v3.26.1
Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value  
Fair Value

6.    Fair Value

The Company’s condensed consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, 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 March 31, 2026 and December 31, 2025.

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

Money market funds, U.S. Treasury securities and government agency bonds, 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. The Company periodically reviews investments to assess for credit impairment. Based on its assessment, all unrecognized holding losses were due to factors other than credit loss, such as changes in interest rates. Therefore, no impairment was recognized during the three months ended March 31, 2026 and 2025.

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of March 31, 2026:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

Amortized

​

unrecognized

​

unrecognized

​

Aggregate

Description

  ​ ​ ​

Classification

  ​ ​ ​

cost

  ​ ​ ​

holding gains

  ​ ​ ​

holding losses

  ​ ​ ​

fair value

Money market funds and cash equivalents

 

Cash equivalents

​

$

11,507

​

$

—

​

$

—

​

$

11,507

Commercial paper

 

Short-term investments

​

 

29,412

​

​

—

​

​

(50)

​

 

29,362

U.S. Treasury securities and government agency bonds

​

Short-term investments

​

​

38,879

​

​

59

​

​

(1)

​

​

38,937

Corporate debt

 

Short-term investments

​

 

24,006

​

​

5

​

​

(16)

​

 

23,995

Corporate debt

​

Long-term investments

​

​

6,570

​

​

—

​

​

(30)

​

​

6,540

U.S. Treasury securities and government agency bonds

​

Long-term investments

​

​

34,241

​

​

9

​

​

(107)

​

​

34,143

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

 

  ​

​

$

144,615

​

$

73

​

$

(204)

​

$

144,484

​

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of 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

​

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

The Company’s acquisition of SeQure in January 2025 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 December 31, 2026.  The fair value of the contingent consideration was estimated to be de minimis as of March 31, 2026 and 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 impairment was recognized during the three months ended March 31, 2026 and 2025.