Short-Term Investment

6 Months Ended

Jun. 30, 2025

Short-Term Investments [Abstract]

Short-Term Investment

Note 3 – Short-Term Investments

Short-term investments, principally U.S. Treasury bills, are available-for-sale and consisted of the following (in thousands):

	As of June 30, 2025
	Amortized Cost		Unrealized Loss, Net			Estimated Fair Value
U.S. Treasury securities	$	187,248	$	(112	)	$	187,136

	As of December 31, 2024
	Amortized Cost		Unrealized Gain, Net		Estimated Fair Value
U.S. Treasury securities	$	220,327	$	190	$	220,517

All available-for-sale securities held as of June 30, 2025 and December 31, 2024 had a maturity of less than one year. The Company has classified all marketable securities, regardless of maturity, as short-term investments based upon the Company’s ability and intent to use any and all of those marketable securities to satisfy the Company’s liquidity requirements.