Cash, Cash Equivalents and Investments

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

The Company's cash, cash equivalents and investments as of December 31, 2025 and 2024 consisted primarily of cash, U.S. government securities, corporate bonds, commercial paper, certificates of deposit, money market funds and other equity investments.

The Company classifies its debt investments as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. All debt investments are recorded at estimated fair value. Unrealized gains and losses on available-for-sale investments are included in accumulated other comprehensive income (loss), a component of stockholders' equity. If the Company does not expect to recover the entire amortized cost basis of the available-for-sale debt security, it considers the available-for-sale debt security to be impaired. For individual debt securities classified as available-for-sale and deemed impaired, the Company assesses whether such decline has resulted from a credit loss or other factors. Impairment relating to credit losses is recorded through a reserve, limited to the amount that the fair value is less than the amortized cost basis. Impairment is reported in other income, net on the consolidated statements of comprehensive income (loss). Realized gains and losses are determined based on the specific identification method and are reported in other income, net on the consolidated statements of comprehensive income (loss). Interest, amortization of premiums and accretion of discount on all debt investments classified as available-for-sale are also included as a component of other income, net on the consolidated statements of comprehensive income (loss). Based on the Company's assessment, no impairments for credit losses were recognized during the years ended December 31, 2025 and 2024.

The Company has invested in a private financial technology investment fund, classified as an equity investment. Equity investments without a readily determinable fair value, where the Company has no influence over the operating and financial policies of the investee, are recorded at cost, less impairment and adjusted for subsequent observable price changes obtained from orderly transactions for identical or similar investments issued by the same investee. An impairment charge to current earnings is recorded when the cost of the investment exceeds its fair value and this condition is determined to be other-than-temporary. During the years ended December 31, 2025 and 2024, the Company determined there were no other-than-temporary impairment on its equity investment. This equity investment had a carrying amount of $0.7 million and $0.3 million as of December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, the Company's cash was $273.5 million and $294.4 million, respectively.

A summary of the Company's cash equivalents and investments that are carried at fair value as of December 31, 2025 is as follows:


Cash Equivalents:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	94,119	$	—	$	—	$	94,119


Investments:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds and commercial paper	$	41,407	$	39	$	(3)	$	41,443
Certificates of deposit	8,835		4		—		8,839
U.S. government securities	14,074		21		—		$	14,095
	$	64,316	$	64	$	(3)	$	64,377

A summary of the Company's cash equivalents and investments that are carried at fair value as of December 31, 2024 is as follows:


Cash Equivalents:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	63,945	$	—	$	—	$	63,945
Certificates of deposit	245		—		—		245


	$	64,190	$	—	$	—	$	64,190


Investments:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds and commercial paper	$	46,626	$	104	$	(28)	$	46,702
Certificates of deposit	14,076		20		(4)		14,092
U.S. government securities	26,917		22		(17)		26,922
	$	87,619	$	146	$	(49)	$	87,716

Investments may be sold or may settle at any time, without significant penalty, for use in current operations or for other purposes, even if they have not yet reached maturity. As a result, the Company classifies its investments, including investments with maturities beyond twelve months, as current assets on the consolidated balance sheets.

The following table summarizes the estimated fair value of the Company's debt investments, designated as available-for-sale and classified by the contractual maturity date of the investments as of the dates shown:


	December 31,
	2025		2024
Due within one year or less	$	58,782	$	49,460
Due after one year through two years	5,595		38,256
	$	64,377	$	87,716

The Company has certain available-for-sale debt investments in a gross unrealized loss position. The Company regularly reviews its debt investments for impairment resulting from credit loss using both qualitative and quantitative criteria, as necessary, based on the composition of the portfolio at period end. The Company considers factors such as the length of time and extent to which the market value has been less than the cost, the financial position and near-term prospects of the issuer or whether the Company has the intent to or it is more likely than not it will be required to sell the investments before recovery of the investments' amortized-cost basis. If the Company determines that impairment exists in one of these investments, the respective investments would be written down to fair value. For debt securities, the portion of the write-down related to credit loss would be recognized in other income, net on the consolidated statements of comprehensive income (loss) if the intent of the Company was to sell the investments before recovery. Any portion not related to credit loss would be included in accumulated other comprehensive loss in the consolidated balance sheets. Because the Company does not intend to sell any investments which have an unrealized loss position at this time, and it is not more likely than not that the Company will be required to sell the investment before recovery of its amortized cost basis, which may be maturity, the reserve for available-for-sale debt securities was zero as of December 31, 2025 and 2024.

The following table presents the fair values and the gross unrealized losses of these available-for-sale debt investments as of December 31, 2025, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	Less than 12 months				12 months or greater
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds and commercial paper	$	1,492	$	(3)	$	1,009	$	—
Certificates of deposit	—		—		494		—
U.S. government securities	1,236		—		—		—
	$	2,728	$	(3)	$	1,503	$	—

The following table presents the fair values and the gross unrealized losses of these available-for-sale debt investments as of December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	Less than 12 months				12 months or greater
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds and commercial paper	$	19,229	$	(28)	$	—	$	—
Certificates of deposit	1,722		(4)		248		—
U.S. government securities	9,882		(17)		—		—
	$	30,833	$	(49)	$	248	$	—