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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 2. Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity; instruments valued based on the best available data, some of which is internally developed, and considers risk premiums that a market participant would require. We did not have any financial assets or liabilities in Level 3 as of June 30, 2026 or December 31, 2025. We applied the following methods and assumptions in estimating our fair value measurements: Cash Equivalents — Cash equivalents comprise highly liquid investments, including money market funds with original maturities of less than three months at the acquisition date. We record the fair value measurement of these assets based on quoted market prices in active markets. Investments — Our investments comprise fixed income securities, which include U.S. government agency securities, corporate notes and bonds, commercial paper and treasury bills. The fair value measurement of these assets is based on observable market-based inputs or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Long-term Debt — See Note 7 for the carrying amount and estimated fair value of the 2021 Notes and 2025 Notes. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands):
|  | June 30, 2026 |  |  | December 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 1,388 |  |  | $ | — |  |  | $ | 1,388 |  |  | $ | 21,209 |  |  | $ | — |  |  | $ | 21,209 |
Commercial paper |  |  | — |  |  |  | 1,494 |  |  |  | 1,494 |  |  |  | — |  |  |  | — |  |  |  | — |
Total cash equivalents |  |  | 1,388 |  |  |  | 1,494 |  |  |  | 2,882 |  |  |  | 21,209 |  |  |  | — |  |  |  | 21,209 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency securities |  |  | — |  |  |  | 8,969 |  |  |  | 8,969 |  |  |  | — |  |  |  | 7,480 |  |  |  | 7,480 |
U.S. Treasury securities |  |  | — |  |  |  | 2,255 |  |  |  | 2,255 |  |  |  | — |  |  |  | 25,390 |  |  |  | 25,390 |
Corporate notes and bonds |  |  | — |  |  |  | 62,600 |  |  |  | 62,600 |  |  |  | — |  |  |  | 67,962 |  |  |  | 67,962 |
Commercial paper |  |  | — |  |  |  | 20,619 |  |  |  | 20,619 |  |  |  | — |  |  |  | 26,298 |  |  |  | 26,298 |
Total short-term investments |  |  | — |  |  |  | 94,443 |  |  |  | 94,443 |  |  |  | — |  |  |  | 127,130 |  |  |  | 127,130 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency securities |  |  | — |  |  |  | 11,823 |  |  |  | 11,823 |  |  |  | — |  |  |  | 6,851 |  |  |  | 6,851 |
U.S. Treasury securities |  |  | — |  |  |  | 1,996 |  |  |  | 1,996 |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate notes and bonds |  |  | — |  |  |  | 116,903 |  |  |  | 116,903 |  |  |  | — |  |  |  | 96,915 |  |  |  | 96,915 |
Total long-term investments |  |  | — |  |  |  | 130,722 |  |  |  | 130,722 |  |  |  | — |  |  |  | 103,766 |  |  |  | 103,766 |
Total |  | $ | 1,388 |  |  | $ | 226,659 |  |  | $ | 228,047 |  |  | $ | 21,209 |  |  | $ | 230,896 |  |  | $ | 252,105 |
We expect short-term investments to mature within 1 year and long-term investments within 1 to 3 years of the reporting date. Investments The following tables present the cost or amortized cost, gross unrealized gains, gross unrealized losses and total estimated fair value of our financial assets as of the dates presented (in thousands):
| June 30, 2026 |
| Cost or |  |  | Gross |  |  | Gross |  |  | Total Estimated |
| Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Description: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 1,388 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,388 |
U.S. Government agency securities |  | 20,835 |  |  |  | — |  |  |  | (43 | ) |  |  | 20,792 |
U.S. Treasury securities |  | 4,262 |  |  |  | — |  |  |  | (11 | ) |  |  | 4,251 |
Corporate notes and bonds |  | 180,145 |  |  |  | 49 |  |  |  | (691 | ) |  |  | 179,503 |
Commercial paper |  | 22,132 |  |  |  | — |  |  |  | (19 | ) |  |  | 22,113 |
Total | $ | 228,762 |  |  | $ | 49 |  |  | $ | (764 | ) |  | $ | 228,047 |
| December 31, 2025 |
| Cost or |  |  | Gross |  |  | Gross |  |  | Total Estimated |
| Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Description: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 21,209 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,209 |
U.S. Government agency securities |  | 14,339 |  |  |  | 2 |  |  |  | (10 | ) |  |  | 14,331 |
U.S. Treasury securities |  | 25,378 |  |  |  | 17 |  |  |  | (5 | ) |  |  | 25,390 |
Corporate notes and bonds |  | 164,563 |  |  |  | 383 |  |  |  | (69 | ) |  |  | 164,877 |
Commercial paper |  | 26,285 |  |  |  | 14 |  |  |  | (1 | ) |  |  | 26,298 |
Total | $ | 251,774 |  |  | $ | 416 |  |  | $ | (85 | ) |  | $ | 252,105 |
Marketable securities in a continuous loss position for less than 12 months had an estimated fair value of $185.6 million and $0.8 million in unrealized losses as of June 30, 2026, and an estimated fair value of $74.9 million and $0.1 million in unrealized losses as of December 31, 2025. There were no marketable securities in a continuous loss position for greater than 12 months as of June 30, 2026. Marketable securities in a continuous loss position for greater than 12 months had an estimated fair value of $8.5 million and immaterial unrealized losses as of December 31, 2025.

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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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