Investment Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities Reconciliation

The following tables present amortized cost and fair values of investments at December 31, 2024 and December 31, 2023, respectively:

December 31, 2024	Amortized cost		Accumulated unrealized gains		Accumulated unrealized losses		Fair value
	(in thousands)
Investment securities, held-to-maturity
U.S. government and government agencies and authorities	$	14,358	$	—	$	(430)	$	13,928
Investment securities, available-for-sale
U.S. government and government agencies and authorities	139,597		212		(1,548)		138,261
Corporate debt securities	88,753		196		(447)		88,502
Other	1,950		3		—		1,953
Total held-to-maturity and available-for-sale investment securities	$	244,658	$	411	$	(2,425)	$	242,644

December 31, 2023	Amortized cost		Accumulated unrealized gains		Accumulated unrealized losses		Fair value
	(in thousands)
Investment securities, held-to-maturity
U.S. government and government agencies and authorities	$	7,695	$	—	$	(225)	$	7,470
Investment securities, available-for-sale
U.S. government and government agencies and authorities	126,071		713		(3,070)		123,714
Corporate debt	95,354		165		(176)		95,343
Other	1,855		—		(2)		1,853
Total held-to-maturity and available-for-sale investment securities	$	230,975	$	878	$	(3,473)	$	228,380

Schedule of Amortized Cost and Fair Value of Debt Securities

The following table presents the amortized cost and fair value of debt securities at December 31, 2024, by contractual maturity:

December 31, 2024	Held-to-maturity				Available-for-sale
	Amortized cost		Fair value		Amortized cost		Fair value
	(in thousands)
Due within one year	$	15	$	15	$	27,153	$	26,997
Due after one year through five years	14,232		13,827		203,147		201,719
Due after five years through ten years	—		—		—		—
Due after ten years	111		86		—		—
Total	$	14,358	$	13,928	$	230,300	$	228,716

Schedule of Net Investment Income

For the years ended December 31, 2024, 2023, and 2022 respectively, net investment income, which is included within Other income within the Consolidated Statements of Operations and Comprehensive Loss, was derived from the following sources:

	Year ended December 31,
		2024		2023		2022
	(in thousands)
Cash and cash equivalents		$	13,311	$	9,063	$	3,619
Short-term investments		855		1,812		1,797
Investment securities		8,588		7,499		2,127
Investment income, net		$	22,754	$	18,374	$	7,543

Schedule of Gross Unrealized Losses and Fair Value for Fixed Maturities in a Continuous Unrealized Loss Position

Gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows at December 31, 2024, and December 31, 2023, respectively:

December 31, 2024	Less than 12 months				Greater than 12 months				Total
	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
	(in thousands, except number of positions)
U.S. government and government agencies and authorities	$	78,065	$	(850)	$	39,542	$	(1,128)	$	117,607	$	(1,978)
Corporate debt securities	53,009		(447)		—		—		53,009		(447)
Total	$	131,074	$	(1,297)	$	39,542	$	(1,128)	$	170,616	$	(2,425)
Number of positions	65				15				80

December 31, 2023	Less than 12 months				Greater than 12 months				Total
	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
	(in thousands, except number of positions)
U.S. government and government agencies and authorities	$	12,584	$	(32)	$	61,628	$	(3,259)	$	74,212	$	(3,291)
Corporate debt securities	61,007		(175)		5,017		(7)		66,024		(182)
Total	$	73,591	$	(207)	$	66,645	$	(3,266)	$	140,236	$	(3,473)
Number of positions	69				27				96

Schedule of Realized Gain (Loss) on Investment Securities

Proceeds from sales and maturities of investment securities, inclusive of Short-term investments, and related gross realized gains (losses) which are included within Other income within the Consolidated Statements of Operations and Comprehensive Loss, were as follows for the year ended December 31, 2024, 2023, and 2022 respectively:

	Year ended December 31,
		2024		2023		2022
		(in thousands)
Proceeds from sales of investment securities		$	83,673	$	60,436	$	13,348
Proceeds from maturities of investment securities		119,689		255,728		472,098
Gross realized gains		480		39		7
Gross realized losses		—		(19)		(274)
Net realized gains (losses)		$	480	$	20	$	(267)