Investments and fair value measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Investments and fair value measurements

4. Investments and fair value measurements

The following tables present the Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy (in thousands):

As of September 30, 2025	Level 1		Level 2		Level 3
Assets
Cash equivalents(1):
Money market funds	$	153,725	$	—	$	—
Time deposits	4,054		—		—
Marketable securities:
U.S. government securities	—		135,292		—
Total assets	$	157,779	$	135,292	$	—

As of December 31, 2024	Level 1		Level 2		Level 3
Assets
Cash equivalents(1):
Money market funds	$	136,771	$	—	$	—
Time deposits	9,809		—		—
U.S. government securities	—		1,686		—
Marketable securities:
U.S. government securities	—		163,844		—
Total assets	$	146,580	$	165,530	$	—
1) Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets, in addition to $78.2 million and $42.3 million of cash as of September 30, 2025 and December 31, 2024, respectively.

The Company’s money market funds and time deposits are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company’s investments in U.S. government securities are classified within Level 2 of the fair value hierarchy because they have been valued using inputs other than quoted prices in active markets that are directly or indirectly observable. The Company’s strategic investments are classified within Level 3 of the fair value hierarchy because they have been valued using significant unobservable inputs for which the Company has been required to develop its own assumptions.

A summary of the changes in the fair value of Level 3 financial instruments, of which impairment of strategic investments is recognized in the consolidated statements of operations, is as follows (in thousands):

Balance— December 31, 2023	$	10,311
Unrealized loss on strategic investments	(10,311)
Balance— September 30, 2024	$	—

There were no material changes in the fair value of Level 3 financial instruments during the three and nine months ended September 30, 2025, or the three months ended September 30, 2024.

The Company evaluates its strategic investments for impairment at each reporting period. This evaluation considers several potential qualitative and quantitative impairment indicators including, but not limited to, the investee's financial metrics, whether there were any significant adverse changes in the economic environment or general market conditions of the geographies and industries in which the investee operates, and any other publicly available information that may affect the value of the investment.

The cost basis of the Company’s strategic investments is $15.0 million. The Company previously recorded impairment charges of $10.3 million during the second quarter of 2024, $1.8 million during the second quarter of 2023 and $2.9 million during the third quarter of 2022. There have been no observable price changes in orderly transactions for identical or similar investments of the same issuer during the periods presented. As such, the Company’s carrying amount of its strategic investment was zero as of September 30, 2025 and December 31, 2024.