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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 11. FAIR VALUE MEASUREMENTS
Assets and liabilities measured at fair value on a recurring basis
The Company records its cash equivalents, marketable securities, and venture investments at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability.
As a basis for classifying the fair value measurements, a three-tier fair value hierarchy, which classifies the fair value measurements based on the inputs used in measuring fair value, was established as follows:
•Level 1 - observable inputs, such as quoted prices in active markets for identical assets or liabilities;
•Level 2 - significant other inputs that are observable either directly or indirectly; and
•Level 3 - significant unobservable inputs with little or no market data, which require the Company to develop its own assumptions.
This hierarchy requires the Company to use observable market data when available and minimize unobservable inputs when determining fair value.
The Company’s venture investments are recorded at fair value based on multiple valuation methods, including observable public companies and transaction prices and unobservable inputs, including the volatility, rights, and obligations of the securities the Company holds.
Assets and liabilities measured at fair value on a recurring basis:
June 30, 2026December 31, 2025
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents$7,060 $1,494 $— $8,554 $33,043 $8,463 $— $41,506 
Marketable securities $— $176,797 $— $176,797 $— $213,352 $— $213,352 
Venture investments$— $— $19,663 $19,663 $— $— $22,021 $22,021 
Changes in venture investments:
Six Months Ended
June 30,
(in thousands)20262025
January 1,$22,021 $21,234 
New investments— 11,529 
Sales of investments— (33,223)
Changes in foreign exchange rates(34)166 
Changes in fair value:
included in other income (loss), net
(2,059)19,480 
included in other comprehensive income
(265)(535)
June 30,$19,663 $18,651 
The carrying value of certain financial instruments, including receivables and accounts payable, approximates fair value due to their short maturities.