Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Items Measured at Fair Value on a Recurring Basis

Money Market Funds—We held cash in a U.S. treasury securities money market fund. The funds are classified as cash and cash equivalents on our condensed consolidated balance sheet as of December 31, 2024 and represent Level 1 assets on the fair value hierarchy. We had no cash in money market funds as of September 30, 2025.

Equity Investments—Our equity investment in Natural Fiber Welding, Inc. (“NFW”) represents a non-marketable equity security in a privately held company. The fair value is considered to be a Level 3 asset based on unobservable inputs that reflect our own assumptions. In the third quarter of 2025, based on a qualitative assessment of impairment indicators, we determined that the fair value of our equity investment in NFW was below its carrying value. The fair value was considered to be a Level 3 asset based on unobservable inputs that reflect our own assumptions. As a result, we recorded an impairment charge of $0.2 million for the quarter ended September 30, 2025. There was no carrying value of our investment as of September 30, 2025. The carrying value of our investment was $0.2 million as of December 31, 2024.

The following table summarizes, for assets measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy as of September 30, 2025 and December 31, 2024. We had no liabilities measured at fair value as of September 30, 2025 and December 31, 2024.

	September 30, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
NFW investment	$	—	$	—	$	—	$	—
	$	—	$	—	$	—	$	—

	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	37,000	$	—	$	—	$	37,000
NFW investment	—		—		200		200
	$	37,000	$	—	$	200	$	37,200