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FAIR VALUE MEASUREMENTS AND CONCENTRATIONS OF CREDIT RISK
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS AND CONCENTRATIONS OF CREDIT RISK FAIR VALUE MEASUREMENTS AND CONCENTRATIONS OF CREDIT RISK
Fair Value Measurements
The Company’s financial assets that are measured at fair value on a recurring basis are summarized as follows:
As of September 30, 2025
Fair Value Measurements Using
Level 1
Level 2
Level 3
Total
Cash$3,218$—$—$3,218
Money market funds and other cash equivalents—39,358—39,358
Total cash and cash equivalents3,21839,358—42,576
Available-for-sale securities1,694391,733
Investment in private company——954954
Total assets$4,912$39,397$954$45,263
Liabilities
Warrant liability$—$68$—$68
Total liabilities$—$68$—$68
As of December 31, 2024
Fair Value Measurements Using
Level 1 Level 2 Level 3 Total
Cash$4,087 $— $— $4,087 
Money market funds and other cash equivalents— 66,116 — 66,116 
Total cash and cash equivalents4,08766,116—70,203
Available-for-sale securities5444,643—5,187
Investment in private company——954954
Total assets$4,631$70,759$954$76,344
Liabilities
Warrant liability$—$30$—$30
Total liabilities$— $— $— $— 
The Company’s investments in cash, money market funds and other cash equivalents that are highly liquid and low-risk have been classified as Level 1 as they are valued utilizing quoted prices (unadjusted) in active markets for identical assets. Investments in other cash equivalents that are not active are classified as Level 2. Investments in asset-backed securities, commercial paper, corporate bonds and U.S. Government debt securities that are valued using quoted prices in less active markets or other directly or indirectly observable inputs are classified as Level 2. Fair values of corporate bonds and U.S. Government debt securities were derived from a consensus or weighted-average price based on input of market prices from multiple sources for the reporting period. With regard to commercial paper, all of the securities had high credit ratings and one year or less to maturity; therefore, fair value was derived from accretion of purchase price to face value over the term of maturity or quoted market prices for similar instruments, if available.
As of September 30, 2025 and December 31, 2024, the Company’s investment in private company was classified as Level 3 in the fair value hierarchy because it relied significantly on inputs that were unobservable in the market. The Company assessed the fair value of this investment by reviewing the private company’s recent operating results and trends and confirming the absence of any observable transactions of its equity securities and other publicly available data. Valuations of private companies are inherently more complex due to the lack of readily available market data. As such, the Company believes that providing a sensitivity analysis is not practicable.
During the three and nine months ended September 30, 2025, there were no transfers of financial assets between Level 1 and Level 2. There were no purchases, sales or transfers of Level 3 instruments during the three and nine months ended September 30, 2025.
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company primarily invests its excess cash in low-risk, highly liquid money market funds with major financial institutions as well as marketable securities. See Note 7. Investments.
Significant customers are those that represent more than 10% of the Company’s total revenue or gross accounts receivable balance at each balance sheet date. As of September 30, 2025, the Company had one customer that accounted for $3.7 million, or 46%, of gross accounts receivable. As of December 31, 2024, the Company had two customers that accounted for $4.8 million and $1.3 million, or 48% and 13%, respectively, of gross accounts receivable. As of September 30, 2025 and December 31, 2024, the Company had one customer that accounted for $1.9 million and $3.2 million, or 66% and 78%, respectively, of unbilled receivables. For the three and nine months ended September 30, 2025, the Company had one customer that accounted for $5.5 million and $17.0 million, or 32% and 32%, of total revenue, respectively. For the three and nine months ended September 30, 2024, the Company had one customer that accounted for $3.7 million and $13.3 million, or 25% and 33%, respectively, of total revenue.