Fair Value |
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| Fair Value | 6. Fair Value The Company’s condensed consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, accounts receivable and accounts payable) that are carried at cost, which approximates fair value due to the short-term nature of the instruments. The Company’s held-to-maturity investments, which consist primarily of commercial paper, U.S. Treasury securities and government agency bonds, and corporate debt instruments, are carried at amortized cost and are periodically evaluated for expected credit losses. Based on the Company’s assessment as of June 30, 2026 and December 31, 2025, no allowance for credit losses was required. Unrecognized holding losses were due to factors other than credit loss, such as changes in interest rates and other market conditions. As of June 30, 2026, the Company’s long-term investments mature between and two years. The Company’s held-to-maturity investments consisted of the following amounts of amortized cost, gross unrecognized gains and losses, and estimated fair value by security type and balance sheet classification as of June 30, 2026 and December 31, 2025: The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of June 30, 2026:
The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of December 31, 2025:
Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company had no assets or liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company measures certain non-financial assets and liabilities, such as goodwill, intangible assets, and property and equipment, at fair value on a non-recurring basis when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If the asset group is determined not to be recoverable, an impairment loss is recognized for the amount by which the carrying amount exceeds its fair value. During the three and six months ended June 30, 2026, the Company recognized an impairment charge of $630 related to certain property and equipment that management determined would no longer be used and was actively marketed for sale. The fair value of the assets was determined primarily on unobservable inputs (Level 3) based on an independent third-party estimate of anticipated recovery values for the assets. The impairment charge is included in research and development expense in the accompanying unaudited condensed consolidated statements of operations. There were no impairment charges recognized for the three and six months ended June 30, 2025. The Company’s acquisition of SeQure in January 2025 included a contingent consideration agreement where the Company agreed to pay an amount up to $2,500 if SeQure achieves certain revenue targets for the years ended December 31, 2025 and December 31, 2026. The fair value of the contingent consideration was estimated to be de minimis as of June 30, 2026 and December 31, 2025. Contingent consideration is classified within Level 3 of the fair value hierarchy. |
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