Fair value measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair value measurement

Fair value measurement

The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024, based on the three-tier fair value hierarchy:

	December 31, 2025
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	31,241	$	—	$	—	$	31,241
Available-for-sale securities:
U.S. government securities	20,749		—		—		20,749
Corporate debt securities	6,700		45,180		—		51,880
Other debt securities	—		14,510		—		14,510
Convertible promissory note	—		—		2,983		2,983
Total	$	58,690	$	59,690	$	2,983	$	121,363

	December 31, 2024
(In thousands)	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market accounts	$	89,119	$	—	$	89,119
Available-for-sale securities:
U.S. government securities	1,494		—		1,494
Corporate debt securities	398		8,602		9,000
Other debt securities	—		3,332		3,332
Total	$	91,011	$	11,934	$	102,945

In July 2025, the Company invested $2.0 million cash in a convertible promissory note issued by an unrelated third-party company. The convertible promissory note accrues interest at an annual rate of 10%. The principal and accrued paid in

kind ("PIK") interest are payable at maturity on October 1, 2028. The carrying value of the convertible promissory note is approximately $3.0 million as of December 31, 2025. 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.