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Fair Value | 9 Months Ended
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Sep. 30, 2025
Fair Value |
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. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company had no financial assets or liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024. Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Money market funds, U.S. Treasury securities and government agency bonds, commercial paper, and corporate debt instruments classified as held-to-maturity are measured at fair value on a non-recurring basis when they are deemed to be impaired on an other-than-temporary basis. The Company periodically reviews investments to assess for credit impairment. Based on its assessment, all unrecognized holding losses were due to factors other than credit loss, such as changes in interest rates. Therefore, no impairment was recognized during the three and nine months ended September 30, 2025 and 2024. The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of September 30, 2025: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | Amortized | ​ | unrecognized | ​ | unrecognized | ​ | Aggregate
Description |  | Classification |  | cost |  | holding gains |  | holding losses |  | fair value
Money market funds and cash equivalents |  | Cash equivalents | ​ | $ | 11,538 | ​ | $ | — | ​ | $ | — | ​ | $ | 11,538
Commercial paper |  | Short-term investments | ​ |  | 24,040 | ​ | ​ | 8 | ​ | ​ | — | ​ |  | 24,048
U.S. Treasury securities and government agency bonds | ​ | Short-term investments | ​ | ​ | 48,319 | ​ | ​ | 89 | ​ | ​ | (1) | ​ | ​ | 48,407
Corporate debt |  | Short-term investments | ​ |  | 20,396 | ​ | ​ | 18 | ​ | ​ | — | ​ |  | 20,414
Corporate debt | ​ | Long-term investments | ​ | ​ | 37,447 | ​ | ​ | 103 | ​ | ​ | (14) | ​ | ​ | 37,536
U.S. Treasury securities and government agency bonds | ​ | Long-term investments | ​ | ​ | 14,827 | ​ | ​ | 32 | ​ | ​ | (5) | ​ | ​ | 14,854
Total cash equivalents, short-term investments and long-term investments |  |  | ​ | $ | 156,567 | ​ | $ | 250 | ​ | $ | (20) | ​ | $ | 156,797
​ The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | Amortized | ​ | unrecognized | ​ | unrecognized | ​ | Aggregate
Description |  | Classification |  | cost |  | holding gains |  | holding losses |  | fair value
Money market funds and cash equivalents |  | Cash equivalents | ​ | $ | 19,759 | ​ | $ | — | ​ | $ | — | ​ | $ | 19,759
Commercial paper | ​ | Cash equivalents | ​ | ​ | 5,959 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 5,960
Commercial paper |  | Short-term investments | ​ |  | 47,907 | ​ |  | 28 | ​ |  | (8) | ​ |  | 47,927
U.S. Treasury securities and government agency bonds | ​ | Short‑term investments | ​ |  | 64,193 | ​ |  | 135 | ​ |  | (4) | ​ |  | 64,324
Corporate debt | ​ | Short‑term investments | ​ | ​ | 14,498 | ​ | ​ | 29 | ​ | ​ | (6) | ​ | ​ | 14,521
U.S. Treasury securities and government agency bonds | ​ | Long-term investments | ​ | ​ | 35,781 | ​ | ​ | 106 | ​ | ​ | (68) | ​ | ​ | 35,819
Total cash equivalents, short-term investments and long-term investments |  |  | ​ | $ | 188,097 | ​ | $ | 299 | ​ | $ | (86) | ​ | $ | 188,310
​ Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis As described in Note 8, the Company acquired SeQure on January 29, 2025. The acquisition included a contingent consideration agreement where the Company agreed to pay an amount up to $2,500 if SeQure achieves certain revenue targets over the next two years. The fair value of the contingent consideration was estimated to be $25 on the acquisition date, using an income approach, which considers the expected future cash flows under the agreement. There was no change in the fair value of contingent consideration between the acquisition date and September 30, 2025. Contingent consideration is classified within Level 3 of the fair value hierarchy. Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No impairment was recognized during the three and nine months ended September 30, 2025 and 2024.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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