v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s financial assets and liabilities measured at fair value on a recurring basis are classified by level within the fair value hierarchy. There were no financial assets or liabilities measured using Level 3 inputs as of June 30, 2026 and December 31, 2025. The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis (in thousands):
As of June 30, 2026
Level 1Level 2Total
Cash equivalents:
Money market funds$26,845 $— $26,845 
Corporate bonds— 1,247 1,247 
Total cash equivalents26,845 1,247 28,092 
Marketable securities:
Certificates of deposit— 1,277 1,277 
Commercial paper— 9,631 9,631 
Corporate bonds— 257,658 257,658 
U.S. Treasury securities— 14,145 14,145 
Asset-backed securities— 31,711 31,711 
Total marketable securities— 314,422 314,422 
Total cash equivalents and marketable securities$26,845 $315,669 $342,514 
As of December 31, 2025
Level 1Level 2Total
Cash equivalents:
Money market funds$29,023 $— $29,023 
Total cash equivalents29,023 — 29,023 
Marketable securities:
Certificates of deposit— 905 905 
Commercial paper— 1,863 1,863 
Corporate bonds— 287,586 287,586 
U.S. Treasury securities— 6,756 6,756 
Asset-backed securities— 44,319 44,319 
Total marketable securities— 341,429 341,429 
Total cash equivalents and marketable securities$29,023 $341,429 $370,452 
The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 because it determines their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs. There were no transfers between levels of the fair value hierarchy during the periods presented.

Assets and Liabilities Measured at Fair Value on a Recurring Basis
The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable, and accounts payable approximate fair value due to their short-term maturities and are excluded from the fair value table above.
Financial Instruments, Assets, and Liabilities Not Recorded at Fair Value
Opportunity Finance Network Loan Agreement
In June 2022, the Company entered into a credit agreement with Opportunity Finance Network (“OFN”) to lend up to an aggregate of $15.0 million, unsecured, over the course of 24 months. As of June 30, 2026, the note receivable from OFN totaled $15.0 million and is recorded under other assets on the condensed consolidated balance sheets.
The following tables present the fair value hierarchy of assets not recorded at fair value (in thousands):
As of June 30, 2026
Carrying AmountLevel 1Level 2 Level 3Fair Value
Assets
Note receivable$15,000 $— $— $14,234 $14,234 
As of December 31, 2025
Carrying AmountLevel 1Level 2 Level 3Fair Value
Assets
Note receivable$15,000 $— $— $14,181 $14,181 
As of June 30, 2026 and December 31, 2025, there were no other financial instruments or liabilities that were not recorded at fair value.