Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The following table provides information by level for the Company’s assets and liabilities that were measured at fair value on a recurring basis (in thousands):

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	54,475	$	—	$	—	$	54,475
Short-term investments:
Commercial paper	—		68,326		—		68,326
Corporate debt	—		72,846		—		72,846
Total short-term investments	—		141,172		—		141,172
Total financial assets	$	54,475	$	141,172	$	—	$	195,647

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	24,740	$	—	$	—	$	24,740
Short-term investments:
Commercial paper	—		56,886		—		56,886
Corporate debt	—		69,594		—		69,594
Total short-term investments	—		126,480		—		126,480
Total financial assets	$	24,740	$	126,480	$	—	$	151,220
Liabilities
Warrant liabilities	$	—	$	—	$	126	$	126
Total financial liabilities	$	—	$	—	$	126	$	126

Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Level 3 liabilities that are measured on a recurring basis for the years ended December 31, 2025 and 2024 were not material.

Non-Recurring Fair Value Measurements

The Company has certain assets, including intangible assets, which are measured at fair value on a non-recurring basis and are adjusted to fair value only if an impairment charge is recognized. The categorization of the framework used to measure fair value of the assets is considered to be within the Level 3 valuation hierarchy due to the subjective nature of the unobservable inputs used.

Disclosure of Fair Values

Our financial instruments that are not re-measured at fair value include accounts receivable, accounts payable, accrued and other current liabilities and debt. The carrying values of these financial instruments approximate their fair values.