Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories:

•Level 1 — Quoted prices in active markets for identical assets and liabilities;

•Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and

•Level 3 — Unobservable inputs.

The following tables summarize assets that are measured at fair value on a recurring basis:

	September 30, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	60,224	$	—	$	—	$	60,224
Total cash equivalents	$	60,224	$	—	$	—	$	60,224
Short-term investments
Commercial paper	$	—	$	7,210	$	—	$	7,210
Corporate bonds	—		96,102		—		96,102
Asset backed securities	—		15,013		—		15,013
Yankee bonds	—		9,717		—		9,717
U.S. Treasury and agency obligations	—		83,677		—		83,677
Total short-term investments	$	—	$	211,719	$	—	$	211,719

	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	190,750	$	—	$	—	$	190,750
Total cash equivalents	$	190,750	$	—	$	—	$	190,750
Short-term investments
Commercial paper	$	—	$	41,604	$	—	$	41,604
Corporate bonds	—		95,410		—		95,410
Asset backed securities	—		30,796		—		30,796
Yankee bonds	—		14,007		—		14,007
U.S. Treasury and agency obligations	—		66,730		—		66,730
Total short-term investments	$	—	$	248,547	$	—	$	248,547

Other Investments

Our investments in privately held securities were as follows:

(in thousands)	September 30, 2025		December 31, 2024
Equity securities	$	6,702	$	6,701
Debt and other securities	1,000		1,871
Total other investments	$	7,702	$	8,572

Other investments are classified as Level 3 as they do not have readily determinable market values.

In the nine months ended September 30, 2025, we received $0.9 million in proceeds from one of our SAFE investments.

We did not have any liabilities measured and recorded at fair value on a recurring basis at September 30, 2025 and December 31, 2024.