v3.26.1
Fair value measurement
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair value measurement Fair value measurement
The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, based on the three-tier fair value hierarchy:
(In thousands)
As of June 30, 2026Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market accounts$23,355 $— $— $23,355 
Available-for-sale securities:
U.S. government securities21,390 — — 21,390 
Corporate debt securities5,685 50,964 — 56,649 
Other debt securities— 11,034 — 11,034 
Convertible promissory note— — 2,983 2,983 
Total$50,430 $61,998 $2,983 $115,411 
As of December 31, 2025
Assets:
Cash equivalents:
Money market accounts$31,241 $— $— $31,241 
Available-for-sale securities:
U.S. government securities20,749 — — 20,749 
Corporate debt securities6,700 45,180 — 51,880 
Other debt securities— 14,510 — 14,510 
Convertible promissory note— — 2,983 2,983 
Total$58,690 $59,690 $2,983 $121,363 
In July 2025, the Company invested $2.0 million cash in a convertible promissory note issued by an unrelated third-party company. The convertible promissory note accrues interest at an annual rate of 10%. The principal and accrued PIK interest are payable at maturity on October 1, 2028. The carrying value of the Company's Level 3 financial instrument is presented within Other assets in the Unaudited Condensed Consolidated Balance Sheets. The Company elected to disclose changes in the estimated fair value of the Level 3 financial instrument as a component of Other income in the Unaudited Condensed Consolidated Statements of Operations.
On July 1, 2026, the Company’s investment in the convertible promissory note and the accrued interest, was converted into preferred shares of the investee. For additional information, see Note 18: Subsequent events.
There have been no transfers of assets or liabilities between the fair value measurement levels.