Investments and fair value measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Investments on 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 December 31, 2025	Level 1		Level 2		Level 3
Assets
Cash equivalents(1):
Money market funds	$	123,314	$	—	$	—
Time deposits	4,005		—		—
Marketable securities:
U.S. government securities	—		127,259		—
Total assets	$	127,319	$	127,259	$	—

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 consolidated balance sheets, in addition to $104.2 million and $42.3 million of cash as of December 31, 2025 and December 31, 2024, respectively.

Schedule 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 vesting and remeasurement of SARs and impairment of strategic investments is recognized in the consolidated statements of operations, is as follows (in thousands):

	Stock Appreciation Rights		Strategic Investments
Balance— December 31, 2022	$	462	$	12,104
Vesting and remeasurement of SARs	(161)		—
Exercises of SARs	(253)		—
Unrealized loss on strategic investments	—		(1,793)
Balance— December 31, 2023	48		10,311
Vesting and remeasurement of SARs	(34)		—
Exercises of SARs	(7)		—
Unrealized loss on strategic investments	—		(10,311)
Balance— December 31, 2024	7		—
Vesting and remeasurement of SARs	(4)		—
Balance— December 31, 2025	$	3	$	—