v3.26.1
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Available-for-Sale Marketable Securities
Available-for-sale marketable securities consisted of the following (in thousands):
June 30, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$67,943 $— $(78)$67,865 
Total marketable securities, available-for-sale$67,943 $— $(78)$67,865 
December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$9,002 $— $(2)$9,000 
Total marketable securities, available-for-sale$9,002 $— $(2)$9,000 
Schedule of Contractual Maturities of Available-for-Sale Debt Securities
The estimated fair value of our contractual maturities of available-for-sale debt securities were as follows (in thousands):
June 30, 2026December 31, 2025
Estimated Fair Value
Due within one year$67,865 $9,000 
Due after one year but within five years
— — 
Total estimated fair value of available-for-sale securities
$67,865 $9,000 
Schedule of Assets Measured at Fair Value on a Recurring Basis
The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):
June 30, 2026December 31, 2025
Level 1Level 2
Total Estimated Fair Value
Level 1Level 2
Total Estimated Fair Value
Assets
Cash equivalents
Money market funds$48 $— $48 $175 $— $175 
Available-for-sale marketable
   securities
U.S. treasury securities67,865 — 67,865 9,000 — 9,000 
Derivative instruments
Currency hedging contracts (1)
— 2,108 2,108 — — — 
Total assets measured at fair value
$67,913 $2,108 $70,021 $9,175 $— $9,175 
Liabilities
Derivative instruments
Currency hedging contracts (1)
$— $12,283 $12,283 $— $22,891 $22,891 
(1) Based on observable market transactions of spot currency rates, forward currency rates or equivalently-termed instruments. Carrying amounts of the financial assets and liabilities are equal to the fair value. As of June 30, 2026, the derivative assets recorded within prepaid expenses and other current assets and prepaid expenses and other assets in our consolidated balance sheets were $0.8 million and $1.3 million, respectively. The derivative liabilities recorded within accrued expenses and other long-term liabilities in our condensed consolidated balance sheets were
$5.1 million and $7.2 million, respectively. As of December 31, 2025, the derivative liabilities recorded within accrued expenses and other long-term liabilities in our condensed consolidated balance sheets were $7.7 million and $15.1 million, respectively.