Short-Term Investment

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
	Amortized Cost		Unrealized Loss, Net			Estimated Fair Value
U.S. Treasury securities	$	200,372	$	(65	)	$	200,307

	As of December 31, 2025
	Amortized Cost		Unrealized Gain, Net		Estimated Fair Value
U.S. Treasury securities	$	208,126	$	53	$	208,179

All available-for-sale securities held as of March 31, 2026 and December 31, 2025 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.