Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands):
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March 31, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets |
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Money market securities (cash equivalents) |
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$ |
18,381 |
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$ |
— |
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$ |
— |
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$ |
18,381 |
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Corporate bonds and commercial paper (cash equivalents) |
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— |
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9,038 |
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— |
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9,038 |
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Restricted cash |
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235 |
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— |
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— |
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235 |
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Commercial paper (marketable securities) |
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— |
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1,191 |
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— |
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1,191 |
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Total assets |
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$ |
18,616 |
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$ |
10,229 |
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$ |
— |
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$ |
28,845 |
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Liabilities |
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Convertible debt |
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$ |
— |
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$ |
14,414 |
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$ |
— |
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$ |
14,414 |
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Contingent consideration |
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— |
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— |
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1,272 |
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1,272 |
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Total liabilities |
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$ |
— |
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$ |
14,414 |
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$ |
1,272 |
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$ |
15,686 |
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| Schedule of Money Market Securities |
Money market securities consist of the following (in thousands):
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Estimated |
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March 31, 2026 |
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Cost |
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Gains |
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Losses |
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Fair Value |
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Money market securities (cash equivalents) |
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$ |
18,381 |
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$ |
— |
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$ |
— |
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$ |
18,381 |
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Money market securities (restricted cash) |
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235 |
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— |
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— |
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235 |
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Total money market securities |
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$ |
18,616 |
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$ |
— |
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$ |
— |
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$ |
18,616 |
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| Schedule of Corporate Bonds and Commercial Paper |
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Estimated |
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March 31, 2026 |
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Cost |
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Gains |
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Losses |
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Fair Value |
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Corporate bonds and commercial paper (cash equivalents) |
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$ |
9,040 |
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$ |
— |
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$ |
(2 |
) |
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$ |
9,038 |
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Commercial paper |
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1,192 |
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— |
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(1 |
) |
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1,191 |
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Total commercial paper |
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$ |
10,232 |
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$ |
— |
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$ |
(3 |
) |
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$ |
10,229 |
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| Schedule of Aggregate Fair Value of Principal Amount of Convertible Debt |
The aggregate fair value of the principal amount of the convertible debt is a Level 2 fair value measurement.
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March 31, 2026 |
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December 31, 2025 |
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Principal |
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Carrying |
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Fair |
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Principal |
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Carrying |
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Fair |
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Amount |
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Value |
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Value |
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Amount |
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Value |
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Value |
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2024 SVB Convertible Debt |
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$ |
15,000 |
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$ |
14,901 |
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$ |
14,414 |
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$ |
15,000 |
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$ |
14,889 |
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$ |
14,320 |
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As of March 31, 2026 and December 31, 2025, the New Convertible Term Loan balance was comprised of the following (in thousands):
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March 31, |
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December 31, |
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2026 |
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2025 |
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New Convertible Term Loan Information |
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Principal |
$ |
15,000 |
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$ |
15,000 |
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Transaction costs |
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(186 |
) |
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(186 |
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Amortization of transaction costs |
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87 |
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75 |
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$ |
14,901 |
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$ |
14,889 |
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| Schedule of Changes in Fair Value of Liabilities |
The following table presents the changes in fair value of our total Level 3 financial liabilities for the three months ended March 31, 2026 (in thousands):
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Balance at |
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Change in |
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Balance at |
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(in thousands) |
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December 31, 2025 |
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Fair Value |
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March 31, 2026 |
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Contingent consideration |
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$ |
1,557 |
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$ |
(285 |
) |
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$ |
1,272 |
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