v3.25.1
Fair Value
 3 Months Ended
Mar. 31, 2025
Fair Value  
Fair Value

6.    Fair Value

The Company’s condensed consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, accounts receivable and accounts payable) that are carried at cost, which approximates fair value due to the short-term nature of the instruments.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company had no financial assets or liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.

Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

Money market funds, U.S. Treasury securities and government agency bonds, commercial paper, and corporate debt instruments classified as held-to-maturity are measured at fair value on a non-recurring basis when they are deemed to be impaired on an other-than-temporary basis. The Company periodically reviews investments to assess for credit impairment. Based on its assessment, all unrecognized holding losses were due to factors other than credit loss, such as changes in interest rates. Therefore, no impairment was recognized during the three months ended March 31, 2025 and 2024.

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of March 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

Amortized

​

unrecognized

​

unrecognized

​

Aggregate

Description

    

Classification

    

cost

    

holding gains

    

holding losses

    

fair value

Money market funds and cash equivalents

 

Cash equivalents

​

$

20,763

​

$

—

​

$

—

​

$

20,763

Commercial paper

 

Short-term investments

​

 

30,617

​

​

3

​

​

(6)

​

 

30,614

U.S. Treasury securities and government agency bonds

​

Short-term investments

​

​

65,784

​

​

121

​

​

(5)

​

​

65,900

Corporate debt

 

Short-term investments

​

 

18,484

​

​

18

​

​

(2)

​

 

18,500

Corporate debt

​

Long-term investments

​

​

6,877

​

​

3

​

​

—

​

​

6,880

U.S. Treasury securities and government agency bonds

​

Long-term investments

​

​

29,546

​

​

107

​

​

(20)

​

​

29,633

Total cash equivalents, short-term investments and long-term investments

 

  

​

$

172,071

​

$

252

​

$

(33)

​

$

172,290

​

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

Amortized

​

unrecognized

​

unrecognized

​

Aggregate

Description

    

Classification

    

cost

    

holding gains

    

holding losses

    

fair value

Money market funds and cash equivalents

 

Cash equivalents

​

$

19,759

​

$

—

​

$

—

​

$

19,759

Commercial paper

​

Cash equivalents

​

​

5,959

​

​

1

​

​

—

​

​

5,960

Commercial paper

 

Short-term investments

​

 

47,907

​

 

28

​

 

(8)

​

 

47,927

U.S. Treasury securities and government agency bonds

​

Short‑term investments

​

 

64,193

​

 

135

​

 

(4)

​

 

64,324

Corporate debt

​

Short‑term investments

​

​

14,498

​

​

29

​

​

(6)

​

​

14,521

U.S. Treasury securities and government agency bonds

​

Long-term investments

​

​

35,781

​

​

106

​

​

(68)

​

​

35,819

Total cash equivalents, short-term investments and long-term investments

 

  

​

$

188,097

​

$

299

​

$

(86)

​

$

188,310

​

Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

As described in Note 8, the Company acquired SeQure on January 29, 2025.  The acquisition included a contingent consideration agreement where the Company agreed to pay an amount up to $2,500 if SeQure achieves certain revenue

targets over the next two years.  The fair value of the contingent consideration was estimated to be of de minimis value on the acquisition date, using an income approach, which considers the expected future cash flows under the agreement.  There was no change in the fair value of contingent consideration between the acquisition date and March 31, 2025.  Contingent consideration is classified within Level 3 of the Fair Value hierarchy.

Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No impairment was recognized during the three months ended March 31, 2025 and 2024.