v3.26.1
Fair Value Measurements
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

2. Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis include the following as of March 31, 2026, and December 31, 2025 (in thousands):

 

 

March 31, 2026

 

Assets:

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

26,602

 

 

 

 

 

 

 

 

$

26,602

 

Total cash equivalents

$

26,602

 

 

$

 

 

$

 

 

$

26,602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

Assets:

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

23,625

 

 

 

 

 

 

 

 

$

23,625

 

Total cash equivalents

$

23,625

 

 

 

 

 

 

 

 

$

23,625

 

 

The Company did not have any transfers of assets and liabilities between the levels of the fair value measurement hierarchy during the periods presented.

Fair Value of Convertible Debt

 

The fair value, based on a quoted market price (Level 1), of the Company’s outstanding 0.75% Convertible Senior Notes due 2026 (the "2026 Notes") was approximately $63.9 million at March 31, 2026 and approximately $79.0 million at December 31, 2025.

 

 

The fair value, based on a quoted market price (Level 1), of the Company’s outstanding 0.75% Convertible Senior Notes due 2030 (the "2030 Notes") was approximately $424.24 million at March 31, 2026 and approximately $618.0 million at December 31, 2025.