Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Investments Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at March 31, 2025 and December 31, 2024 measured at fair value on a recurring basis (in thousands):

	March 31, 2025									December 31, 2024
			Gross		Gross							Gross		Gross			Recorded
			Unrealized		Unrealized			Recorded				Unrealized		Unrealized
	Cost		Gains		Losses			Basis		Cost		Gains		Losses			Basis
Current:
Cash equivalents:
Money market funds	$	8,660	$	—	$	—		$	8,660	$	26,661	$	—	$	—		$	26,661
Total cash equivalents		8,660		—		—			8,660		26,661		—		—			26,661
Investments:
Corporate bonds		27,928		4		(1,950	)		25,982		27,954		3		(2,365	)		25,592
U.S. government agency securities		12,710		—		(121	)		12,589		12,734		—		(203	)		12,531
U.S. treasuries		12,462		—		(911	)		11,551		12,460		—		(1,140	)		11,320
Mortgage-backed securities		11,917		—		(2,366	)		9,551		12,128		—		(2,592	)		9,536
Asset-backed securities		7,597		—		(110	)		7,487		7,610		12		(109	)		7,513
Total current investments		72,614		4		(5,458	)		67,160		72,886		15		(6,409	)		66,492
Restricted cash and investments (1):
Corporate bonds		96,896		33		(6,079	)		90,850		100,030		16		(7,302	)		92,744
U.S. treasuries		86,116		8		(5,236	)		80,888		54,900		—		(6,348	)		48,552
Mortgage-backed securities		39,853		52		(4,926	)		34,979		40,858		10		(5,674	)		35,194
U.S. government agency securities		16,775		—		(738	)		16,037		16,785		—		(914	)		15,871
Mutual funds		11,066		—		—			11,066		10,961		—		—			10,961
Asset-backed securities		1,713		10		—			1,723		1,666		6		(1	)		1,671
Money market funds		424		—		—			424		216		—		—			216
Emerging markets		200		4		—			204		200		1		—			201
Total restricted cash and investments		253,043		107		(16,979	)		236,171		225,616		33		(20,239	)		205,410
Total investments	$	334,317	$	111	$	(22,437	)	$	311,991	$	325,163	$	48	$	(26,648	)	$	298,563

(1) Included in restricted cash and investments within the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024 is restricted cash of $10.6 million and $26.7 million, respectively, which is excluded from the table above. Restricted cash and investments are classified as current and noncurrent on the balance sheet based on the nature of the restriction.

Summary of Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at March 31, 2025 and December 31, 2024 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

	March 31, 2025								December 31, 2024
	Total								Total
	Recorded								Recorded
	Basis		Level 1		Level 2		Other (1)		Basis		Level 1		Level 2		Other (1)
Cash equivalents:
Money market funds	$	8,660	$	—	$	—	$	8,660	$	26,661	$	—	$	—	$	26,661
Investments:
Corporate bonds		25,982		—		25,982		—		25,592		—		25,592		—
U.S. government    agency securities		12,589		—		12,589		—		12,531		—		12,531		—
U.S. treasuries		11,551		—		11,551		—		11,320		—		11,320		—
Mortgage-backed    securities		9,551		—		9,551		—		9,536		—		9,536		—
Asset-backed securities		7,487		—		7,487		—		7,513		—		7,513		—
Restricted cash and    investments:
Corporate bonds		90,850		—		90,850		—		92,744		—		92,744		—
U.S. treasuries		80,888		—		80,888		—		48,552		—		48,552		—
Mortgage-backed    securities		34,979		—		34,979		—		35,194		—		35,194		—
U.S. government    agency securities		16,037		—		16,037		—		15,871		—		15,871		—
Mutual funds		11,066		11,066		—		—		10,961		10,961		—		—
Asset-backed securities		1,723		—		1,723		—		1,671		—		1,671		—
Money market funds		424		—		—		424		216		—		—		216
Emerging markets		204		—		204		—		201		—		201		—
Total investments	$	311,991	$	11,066	$	291,841	$	9,084	$	298,563	$	10,961	$	260,725	$	26,877

(1) Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.

Summary of Contractual Maturities of Available for Sale Securities

The following table summarizes the contractual maturities of the Company’s available-for-sale securities at March 31, 2025 and December 31, 2024. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. The table also includes money market funds, which are classified as cash and cash equivalents on the Company’s condensed consolidated balance sheets.

