for-sale investments |
The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at September 30, 2026 were as follows (in thousands): | | | | | | | | | | | | | | | Amortized | | Unrealized | | Unrealized | | | | | | Cost | | Gains | | Losses | | Fair Value | U.S. Treasury notes | | $ | — | | $ | — | | $ | — | | $ | — | Corporate debt securities | | | 18,714 | | 91 | | (2) | | 18,803 | Total available-for-sale investments | | $ | 18,714 | | $ | 91 | | $ | (2) | | $ | 18,803 |
The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at December 31, 2025 were as follows (in thousands): | | | | | | | | | | | | | | | Amortized | | Unrealized | | Unrealized | | | | | | Cost | | Gains | | Losses | | Fair Value | U.S. Treasury notes | | $ | 19,197 | | $ | 641 | | $ | — | | $ | 19,838 | Corporate debt securities | | | 40,803 | | | 891 | | | — | | | 41,694 | Total available-for-sale investments | | $ | 60,000 | | $ | 1,532 | | $ | — | | $ | 61,532 |
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| Schedule of investments based on stated contractual maturities |
The following table summarizes the amortized cost and fair value of available-for-sale investments based on stated contractual maturities as of September 30, 2026 (in thousands): | | | | | | | | | Amortized Cost | | Fair Value | Due within one year | | $ | 18,714 | | $ | 18,803 | Due after one year through five years | | | — | | | — | Due after five years through ten years | | | — | | | — | Total | | $ | 18,714 | | $ | 18,803 |
The following table summarizes the amortized cost and fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2025 (in thousands): | | | | | | | | | Amortized Cost | | Fair Value | Due within one year | | $ | 45,664 | | $ | 46,775 | Due after one year through five years | | | 14,336 | | | 14,757 | Due after five years through ten years | | | — | | | — | Total | | $ | 60,000 | | $ | 61,532 |
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| Schedule of gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position |
The following table shows the Company’s gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or More | | Total | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | U.S. Treasury notes | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | Corporate debt securities | | | — | | | — | | | 18,803 | | | (1,220) | | | 18,803 | | | (1,220) | Total | | $ | — | | $ | — | | $ | 18,803 | | $ | (1,220) | | $ | 18,803 | | $ | (1,220) |
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| Schedule of unrealized gains (losses) related to equity securities held |
Unrealized gains (losses) during the nine months ended September 30, 2026 and 2025 related to equity securities held at September 30, 2026 and 2025 are as follows (in thousands): | | | | | | | | | | Nine Months Ended September 30, | | | | 2026 | | 2025 | | Net losses recognized during the period on equity securities | | $ | (4,680) | | $ | (46) | | Less: net gains recognized during the period on equity securities sold during the period | | | 592 | | | 1,709 | | Unrealized gains (losses) recognized during the period on equity securities still held at September 30, 2026 and 2025 | | $ | (4,088) | | $ | 1,663 | |
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