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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Assets Measured at Fair Value on Recurring Basis

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

 

Schedule of Additional Information of Liabilities Measured at Fair Value for Company Utilizes Level 3 Inputs to Determine Fair Value

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

 

$

—

 

Schedule of Cost Or Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, And Total Estimated Fair Value Of Financial Assets

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