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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Group utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Group determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. The carrying amounts for the Group’s cash and cash equivalents, restricted cash, accounts receivable, other current assets, accounts payable and accrued liabilities approximate fair value due to their short-term maturities. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:
• Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities.
• Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full-term of the asset or liability.
• Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.
Investments and cash equivalents are measured at fair value on a recurring basis. As of June 30, 2025, investments in the unaudited condensed consolidated balance sheets include time deposits and U.S. treasury securities, with maturities of three months to 12 months. Cash equivalents in the unaudited condensed consolidated balance sheets include money market instruments.

All fixed income securities are classified as available-for-sale with unrealized gains and losses included in "accumulated other comprehensive income or loss". The related unrealized gain/(loss) recorded in accumulated other comprehensive income were nil thousand and $7 thousand as of June 30, 2025 and December 31, 2024. No realized gains or losses were recorded for the three and six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, all available-for-sale securities are expected to mature within one year.
As of June 30, 2025
Balance Sheet Location(1)
Cost or amortized cost
Fair value (Level 2)
(In thousands)
Money market instruments
Cash and cash equivalents
$71,420 $71,564 
U.S. treasury securities(2)
Investments
11,978 11,978 
Time deposits
Investments
50,427 50,872 
$133,825 $134,414 
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(1) Balance sheet location is determined by the duration to maturity at date of purchase and whether the assets are restricted for particular use.
(2) Fair value determined using broker quotes reflecting current market conditions.