Marketable Investment Securities (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

Marketable investment securities consisted of the following (in thousands):

	As of December 31,
	2025		2024
Current marketable investment securities:
Equity securities	$	5,555	$	3,555
Debt securities - AFS	171,631		169,866
Debt securities - HTM(1)	5,590		—
Total current marketable investment securities	$	182,776	$	173,421

(1)We held no HTM debt securities as of December 31, 2024.

Unrealized Gains and Losses on Equity Securities

The portion of unrealized gains related to equity securities still held during the period is as follows (in thousands):

	Years Ended December 31,
	2025		2024		2023
Net gains on equity securities	$	1,466	$	555	$	—
Less: Net gain recognized on equity securities sold	484		—		—
Net unrealized gains recognized on equity securities still held	$	982	$	555	$	—

Schedule of Debt Securities, Available-for-Sale and Held-to-Maturity

The following tables present our debt securities (in thousands):

	December 31, 2025
	Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
U.S. government securities - AFS	$	171,364	$	269	$	(2)	$	171,631
U.S. government securities - HTM	5,590		11		—		5,601
Total debt securities	$	176,954	$	280	$	(2)	$	177,232

	December 31, 2024
	Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
U.S. government securities - AFS	$	169,636	$	244	$	(14)	$	169,866
U.S. government securities - HTM(1)	—		—		—		—
Total debt securities	$	169,636	$	244	$	(14)	$	169,866

(1)We held no HTM debt securities as of December 31, 2024.