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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Financial instruments measured at fair value on a recurring basis
The following tables present the Company's financial assets and liabilities that are measured at estimated fair value on a recurring basis as of March 31, 2026, and December 31, 2025:
Fair value measurements as of March 31, 2026
(in thousands)
Carrying valueLevel 1Level 2Level 3
Financial assets:
Cash equivalents:
Money market funds3,186 3,186 — — 
Total$3,186 $3,186 $— $— 
Liabilities:
Contingent consideration1,310 — — 1,310 
Total
$1,310 $— $— $1,310 
Fair value measurements as of December 31, 2025
(in thousands)
Carrying valueLevel 1Level 2Level 3
Financial assets:
Cash equivalents:
Money market funds161 161 — — 
Total161 161 — — 
Available-for-sale marketable securities:
U.S. government agencies securities1,018 — 1,018 — 
Total1,018 — 1,018 — 
Total$1,179 $161 $1,018 $— 
Liabilities:
Contingent consideration1,741 — — 1,741 
Total
$1,741 $— $— $1,741 
The Company's level 1 financial assets were valued using quoted prices in active markets for identical assets as of March 31, 2026, and December 31, 2025. The Company’s level 2 financial assets were determined based on third-party inputs which are either directly or indirectly observable, such as reported trades and broker or dealer quotes. The Company's marketable securities have an amortized cost that approximates fair value.
Pursuant to the Company’s stock purchase agreement, as amended, for Tech-X in April 2025, the selling shareholders are entitled to earn out consideration based on technical achievements, of which certain consideration is payable in shares of the Company’s common stock. Refer to Note 4. Acquisitions for additional information. As the Company has an obligation to issue a variable number of shares of common stock, the liability is recorded at its fair value and re-valued period to period with any changes recorded to Interest and other expense, net in the condensed consolidated statements of operations. The amendment does not limit the number of shares that the Company could be required to issue.
The Company's contingent consideration is valued using a discounted cash flow model, and the assumptions used in preparing the discounted cash flow model include estimates for interest rates and the amount of cash flows, in addition to the expected probability of technical achievement.
The following is a reconciliation of changes in the liability related to contingent consideration during the three months ended March 31, 2026:

Three Months Ended March 31,
2026
(in thousands)
Fair value as of January 1,
$1,741 
Change in fair value76 
Earn-out payments in cash(43)
Earn-out payments in shares of common stock(464)
Fair value as of March 31, $1,310