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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Fair Value, by Balance Sheet Grouping

The following tables summarize financial assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying consolidated balance sheets as of June 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:


	June 30, 2025
	Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)		Significant Other Observable Inputs (Level 2 Inputs)		Significant Unobservable Inputs (Level 3 Inputs)		Total
Assets:
Money market funds	$	25,435	$	—	$	—	$	25,435
U.S. treasury securities	—		189,339		—		189,339
Commercial paper	—		19,860		—		19,860
Convertible debt securities (See Note 7)	—		—		4,102		4,102
Total assets	$	25,435	$	209,199	$	4,102	$	238,736


	December 31, 2024
	Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)		Significant Other Observable Inputs (Level 2 Inputs)		Significant Unobservable Inputs (Level 3 Inputs)		Total
Assets:
Money market funds	$	6,376	$	—	$	—	$	6,376
U.S. treasury securities	—		186,693		—		186,693
Commercial paper	—		14,918		—		14,918
Convertible debt securities (See Note 7)	—		—		3,593		3,593
Investment loan receivables (See Note 7)	—		—		7,676		7,676
Total assets	$	6,376	$	201,611	$	11,269	$	219,256

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

A rollforward of the fair value measurements of the convertible debt securities for the six months ended June 30, 2025 is as follows:


Balance as of December 31, 2024	$	3,593
Change in fair value included in other income, net	402
Balance as of March 31, 2025	3,995
Change in fair value included in other income, net	107
Balance as of June 30, 2025	$	4,102

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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