Marketable Securities and Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Debt Securities [Abstract]

Marketable Securities and Fair Value Measurements

NOTE 4. Marketable Securities and Fair Value Measurements

Marketable Securities

The following table summarizes the Company’s marketable securities (in thousands):

	December 31, 2025								December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities:
Corporate debt securities	$	6,991	$	6	$	—	$	6,997	$	110,820	$	91	$	(204)	$	110,707
U.S. Treasury notes	103,620		813		(1)		104,432		101,059		184		(213)		101,030
	$	110,611	$	819	$	(1)	$	111,429	$	211,879	$	275	$	(417)	$	211,737

For the year ended December 31, 2025, the Company recognized total interest income, included in Other income (expense), net, of $14.7 million, of which $10.0 million was related to its marketable securities investments and $4.7 million was related to interest on cash and cash equivalent balances. For the year ended December 31, 2024, the Company recognized total interest income of $19.2 million, of which $13.4 million was related to its marketable securities investments and $5.8 million was related to interest on cash and cash equivalent balances. For the year ended December 31, 2023, the Company recognized total interest income of $27.9 million, of which $19.1 million was related to its marketable securities investments and $8.8 million was related to interest on cash and cash equivalent balances.

The following table summarizes the Company’s marketable securities maturity as of December 31, 2025 (in thousands):

Year	Amortized Cost		Fair Value
2026	$	58,021	$	58,275
2027	27,973		28,248
2028	24,617		24,906
	$	110,611	$	111,429

The following table summarizes the Company’s marketable securities with gross unrealized losses by security type aggregated by the length of time the investments have been in a continuous unrealized loss position as of December 31, 2025 (in thousands):

	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
Corporate debt securities	$	—	$	—	$	—	$	—
U.S. Treasury notes	12,932		1		—		—
	$	12,932	$	1	$	—	$	—

The following table summarizes the Company’s marketable securities with gross unrealized losses by security type aggregated by the length of time the investments have been in a continuous unrealized loss position as of December 31, 2024 (in thousands):

	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
Corporate debt securities	$	—	$	—	$	73,128	$	204
U.S. Treasury notes	25,295		104		38,787		109
	$	25,295	$	104	$	111,915	$	313

The Company’s unrealized losses from marketable securities as of December 31, 2025 and 2024 were caused primarily by interest rate increases. As of December 31, 2025, all of the Company’s marketable securities carry an investment grade rating by nationally recognized statistical rating organizations. The Company does not intend to sell marketable securities that are in an unrealized loss position, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. There were no allowances for credit losses on available-for-sale marketable securities at December 31, 2025 and 2024.

Fair Value Measurements

The table below summarizes the Company’s financial instruments measured at fair value on a recurring basis (in thousands):

	December 31, 2025						December 31, 2024
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	—	$	6,997	$	—	$	—	$	110,707	$	—
U.S. Treasury notes	104,432		—		—		101,030		—		—
	$	104,432	$	6,997	$	—	$	101,030	$	110,707	$	—