v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table (in thousands):
June 30, 2026
Level 1Level 2Level 3Total
Financial assets:
Money market funds$244,714 $— $— $244,714 
U.S. treasury bills9,883 — — 9,883 
Corporate debt securities— 131,006 — 131,006 
U.S. government bonds— 73,273 — 73,273 
Agency bonds— 16,431 — 16,431 
Commercial paper— 17,970 — 17,970 
Total financial assets$254,597 $238,680 $— $493,277 
Financial liabilities:
Indemnification equity holdback— — 61,154 61,154 
Total financial liabilities$— $— $61,154 $61,154 
December 31, 2025
Level 1Level 2Level 3Total
Financial assets:
Money market funds$254,376 $— $— $254,376 
Corporate debt securities— 72,277 — 72,277 
U.S. government bonds— 17,016 — 17,016 
Commercial paper— 5,456 — 5,456 
Total financial assets$254,376 $94,749 $— $349,125 
The carrying amounts of certain financial instruments such as cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses as of June 30, 2026 and December 31, 2025 approximate their related fair values due to their short-term nature.
Money market funds are highly liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.
Certain financial instruments classified within Level 2 of the fair value hierarchy include the types of instruments that trade in markets that are not considered to be active, but are valued based on quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. The Company reviews trading activity and pricing for these investments as of each measurement date.
Holdback Liabilities
In January 2026, in connection with the acquisition of Bluejay (refer to Note 6 for further information), the Company recorded at fair value liabilities related to the Company’s common stock issuable upon satisfaction of certain indemnification obligations(1). The Company assesses the fair value of the liabilities each reporting period until resolution of the related contingency with changes in fair value recorded in other income (expense), net in the accompanying unaudited condensed consolidated statements of operations.
The following table provides a summary of the changes in the estimated fair value, which are classified as Level 3 of the fair value hierarchy (in thousands):
Balance at January 1, 2026$— 
Initial recognition49,255 
Change in fair value(998)
Balance at March 31, 202648,257 
Change in fair value12,897 
Balance at June 30, 2026 $61,154 
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(1)Fair value estimated based on the value of the Company’s common stock in addition to the probability of indemnification adjustments being incurred.
The Indemnification Equity Holdback liability is included in Holdback liabilities, noncurrent in the accompanying unaudited condensed consolidated balance sheet as of June 30, 2026.