v3.25.2
Fair Value Measurement
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
Level 1 inputs: Based on unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 inputs: Based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 inputs: Based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
The following tables present the costs, net unrealized losses, and fair value by major security type for our investments as of June 30, 2025 and December 31, 2024 (in thousands):
As of June 30, 2025
Cost
Net Unrealized Gains
Fair ValueCash and Cash equivalentsShort-term InvestmentsLong-term Investments
Cash
$179,931 $— $179,931 $179,931 $— $— 
Level 1:
Money market funds126,444 — 126,444 126,444 — — 
Commercial paper8,265 2 8,267 2,142 6,125 — 
Subtotal134,709 2 134,711 128,586 6,125 — 
Level 2:
Certificates of deposit21,532 8 21,540 816 20,724 — 
U.S. Government and agency securities50,395 67 50,462 — 22,194 28,268 
Corporate bonds41,801 62 41,863 — 19,068 22,795 
Subtotal113,728 137 113,865 816 61,986 51,063 
Level 3:— — — — — — 
Total$428,368 $139 $428,507 $309,333 $68,111 $51,063 

As of December 31, 2024
Cost
Net Unrealized Gains (Losses)
Fair ValueCash and Cash equivalentsShort-term InvestmentsLong-term Investments
Cash$151,820 $— $151,820 $151,820 $— $— 
Level 1:
Money market funds133,739 — 133,739 133,739 — — 
Commercial paper7,923 6 7,929 1,198 6,731 — 
Subtotal141,662 6 141,668 134,937 6,731 — 
Level 2:
Certificates of deposit23,291 13 23,304 — 23,304 — 
U.S. Government and agency securities45,668 (13)45,655 — 23,660 21,995 
Corporate bonds40,641 23 40,664 — 20,283 20,381 
Subtotal109,600 23 109,623 — 67,247 42,376 
Level 3:— — — — — — 
Total$403,082 $29 $403,111 $286,757 $73,978 $42,376 
Our assets measured at fair value on a nonrecurring basis include long-lived assets and finite-lived intangibles, which are considered to be Level 3 inputs. No material impairment charges were recorded during the six months ended June 30, 2025. During the year ended December 31, 2024, we recorded a non-cash impairment charge of $0.6 million related to a portion of our internal-use software that was non-recoverable. This amount was recorded in research and development expenses. In addition, we recorded a non-cash impairment charge of $0.6 million related to our operating lease right-of-use assets, as we committed in June 2024 to our plan to abandon our prior office space, and we relocated our corporate headquarters back to One World Trade Center in July 2024. This amount was recorded in general and administrative expenses within the condensed consolidated statement of operations.
Accounts receivable, accounts payable, and accrued expenses are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.