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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Notional and Fair Values of All Derivative Instruments

The notional and fair values of all derivative financial instruments were as follows (in thousands):

	Location in Balance Sheet		June 30, 2025				December 31, 2024
Derivative instruments designated as cash flow hedges:
Fair value—foreign exchange contract assets, net amount	Prepaid expenses and other current assets		$	2,595			$	—
Fair value—foreign exchange contract liabilities, net amount	Accrued liabilities		$	—			$	1,858
Notional value held to buy U.S. dollars in exchange for other currencies			$	5,989			$	5,074
Notional value held to sell U.S. dollars in exchange for other currencies			$	67,171			$	57,329

Schedule of Gross Amounts of Foreign Currency Forward Contracts

The gross amounts of the Company’s foreign currency forward contracts and the net amounts recorded in the Company’s condensed consolidated balance sheets were as follows (in thousands):

	June 30, 2025				December 31, 2024
Gross amount of recognized assets	$	3,287			$	173
Gross amount of recognized liabilities		(692	)			(2,031	)
Net derivative assets (liabilities)	$	2,595			$	(1,858	)

Schedule of Accumulated Other Comprehensive Loss (AOCL)

The changes in AOCL related to the cash flow hedges consisted of the following (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Beginning balance		$	300			$	243			$	(1,858	)		$	1,034
Other comprehensive gain (loss) before reclassification			2,677				(280	)			4,254				(702	)
Amounts reclassified from accumulated other comprehensive (gain) loss into net loss			(382	)			(115	)			199				(484	)
Net current period other comprehensive gain (loss)			2,295				(395	)			4,453				(1,186	)
Ending balance		$	2,595			$	(152	)		$	2,595			$	(152	)

Summary of the Gains (Losses) Recognized upon Settlement of the Hedged Transactions

The following table summarizes the gains (losses) recognized upon settlement of the hedged transactions in the condensed consolidated statements of operations for three and six months ended June 30, 2025 and 2024 (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Research and development		$	379			$	135			$	120			$	484
Selling, general and administrative			76				(24	)			(30	)			83
Total		$	455			$	111			$	90			$	567

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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

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