v3.26.1
Investments and fair value measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Summary of Investments on Condensed Consolidated Balance Sheets
The following tables present the Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy (in thousands):

As of March 31, 2026
Level 1Level 2Level 3
Assets
Cash equivalents(1):
Money market funds$142,402 $— $— 
Time deposits
5,745 — — 
Marketable securities:
U.S. government securities— 105,256 — 
Strategic investments:
Convertible note investment
— — 8,500 
Total assets
$148,147 $105,256 $8,500 

As of December 31, 2025
Level 1Level 2Level 3
Assets
Cash equivalents(1):
Money market funds$123,314 $— $— 
Time deposits
4,005 — — 
Marketable securities:
U.S. government securities— 127,259 — 
Total assets
$127,319 $127,259 $— 
1) Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets, in addition to $104.4 million and $104.2 million of cash as of March 31, 2026 and December 31, 2025, respectively.
Summary of the Changes in the Fair Value of Level 3 Financial Instruments
A summary of the changes in the fair value of Level 3 financial instruments, of which unrealized gain on strategic investments is recognized in the condensed consolidated statements of operations, is as follows (in thousands):
Strategic Investments
Balance— December 31, 2025$— 
Purchases of strategic investments
8,000 
Unrealized gain on strategic investments
500 
Balance— March 31, 2026$8,500