v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Assets Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s cash equivalents and marketable securities that were measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2026 and December 31, 2025 (in thousands):
Fair Value Measurements
as of June 30, 2026:
Level 1Level 2Level 3Total
Cash equivalents
Money market funds
$45,263 $— $— $45,263 
Commercial paper— 4,336 — 4,336 
Corporate bonds— 800 — 800 
Short-term marketable securities
Certificates of deposit— 25,000 — 25,000 
Commercial paper
— 28,894 — 28,894 
Corporate notes/bonds— 100,399 — 100,399 
U.S. Government agencies— 2,002 — 2,002 
U.S. Treasury securities
— — — — 
Long-term marketable securities
Corporate notes/bonds— 4,001 — 4,001 
U.S. Government agencies— 1,000 — 1,000 
Total fair value of assets$45,263 $166,432 $— $211,695 
Fair Value Measurements
as of December 31, 2025:
Level 1Level 2Level 3Total
Cash equivalents
Money market funds
$86,714 $— $— $86,714 
Commercial paper— 3,995— 3,995
Corporate bonds— — — — 
Short-term marketable securities
Certificates of deposit— 40,182— 40,182
Commercial paper
— 35,814— 35,814
Corporate notes/bonds— 47,928— 47,928
U.S. Government agencies— 1,251— 1,251
U.S. Treasury securities
— 1,995— 1,995
Long-term marketable securities
Corporate notes/bonds— 20,341— 20,341
U.S. Government agencies— 6,003— 6,003
Total fair value of assets$86,714$157,509 $— $244,223 
The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments in active markets. The fair value of the Company’s Level 2 fixed income securities is obtained from independent pricing services, which may use quoted market prices for identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated by observable market data.
Liabilities Measured at Fair Value on a Recurring Basis
As discussed in Note 4. Acquisitions, the Company entered into a contingent consideration arrangement in connection with its acquisition of Vebu, in which the Company will make additional payments to the Vebu stockholders based on achievement of certain milestones. In addition, the Company awarded a certain employee with a compensation arrangement in which the employee is eligible to receive a variable number of shares based on specified performance metrics. Both arrangements are liability-classified arrangements and are accounted for in accordance with ASC 480.
The fair value of the liability classified arrangements are determined using a Monte Carlo simulation which uses Level 3 unobservable inputs. These liability-classified arrangements are carried at fair value which is estimated by applying a probability-based model utilizing inputs based on timing of achievement that were unobservable in the market. Actual results may differ from the projected results and could have a significant impact on the estimated fair value of the contingent consideration. Changes in fair value are recorded in other income in the unaudited condensed consolidated statements of operations and comprehensive loss.
The most significant unobservable inputs used to determine the fair value of the liability-classified contingent considerations relate to the revenue growth rate (3.0%), discount rate (28.0%) and the market price of risk adjustment (4.0%). As of June 30, 2026, the fair value of the Company’s Level 3 liabilities was immaterial.