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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3. Fair Value Measurements
The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires use of observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows:
•Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities;
•Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
•Level 3. Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions.
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value as of June 30, 2025 and December 31, 2024 because of the relatively short duration of these instruments. Marketable securities consist of time deposits and commercial paper not otherwise classified as cash equivalents. All marketable securities are considered to be available-for-sale and are recorded at their estimated fair values. Unrealized gains and losses for available-for-sale securities are recorded in accumulated other comprehensive loss.
The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following tables summarize the Company’s financial assets measured at fair value as of June 30, 2025 and December 31, 2024:
Amortized cost or carrying valueUnrealized gainsUnrealized lossesFair value measurements on a recurring basis
June 30, 2025
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account$30,238 $— $— $30,238 $— $— $30,238 
Commercial paper21,890 — — 21,890 — — 21,890 
Total included in cash and cash equivalents52,128 — — 52,128 — — 52,128 
Marketable securities:
Time deposits5,000 9 — 5,009 — — 5,009 
Commercial paper2,941 50 — 2,991 — — 2,991 
Total marketable securities7,941 59 — 8,000 — — 8,000 
Total financial assets$60,069 $59 $— $60,128 $— $— $60,128 
Amortized cost or carrying valueUnrealized gainsUnrealized lossesFair value measurements on a recurring basis
December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account$57,759 $— $— $57,759 $— $— $57,759 
Commercial paper18,489 — — 18,489 — — 18,489 
Total included in cash and cash equivalents76,248 — — 76,248 — — 76,248 
Marketable securities:
Commercial paper1,970 5 — 1,975 — — 1,975 
Total marketable securities1,970 5 — 1,975 — — 1,975 
Total financial assets$78,218 $5 $— $78,223 $— $— $78,223 
The Company classifies its marketable securities as current assets as they are available for current operating needs. The following table summarizes the contractual maturities of marketable securities as of June 30, 2025:
Amortized costAggregate fair value
(In thousands)
Financial assets:
Less than one year$7,941 $8,000 
Total$7,941 $8,000 
As of June 30, 2025, the marketable securities were in an unrealized gain position. The Company has determined that (i) it does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. As of June 30, 2025, the Company anticipates that it will recover the entire amortized cost basis of its marketable securities before maturity.
During the three and six months ended June 30, 2025, there were $3.7 million and $4.7 million, respectively, in maturities of marketable securities. During the three and six months ended June 30, 2024, there were $36.9 million and $38.3 million, respectively, in maturities of marketable securities. There were no proceeds from sales of marketable securities for the three and six months ended June 30, 2025 and 2024. The Company determines realized gains and losses on sale of marketable securities using the specific identification method and records such gains and losses in other (expense) income, net on the condensed consolidated statements of operations. Interest earned on marketable securities was $0.1 million for the three and six months ended June 30, 2025, and $0.2 million and $0.6 million for the three and six months ended June 30, 2024, respectively. The interest is recorded in other (expense) income, net, on the accompanying condensed consolidated statements of operations. Accrued interest receivable is recorded in prepaid expenses and other current assets on the accompanying condensed consolidated balance sheets.
As of June 30, 2025, the fair value of the 2026 Convertible Notes and 2028 Convertible Notes, as further described in Note 8, “Debt,” to these condensed consolidated financial statements, was approximately $7.1 million and $206.3 million, respectively. As of December 31, 2024, the fair value of the 2026 Convertible Notes and the 2028 Convertible Notes was approximately $31.8 million and $199.0 million, respectively. The fair value was determined based on the closing price for the Convertible Notes on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy.