v3.25.4
Cash and Cash Equivalents, and Investments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents, and Investments and Fair Value Measurements Cash and Cash Equivalents, and Investments and Fair Value Measurements
The following tables present our cash and cash equivalents, and investments’ fair value level classification, adjusted cost, unrealized gain, unrealized loss and fair value (in thousands):
 December 31, 2025
 Fair Value LevelAdjusted CostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents:   
Cash$16,942 $— $— $16,942 
Money market fundsLevel 114,204 — — 14,204 
Total cash and cash equivalents$31,146 $— $— $31,146 
Short-term investments:   
Corporate debt securitiesLevel 2$41,549 $125 $— $41,674 
Long-term investments:
Corporate debt securitiesLevel 2$12,290 $102 $— $12,392 

 December 31, 2024
 Fair Value LevelAdjusted CostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents:   
Cash$28,716 $— $— $28,716 
Money market fundsLevel 1132,759 — — 132,759 
Total cash and cash equivalents$161,475 $— $— $161,475 
Short-term investments:   
Corporate debt securitiesLevel 2$113,968 $157 $(29)$114,096 
U.S. treasury securitiesLevel 140,162 — (9)40,153 
Total short-term investments$154,130 $157 $(38)$154,249 
Long-term investments:
Corporate debt securitiesLevel 2$133,516 $736 $(78)$134,174 
U.S. treasury securitiesLevel 178,405 97 (26)78,476 
Total long-term investments$211,921 $833 $(104)$212,650 

During the years ended December 31, 2025, 2024 and 2023, we did not recognize any losses on our investments due to credit related factors.

The following table presents the realized gain and loss related to the sale of our investments (in thousands):
 Years Ended December 31,
 202520242023
Realized gain$813 $16 $346 
Realized loss(61)(43)(2,452)
Total realized gain (loss)$752 $(27)$(2,106)
The following table presents our cash equivalents and investments' adjusted cost and fair value by contractual maturity (in thousands):
December 31, 2025
 Adjusted CostFair Value
Due within one year$41,549 $41,674 
Due after one year through three years12,290 12,392 
Investments not due at a single maturity date14,204 14,204 
Total$68,043 $68,270 

Investments not due at a single maturity date in the preceding table consisted of money market funds.

Equity Investment

In July 2022, we completed an equity investment of $6.0 million in Knack Technologies, Inc. (Knack), a privately held U.S. based peer-to-peer tutoring platform for higher education institutions. We do not have the ability to exercise significant influence over Knack's operating and financial policies and have elected to account for our investment at cost as it does not have a readily determinable fair value. During the year ended December 31, 2025, we recorded a $6.0 million impairment charge on our investment in Knack included within general and administrative expense on our consolidated statements of operations. Our impairment assessment was the result of changes in our rights as an investor and uncertainty around Knack's ability to support their future operations.

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

We report our financial instruments at fair value with the exception of the 2026 notes. The estimated fair value was determined based on the trading price as of the last day of trading for the period and we consider it to be a Level 2 measurement due to the limited trading activity. The estimated fair value of the 2026 notes as of December 31, 2025 and 2024 was $45.0 million and $105.8 million, respectively. For further information on the 2026 notes refer to "Note 8. Convertible Senior Notes.”