Investments and fair value measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Investments on Condensed Consolidated Balance Sheets

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.

Summary of the Changes in the Fair Value of Level 3 Financial Instruments

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	$	—