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Fair value measurement
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair value measurement Fair value measurement
In accordance with the FASB ASC Topic 820, Fair Value Measurements and Disclosures, (“ASC Topic 820”), the Company measures its financial instruments at fair value on a recurring basis. The carrying values of certain of our financial instruments including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of their short maturities. The carrying value of our marketable debt securities, which are accounted for as available-for-sale, are classified within either Level 1 or Level 2 in the fair value hierarchy because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The carrying values of our long-term debt, which is classified within Level 2 in the fair value hierarchy, approximates fair value as our borrowings with lenders are at interest rates that approximate market rates for comparable loans. The fair values of investments and contingent consideration classified as Level 3 were derived from management assumptions. ASC Topic 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC Topic 820 establishes a three-tier value fair hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1 – Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Observable inputs other than quoted prices included in Level 1 for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.
Level 3 – Unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.
There were no remeasurements to fair value during the three and nine months ended September 30, 2025 of financial assets and liabilities that are not measured at fair value on a recurring basis.
Valuation of convertible promissory note
On July 18, 2025, the Company invested $2.0 million cash in a convertible promissory note issued by an unrelated third party company. The carrying value of the convertible promissory note is approximately $2.0 million as of September 30, 2025, and is presented within the Other assets line of the Unaudited Condensed Consolidated Balance Sheets.
The Company elected FVO to account for the convertible promissory note, with changes in fair value and related accrued interest income recognized in Other income within the Consolidated Statements of Operations. During the three months ended September 30, 2025, the Company evaluated and determined that there were no changes to the fair value of the convertible promissory note, and therefore the change in fair value noted below is attributable only to the interest income accrued. For additional information on the nature of the investment, see Note 5: Investments.
The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, based on the three-tier fair value hierarchy:
(In thousands)
As of September 30, 2025Level 1Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market accounts$23,039 $—  $—  $23,039 
Available-for-sale securities:      
U.S. government securities16,901 —  —  16,901 
Corporate debt securities6,004 35,354  —  41,358 
Other debt securities— 10,658  —  10,658 
Convertible promissory note— — 2,041 2,041 
Total$45,944 $46,012  $2,041  $93,997 
As of December 31, 2024
Assets:
Cash equivalents:
Money market accounts$89,119 $—  $—  $89,119 
Available-for-sale securities:
U.S. government securities1,494 —  —  1,494 
Corporate debt securities398 8,602  —  9,000 
Other debt securities— 3,332  —  3,332 
Total$91,011 $11,934  $—  $102,945 
The following table presents the changes in fair value of the convertible promissory note that is measured using Level 3 inputs for the nine months ended September 30, 2025.
Nine Months Ended September 30,
(In thousands)2025
Balance at beginning of period$2,000 
Change in fair value, inclusive of accrued interest income, recognized in net income (loss) from continuing operations41 
Total$2,041 
There have been no transfers of assets or liabilities between the fair value measurement levels. We had no financial assets that utilize Level 3 inputs of measurement as of December 31, 2024.