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Fair Value Measurement
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity, associated with the inputs to the valuation of these assets or liabilities are as follows:
Level 1: Observable inputs such as quoted prices in active markets for identical assets and liabilities.
Level 2: Inputs other than the quoted prices in active markets that are observable either directly or indirectly.
Level 3: Unobservable inputs in which there is little or no market data which require the Company to develop its own assumptions.
The Company’s financial instruments primarily consist of cash and cash equivalents, debt securities, trade and finance accounts receivable and accounts payable. The carrying values of cash and cash equivalents, trade and finance accounts receivable, and accounts payable approximate fair value due to the short-term nature of those instruments. The carrying value of the revolver and warehouse facility were determined to approximate fair value due to their duration and variable interest rates that approximate prevailing interest rates as of each reporting period.
The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
 September 30, 2025
 Level 1Level 2Level 3Total
Cash equivalents:   
Money market funds$30,964 $— $— $30,964 
Marketable Securities:   
Corporate securities— 47,586 — 47,586 
U.S. agency securities— 3,090 — 3,090 
Total financial assets$30,964 $50,676 $— $81,640 
 December 31, 2024
 Level 1Level 2Level 3Total
Cash equivalents:   
Money market funds$69,475 $— $— $69,475 
Marketable Securities:   
Corporate securities— 42,943 — 42,943 
U.S. agency securities— 3,093 — 3,093 
Total financial assets$69,475 $46,036 $— $115,511 
The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its commercial paper, corporate bonds, and U.S. agency securities within Level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded.