v3.26.1
Fair Value
 12 Months Ended
Dec. 31, 2025
Fair Value  
Fair Value

6.

Fair Value

The Company’s consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, short-term investments, accounts receivable and accounts payable) that are carried at cost, which approximates fair value due to the short-term nature of the instruments.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company had no financial assets or liabilities measured at fair value on a recurring basis as of December 31, 2025 or 2024.

​

Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

Money market funds, commercial paper and corporate debt instruments classified as held-to-maturity are measured at fair value on a non-recurring basis when they are deemed to be impaired on an other-than-temporary basis. No such fair value impairment was recognized during the years ended December 31, 2025 or 2024.

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

Amortized

​

unrecognized

​

unrecognized

​

Aggregate

Description

  ​ ​ ​

Classification

  ​ ​ ​

cost

  ​ ​ ​

holding gains

  ​ ​ ​

holding losses

  ​ ​ ​

fair value

Money market funds and cash equivalents

 

Cash equivalents

​

$

17,239

​

$

—

​

$

—

​

$

17,239

Commercial paper

 

Short-term investments

​

 

22,077

​

​

7

​

​

(4)

​

 

22,080

U.S. Treasury securities and government agency bonds

​

Short-term investments

​

​

42,004

​

​

106

​

​

—

​

​

42,110

Corporate debt

 

Short-term investments

​

 

18,898

​

​

14

​

​

(2)

​

 

18,910

Corporate debt

​

Long-term investments

​

​

39,558

​

​

125

​

​

—

​

​

39,683

U.S. Treasury securities and government agency bonds

​

Long-term investments

​

​

13,012

​

​

33

​

​

—

​

​

13,045

Total cash equivalents, short-term investments and long-term investments

 

  ​

​

$

152,788

​

$

285

​

$

(6)

​

$

153,067

​

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

Amortized

​

unrecognized

​

unrecognized

​

Aggregate

Description

  ​ ​ ​

Classification

  ​ ​ ​

cost

  ​ ​ ​

holding gains

  ​ ​ ​

holding losses

  ​ ​ ​

fair value

Money market funds and cash equivalents

 

Cash equivalents

​

$

19,759

​

$

—

​

$

—

​

$

19,759

Commercial paper

​

Cash equivalents

​

​

5,959

​

​

1

​

​

—

​

​

5,960

Commercial paper

 

Short-term investments

​

 

47,907

​

 

28

​

 

(8)

​

 

47,927

U.S. Treasury securities and government agency bonds

​

Short‑term investments

​

 

64,193

​

 

135

​

 

(4)

​

 

64,324

Corporate debt

​

Short‑term investments

​

​

14,498

​

​

29

​

​

(6)

​

​

14,521

U.S. Treasury securities and government agency bonds

​

Long-term investments

​

​

35,781

​

​

106

​

​

(68)

​

​

35,819

Total cash equivalents, short-term investments and long-term investments

 

  ​

​

$

188,097

​

$

299

​

$

(86)

​

$

188,310

​

Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

As described in Note 10, the Company acquired SeQure on January 29, 2025. The acquisition included a contingent consideration agreement where the Company agreed to pay an amount up to $2,500 if SeQure achieves certain revenue targets for the years ended December 31, 2025 and 2026. The fair value of the contingent consideration was estimated to be $25 on the acquisition date, using an income approach, which considers the expected future cash flows under the agreement. The fair value was estimated to be de minimis as of December 31, 2025. Contingent consideration is classified within Level 3 of the fair value hierarchy.

Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No such fair value impairment was recognized during the years ended December 31, 2025 or 2024.