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Fair Value Measurements
 3 Months Ended
Mar. 29, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes assets measured at fair value on a recurring basis:
As of
March 29,
2026		December 31,
2025
(In thousands)
Cash equivalents: money-market funds (<90 days)
$49,892 $71,987 
Cash equivalents: U.S. Treasuries (<90 days)
23,699 20,506 
Available-for-sale securities: U.S. Treasuries (1)
14,862 19,985 
Total$88,453 $112,478 
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(1)Included in short-term investments on our unaudited condensed consolidated balance sheets.

Our short-term investments in cash equivalents and marketable securities are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. As of March 29, 2026 and December 31, 2025, assets and liabilities measured as Level 2 fair value were not material.

Sale of long-term investment

During the three months ended March 29, 2026, we sold our investment in connection with a privately held company’s acquisition by a public company. This investment was accounted for as an equity security without a readily determinable fair value and was measured at cost, less impairment, adjusted for observable price changes in orderly transactions for the identical or similar investment in the same issuer in accordance with ASC 321, Investments-Equity Securities. Upon completion of the sale, we received total cash proceeds of $18.9 million and recognized a realized gain of $6.4 million, representing the excess of proceeds received over the carrying value of the investment. The gain from the sale of the investment is included in other income (expense), net on the unaudited condensed consolidated statements of operations and comprehensive income (loss).

Our Chief Executive Officer served on the board of directors of the privately held company and, as a result, the investee is considered a related party and the sale of our investment is a related party transaction.

As of March 29, 2026, there were no financial assets measured at fair value on a recurring basis within Level 3 fair value measurements. Our non-financial assets, such as property and equipment, goodwill, and intangible assets are assessed for impairment annually or whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable.