Cash, Cash Equivalents and Short-Term Investments (Tables)

3 Months Ended

Mar. 31, 2026

Cash, Cash Equivalents and Short-Term Investments

Schedule of cash, cash equivalents and short-term investments

Cash, cash equivalents and short-term investments consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31,		December 31,
	2026		2025
Cash	$	42,198	$	42,370
Cash equivalents:
Money market mutual fund		230,714		208,124
Total cash and cash equivalents		272,912		250,494
Short-term investments:
U.S. Treasury notes and bills		9,908		19,838
Mutual funds		98,120		99,182
Corporate debt securities		22,694		41,694
Total short-term investments		130,722		160,714
Cash, cash equivalents and short-term investments	$	403,634	$	411,208

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 March 31, 2026 were as follows (in thousands):

	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
U.S. Treasury notes	$	9,877	$	31	$	—	$	9,908
Corporate debt securities		22,707		10		(23)		22,694
Total available-for-sale investments	$	32,584	$	41	$	(23)	$	32,602

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

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 March 31, 2026 (in thousands):

	Amortized Cost		Fair Value
Due within one year	$	22,811	$	22,841
Due after one year through five years		9,773		9,761
Due after five years through ten years		—		—
Total	$	32,584	$	32,602

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

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 March 31, 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	$	—	$	—	$	9,908	$	(645)	$	9,908	$	(645)
Corporate debt securities		—		—		22,694		(1,710)		22,694		(1,710)
Total	$	—	$	—	$	32,602	$	(2,355)	$	32,602	$	(2,355)

Schedule of unrealized gains (losses) related to equity securities held

Unrealized gains (losses) during the three months ended March 31, 2026 and 2025 related to equity securities held at March 31, 2026 and 2025 are as follows (in thousands):

	Three Months Ended March 31,
	2026		2025
Net losses recognized during the period on equity securities	$	(1,062)	$	—
Less: net gains recognized during the period on equity securities sold during the period		—		659
Unrealized gains (losses) recognized during the period on equity securities still held at March 31, 2026 and 2025	$	(1,062)	$	659