Financial Instruments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Financial Instruments

Financial Instruments

The Company elected to invest a portion of its cash assets in conservative, income-earning, and liquid investments. Cash, cash equivalents, and restricted cash consisted of the following:

	March 31, 2026								December 31, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
	(in thousands)
Cash, cash equivalents and restricted cash (1)	$	1,087,932	$	—	$	—	$	1,087,932	$	1,076,140	$	—	$	—	$	1,076,140
Total	$	1,087,932	$	—	$	—	$	1,087,932	$	1,076,140	$	—	$	—	$	1,076,140

(1)Cash equivalents includes liquid demand deposits and money market funds.

The Company invests in U.S. Treasuries, U.S. agency and high-quality municipal bonds which mature at par value and are all paying their coupons on schedule. The Company has therefore concluded an allowance for expected credit losses of its investments was not necessary and will continue to recognize unrealized gains and losses in other comprehensive income (loss). During the three months ended March 31, 2026 and 2025, the Company did not sell any investments. The Company uses the specific investment identification method to calculate realized gains and losses and amounts reclassified out of other comprehensive income (loss) to net loss. As of March 31, 2026, the Company did not hold any investments. Accordingly, the Company did not record a credit loss reserve as of March 31, 2026 or December 31, 2025.