	March 31, 2025
(In thousands)	Less than 1 Year		Between 1 to 5 Years		Between 5 to 10 Years		After 10 Years		Total
Corporate bonds	$	20,015	$	82,530	$	14,287	$	—	$	116,832
U.S. treasuries		31,735		43,135		17,569		—		92,439
U.S. government agency securities		8,042		19,507		1,077		—		28,626
Asset-backed securities		—		1,312		2,347		5,551		9,210
Money market funds		9,084		—		—		—		9,084
Emerging markets		—		—		204		—		204
Total	$	68,876	$	146,484	$	35,484	$	5,551	$	256,395
	December 31, 2024
(In thousands)	Less than 1 Year		Between 1 to 5 Years		Between 5 to 10 Years		After 10 Years		Total
Corporate bonds	$	18,815	$	76,574	$	22,947	$	—	$	118,336
U.S. treasuries		497		42,333		17,042		—		59,872
U.S. government agency securities		8,014		19,333		1,055		—		28,402
Money market funds		26,877		—		—		—		26,877
Asset-backed securities		—		1,228		6,654		1,302		9,184
Emerging markets		—		—		201		—		201
Total	$	54,203	$	139,468	$	47,899	$	1,302	$	242,872

Summary of Fair Values and Gross Unrealized Losses of Available for Sale Securities

The fair values and gross unrealized losses of the Company’s available for sale securities that were in an unrealized loss position as of March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position, were as follows (in thousands):

	March 31, 2025
	Less than 12 months					12 months or longer					Total
			Gross					Gross					Gross
	Recorded		Unrealized			Recorded		Unrealized			Recorded		Unrealized
	Basis		Losses			Basis		Losses			Basis		Losses
Investments:
Corporate bonds	$	20	$	—		$	25,766	$	(1,950	)	$	25,786	$	(1,950	)
U.S. government agency securities		—		—			12,589		(121	)		12,589		(121	)
U.S. treasuries		—		—			11,551		(911	)		11,551		(911	)
Mortgage-backed securities		—		—			9,551		(2,366	)		9,551		(2,366	)
Asset-backed securities		6,182		(17	)		1,305		(93	)		7,487		(110	)
Total investments		6,202		(17	)		60,762		(5,441	)		66,964		(5,458	)
Restricted investments:
Corporate bonds		5,214		(10	)		72,543		(6,069	)		77,757		(6,079	)
U.S. treasuries		31,959		(14	)		47,726		(5,222	)		79,685		(5,236	)
Mortgage-backed securities		1,080		(14	)		29,482		(4,912	)		30,562		(4,926	)
U.S. government agency securities		—		—			16,037		(738	)		16,037		(738	)
Asset-backed securities		45		—			—		—			45		—
Total restricted investments		38,298		(38	)		165,788		(16,941	)		204,086		(16,979	)
Total investments and restricted investments	$	44,500	$	(55	)	$	226,550	$	(22,382	)	$	271,050	$	(22,437	)
	December 31, 2024
	Less than 12 months					12 months or longer					Total
			Gross					Gross					Gross
	Recorded		Unrealized			Recorded		Unrealized			Recorded		Unrealized
	Basis		Losses			Basis		Losses			Basis		Losses
Investments:
Corporate bonds	$	20	$	—		$	25,377	$	(2,365	)	$	25,397	$	(2,365	)
U.S. government agency securities		—		—			12,531		(203	)		12,531		(203	)
U.S. treasuries		—		—			11,320		(1,140	)		11,320		(1,140	)
Mortgage-backed securities		—		—			9,536		(2,592	)		9,536		(2,592	)
Asset-backed securities		—		—			1,301		(109	)		1,301		(109	)
Total investments		20		—			60,065		(6,409	)		60,085		(6,409	)
Restricted investments:
Corporate bonds		11,142		(15	)		71,716		(7,287	)		82,858		(7,302	)
U.S. treasuries		1,399		(29	)		46,656		(6,319	)		48,055		(6,348	)
Mortgage-backed securities		3,360		(37	)		29,877		(5,637	)		33,237		(5,674	)
U.S. government agency securities		—		—			15,871		(914	)		15,871		(914	)
Asset-backed securities		443		(1	)		—		—			443		(1	)
Total restricted investments		16,344		(82	)		164,120		(20,157	)		180,464		(20,239	)
Total investments and restricted investments	$	16,364	$	(82	)	$	224,185	$	(26,566	)	$	240,549	$	(26,648	)