Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The following table presents the balances of assets measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands):

	December 31, 2025						December 31, 2024
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	21,209	$	—	$	21,209	$	1,097	$	—	$	1,097
Total cash equivalents		21,209		—		21,209		1,097		—		1,097
Short-term investments:
U.S. Government agency securities		—		7,480		7,480		—		3,929		3,929
U.S. Treasury securities		—		25,390		25,390		—		63,634		63,634
Corporate notes and bonds		—		67,962		67,962		—		32,305		32,305
Commercial paper		—		26,298		26,298		—		18,793		18,793
Total short-term investments		—		127,130		127,130		—		118,661		118,661
Long-term investments:
U.S. Government agency securities		—		6,851		6,851		—		5,989		5,989
U.S. Treasury securities		—		—		—		—		2,492		2,492
Corporate notes and bonds		—		96,915		96,915		—		66,390		66,390
Total long-term investments		—		103,766		103,766		—		74,871		74,871
Total	$	21,209	$	230,896	$	252,105	$	1,097	$	193,532	$	194,629

The following table presents additional information about liabilities measured at fair value for which the Company utilizes Level 3 inputs to determine fair value during fiscal year 2024. We do not have any financial assets or liabilities in Level 3 as of December 31, 2025 or 2024.

	December 31, 2024
Balance as of January 1	$	6,180
Addition of contingent consideration liability due to acquisition		986
Change in fair value of contingent consideration liability due to remeasurement		—
Contingent consideration payment made		(7,166	)
Balance as of December 31	$	—

We recorded the contingent consideration related to the Voyantic Oy acquisition at its fair value using unobservable inputs and used the Monte Carlo simulation option pricing framework, incorporating contractual terms and assumptions regarding financial forecasts, discount rates and volatility of forecasted revenue and gross margins. A decrease in estimated revenue and gross margins or an increase in the discount rate would decrease the fair value of the contingent consideration liability. The estimated revenue and gross margins are not interrelated inputs. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations is management's responsibility with the assistance of a third-party valuation specialist. During the year ended December 31, 2024 we remeasured the fair value of the contingent consideration liability based on updated inputs related to actual performance results and recorded an additional expense of $1.0 million, in general and administrative expense on the consolidated statement of operations. During second-quarter 2024, we paid the contingent consideration and as of December 31, 2025 and 2024, the contingent consideration is $0.

We expect short-term investments to mature within 1 year of the reporting date. We expect long-term investments to mature between 1 and 2 years from the reporting date. See Note 8 for the carrying amount and estimated fair value of our convertible senior notes due 2027 and 2029.

The following tables present the cost or amortized cost, gross unrealized gains, gross unrealized losses and total estimated fair value of our financial assets as of the dates presented (in thousands):

	December 31, 2025
	Cost or		Gross		Gross			Total Estimated
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Description:
Money market funds	$	21,209	$	—	$	—		$	21,209
U.S. Government agency securities		14,339		2		(10	)		14,331
U.S. Treasury securities		25,378		17		(5	)		25,390
Corporate notes and bonds		164,563		383		(69	)		164,877
Commercial paper		26,285		14		(1	)		26,298
Total	$	251,774	$	416	$	(85	)	$	252,105

	December 31, 2024
	Cost or		Gross		Gross			Total Estimated
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Description:
Money market funds	$	1,097	$	—	$	—		$	1,097
U.S. Government agency securities		9,933		1		(16	)		9,918
U.S. Treasury securities		66,146		17		(37	)		66,126
Corporate notes and bonds		99,215		—		(520	)		98,695
Commercial paper		18,805		—		(12	)		18,793
Total	$	195,196	$	18	$	(585	)	$	194,629

Marketable securities in a continuous loss position for less than 12 months had an estimated fair value of $74.9 million and unrealized losses of $0.1 million as of December 31, 2025. Marketable securities in a continuous loss position for less than 12 months had an estimated fair value of $142.8 million and unrealized losses of $0.6 million as of December 31, 2024. Marketable securities in a continuous loss position for greater than 12 months had an estimated fair value of $8.5 million and immaterial unrealized losses as of December 31, 2025. We did not have any marketable securities in a continuous loss position for greater than 12 months as of December 31, 2024.

Unrealized losses from our fixed-income securities are primarily attributable to changes in interest rates and not to lower credit ratings of the issuers. In determining whether an unrealized loss is other-than-temporary, for the periods presented, we determined we do not have plans to sell the securities nor is it more likely than not that we would be required to sell the securities before their anticipated recovery.