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Financial instruments fair value
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Financial instruments fair value Financial instruments fair value
Assets and liabilities measured at fair value on a recurring basis
The Company invests in money market funds with original maturities at the time of purchase of three months or less, which are measured and recorded at fair value on a recurring basis. Money market funds are valued based on quoted market prices in active markets and classified within Level 1 of the fair value hierarchy.
The fair value of these financial instruments were as follows:
March 31, 2025
Level 1Level 2Level 3Total
(in thousands)
Assets
Cash equivalents:
Money market funds$27,447 $— $— $27,447 
Total cash equivalents$27,447 $— $— $27,447 
December 31, 2024
Level 1Level 2Level 3Total
(in thousands)
Assets
Cash equivalents:
Money market funds$133,523 $— $— $133,523 
Total cash equivalents$133,523 $— $— $133,523 
The carrying value of accounts receivable and accounts payable approximate their fair value due to their short maturities and are excluded from the tables above.
Fair value measurements of other financial instruments
The following table presents the net carrying value and estimated fair value of the 2026 Notes, which are not recorded at fair value in the condensed consolidated balance sheets:
March 31, 2025December 31, 2024
Net Carrying ValueEstimated Fair ValueNet Carrying ValueEstimated Fair Value
(in thousands)
2026 Notes
$370,146 $350,858 $369,514 $341,981 
As of March 31, 2025 and December 31, 2024, the difference between the net carrying value of the 2026 Notes and the principal amount of $373.8 million represents the unamortized debt issuance costs of $3.6 million and $4.2 million, respectively. See Note 8 for more information. The estimated fair value of the 2026 Notes, which is classified as Level 2, was determined based on quoted bid prices of the 2026 Notes in an over-the-counter market.