v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
5. Fair Value Measurements
The following tables present information about our financial instruments that are measured at fair value on a recurring basis:
As of December 31, 2025
Fair ValueLevel 1
Level 2 
Level 3 
(in thousands)
Financial Assets:
Government bonds included within short-term investments
$88,313 $— $88,313 $— 
Corporate bonds included within short-term investments
42,115 — 42,115 — 
Derivative financial instruments included in prepaid expenses and other current assets
45 — 45 — 
Total financial assets$130,473 $— $130,473 $— 
Financial Liabilities:
Derivative financial instruments included in accrued expenses and other current liabilities$261 $— $261 $— 
Total financial liabilities$261 $— $261 $— 
As of December 31, 2024
Fair ValueLevel 1
Level 2 
Level 3 
(in thousands)
Financial Assets:
Derivative financial instruments included in prepaid expenses and other current assets
$826 $— $826 $— 
Total financial assets$826 $— $826 $— 
As of December 31, 2025 and 2024, we did not have any Level 3 financial instruments that are measured at fair value on a recurring basis.
We classify our derivative financial instruments and bonds within Level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. Refer to Note 6 for more information regarding our derivative financial instruments.
Refer to Note 9 below for more information regarding the fair value of our indemnification guarantees.
Debt Securities
Short-term investments as of December 31, 2025 consisted of the following:
As of December 31, 2025
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
(in thousands)
Government bonds
$88,384 $— $(71)$88,313 
Corporate bonds
42,122 — (7)42,115 
Total short-term investments
$130,506 $— $(78)$130,428 
The following table summarizes the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates:
As of December 31, 2025
Due in 1 year or less$130,428 
Total$130,428 
As of December 31, 2025, the unrealized losses related to short-term investments were not due to credit related losses. Therefore, we did not recognize an allowance for credit losses for our short-term investments. As of December 31, 2025, we did not have any available-for-sale debt securities that have been in a continuous loss position for more than twelve months.
There were no short-term investments as of December 31, 2024.