v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Fair Value Measurements

5. FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

 

 

Fair Value Measured as of

 

 

 

June 30, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

143,512

 

 

$

—

 

 

$

—

 

 

$

143,512

 

Total cash, cash equivalents and restricted cash

 

$

143,512

 

 

$

—

 

 

$

—

 

 

$

143,512

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

3,467

 

 

 

—

 

 

 

3,467

 

US government and agency

 

 

—

 

 

 

403,317

 

 

 

—

 

 

 

403,317

 

Total short-term investments

 

$

—

 

 

$

406,784

 

 

$

—

 

 

$

406,784

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

US government and agency

 

 

—

 

 

 

109,902

 

 

 

—

 

 

 

109,902

 

Total long-term investments

 

$

—

 

 

$

109,902

 

 

$

—

 

 

$

109,902

 

Total assets

 

$

143,512

 

 

$

516,686

 

 

$

—

 

 

$

660,198

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

58,042

 

 

$

—

 

 

$

—

 

 

$

58,042

 

 

 

Fair Value Measured as of

 

 

 

December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

33,204

 

 

$

—

 

 

$

—

 

 

$

33,204

 

US government and agency

 

 

—

 

 

 

23,636

 

 

 

—

 

 

 

23,636

 

Total cash, cash equivalents and restricted cash

 

$

33,204

 

 

$

23,636

 

 

$

—

 

 

$

56,840

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

43,868

 

 

 

—

 

 

 

43,868

 

US government and agency

 

 

—

 

 

 

242,028

 

 

 

—

 

 

 

242,028

 

Total short-term investments

 

$

—

 

 

$

285,896

 

 

$

—

 

 

$

285,896

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

1,924

 

 

 

—

 

 

 

1,924

 

US government and agency

 

 

—

 

 

 

21,621

 

 

 

—

 

 

 

21,621

 

Total long-term investments

 

$

—

 

 

$

23,545

 

 

$

—

 

 

$

23,545

 

Total assets

 

$

33,204

 

 

$

333,077

 

 

$

—

 

 

$

366,281

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

70,688

 

 

$

—

 

 

$

—

 

 

$

70,688

 

 

(1)
Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letters of credit and corporate credit cards.

Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the current period. On June 30, 2025, the closing trading price of the public warrants was $31.64 per warrant.

Privately-Held Securities

During the second quarter, the Company entered into a subscription agreement (“Investment Agreement”) to purchase $20.0 million of convertible debt securities of a privately-held entity (“Investee”). As of June 30, 2025, the total amount of privately-held securities included in other noncurrent assets on the condensed consolidated balance sheet was $20.0 million. The Company did not record any adjustments or impairments for the privately-held securities held as of June 30, 2025. The fair value of convertible debt securities is based on unobservable inputs and is classified as Level 3 in the hierarchy.

In connection with the Investment Agreement, the Investee and the Company entered into a commercial contract for access to the Company’s products and services. The Company assessed the commercial contract under the guidance within ASC 606, Revenue from Contracts with Customers, as well as the commercial substance of the arrangement considering the customer’s ability and intention to pay as well as the Company’s obligation to perform under the contract. Based on its assessment, the Company concluded the commercial contract is within the scope of ASC 606 and the Company will apply the principles within ASC 606 to measure and recognize revenue. During the three and six months ended June 30, 2025, no revenue was recognized from the commercial contract.