Fair value measurement

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025, based on the three-tier fair value hierarchy:

(In thousands)

As of March 31, 2026	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	22,332	$	—	$	—	$	22,332
Available-for-sale securities:
U.S. government securities	19,549		—		—		19,549
Corporate debt securities	5,692		49,998		—		55,690
Other debt securities	—		13,434		—		13,434
Convertible promissory note	—		—		2,983		2,983
Total	$	47,573	$	63,432	$	2,983	$	113,988
As of December 31, 2025
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

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 Company's Level 3 financial instrument is presented within Other assets in the Unaudited Condensed Consolidated Balance Sheets. The Company elected to disclose changes in the estimated fair value of the Level 3 financial instrument as a component of Other income in the Unaudited Condensed Consolidated Statements of Operations.

There have been no transfers of assets or liabilities between the fair value measurement levels.