v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis as of September 30, 2025, is as follows (in thousands):
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$137,988 $— $— $137,988 
Short-term investments:
Corporate bonds— 150,960 — 150,960 
Government and government agency— 107,619 — 107,619 
U.S. Treasury bills25,387 — — 25,387 
Restricted cash:
Money market funds— — — — 
Long-term investments:
Government and government agency— 343,823 — 343,823 
Corporate bonds— 94,517 — 94,517 
Total assets$163,375 $696,919 $— $860,294 
Liabilities
Earn-out liabilities, current$— $— $45,399 $45,399 
Earn-out liabilities, long-term— — 49,623 49,623 
Other contingent consideration— — 2,949 2,949 
Total liabilities$— $— $97,971 $97,971 

The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024, is as follows (in thousands):
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$64,717 $— $— $64,717 
Short-term investments:
U.S. Treasury bills60,160 — — 60,160 
Corporate bonds— 18,060 — 18,060 
Government and government agency— 1,447 — 1,447 
Restricted cash:
Money market funds856 — — 856 
Total assets$125,733 $19,507 $— $145,240 
Fair Value Measurement Inputs and Valuation Techniques The following assumptions were used to determine the fair value at inception:
Risk-free rate1.9 %
Revenue volatility21.0 %
Revenue risk-adjusted discount rate9.0 %
Counterparty discount rate6.0 %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The change in the fair value of the earn-out liabilities related to the Zava business combination is as follows (in thousands):
Balance at December 31, 2024$— 
Zava business combination87,691 
Change in fair value7,626 
Foreign currency translation adjustments(295)
Balance at September 30, 2025$95,022