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Cash and Cash Equivalents, Investments and Fair Value Measurements | 9 Months Ended
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Sep. 30, 2025
Cash and Cash Equivalents [Abstract] |
Cash and Cash Equivalents, Investments and Fair Value Measurements | Cash and Cash Equivalents, Investments and Fair Value Measurements The following tables present our cash and cash equivalents, and investments’ fair value level classification, adjusted cost, unrealized gain, unrealized loss and fair value as of September 30, 2025 and December 31, 2024 (in thousands):
| September 30, 2025
| Fair Value Level |  | Adjusted Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
Cash and cash equivalents: |  |  |  |  |  |  |  |  |
Cash |  |  | $ | 25,699 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,699 |
Money market funds | Level 1 |  | 12,481 |  |  | — |  |  | — |  |  | 12,481 |
Total cash and cash equivalents |  |  | $ | 38,180 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,180 |
Short-term investments: |  |  |  |  |  |  |  |  |
Corporate debt securities | Level 2 |  | $ | 57,988 |  |  | $ | 221 |  |  | $ | — |  |  | $ | 58,209 |
Long-term investments: |  |  |  |  |  |  |  |  |
Corporate debt securities | Level 2 |  | $ | 15,164 |  |  | $ | 113 |  |  | $ | — |  |  | $ | 15,277 |
| December 31, 2024
| Fair Value Level |  | Adjusted Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
Cash and cash equivalents: |  |  |  |  |  |  |  |  |
Cash |  |  | $ | 28,716 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,716 |
Money market funds | Level 1 |  | 132,759 |  |  | — |  |  | — |  |  | 132,759 |
Total cash and cash equivalents |  |  | $ | 161,475 |  |  | $ | — |  |  | $ | — |  |  | $ | 161,475 |
Short-term investments: |  |  |  |  |  |  |  |  |
Corporate debt securities | Level 2 |  | $ | 113,968 |  |  | $ | 157 |  |  | $ | (29) |  |  | $ | 114,096 |
U.S. treasury securities | Level 1 |  | 40,162 |  |  | — |  |  | (9) |  |  | 40,153 |
Total short-term investments |  |  | $ | 154,130 |  |  | $ | 157 |  |  | $ | (38) |  |  | $ | 154,249 |
Long-term investments: |  |  |  |  |  |  |  |  |
Corporate debt securities | Level 2 |  | $ | 133,516 |  |  | $ | 736 |  |  | $ | (78) |  |  | $ | 134,174 |
U.S. treasury securities | Level 1 |  | 78,405 |  |  | 97 |  |  | (26) |  |  | 78,476 |
Total long-term investments |  |  | $ | 211,921 |  |  | $ | 833 |  |  | $ | (104) |  |  | $ | 212,650 |
During the three and nine months ended September 30, 2025 and 2024, we did not recognize any losses on our investments due to credit related factors and our realized gains and losses on investments were not significant. The following table presents our cash equivalents and investments' adjusted cost and fair value by contractual maturity as of September 30, 2025 (in thousands):
| Adjusted Cost |  | Fair Value
Due within one year | $ | 57,988 |  |  | $ | 58,209 |
Due after one year through three years | 15,164 |  |  | 15,277 |
Investments not due at a single maturity date | 12,481 |  |  | 12,481 |
Total | $ | 85,633 |  |  | $ | 85,967 |
Investments not due at a single maturity date in the preceding table consisted of money market funds. Strategic Investments In July 2022, we completed an investment of $6.0 million in Knack Technologies, Inc. (Knack), a privately held U.S. based peer-to-peer tutoring platform for higher education institutions. We do not have the ability to exercise significant influence over Knack's operating and financial policies and have elected to account for our investment at cost as it does not have a readily determinable fair value. During the nine months ended September 30, 2025, we recorded a $6.0 million impairment charge on our investment in Knack included within general and administrative expense on our condensed consolidated statements of operations. Our impairment assessment was the result of changes in our rights as an investor and uncertainty around Knack's ability to support their future operations. Financial Instruments Not Recorded at Fair Value on a Recurring Basis We report our financial instruments at fair value with the exception of the 2026 notes. The estimated fair value of the 2026 notes was determined based on the trading price as of the last day of trading for the period. We consider the fair value of the 2026 notes to be a Level 2 measurement due to the limited trading activity. The estimated fair value of the 2026 notes as of September 30, 2025 and December 31, 2024 was $52.6 million and $105.8 million, respectively. For further information on the 2026 notes, refer to Note 7, “Convertible Senior Notes.”

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- Definition The entire disclosure for cash, cash equivalent, investment in debt and equity securities, equity method investment, investment in joint venture, and investment classified as other. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 13 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482477/820-10-65-13 + Details
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