Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Financial Assets and Liabilities on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy:


	September 30, 2025
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:
Cash equivalents and investments (1)	$	39,880	$	7,501	$	—	$	47,381
Restricted time deposit (2)	—		1,144		—		1,144
Severance pay fund deposits (2)	—		4,838		—		4,838
Foreign currency forward contract (3)	—		825		—		825
Total financial assets	$	39,880	$	14,308	$	—	$	54,188
Financial Liabilities:
Foreign currency forward contract (4)	—		36		—		36
Total financial liabilities	$	—	$	36	$	—	$	36


	December 31, 2024
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:
Cash equivalents and investments (1)	$	30,754	$	95,161	$	—	$	125,915
Restricted time deposit (2)	—		631		—		631
Severance pay fund deposits (2)	—		5,255		—		5,255
Foreign currency forward contract (3)	—		493		—		493
Total financial assets	$	30,754	$	101,540	$	—	$	132,294
Financial Liabilities:
Foreign currency forward contract (4)	—		193		—		193
Total financial liabilities	$	—	$	193	$	—	$	193

_____________________

(1)Money market securities are valued using Level I of the fair value hierarchy, while the fair values of U.S. Treasuries, government bonds, commercial paper, and corporate bonds are considered Level II and are obtained from independent pricing services, which may use various methods, including quoted prices for identical or similar securities in active and inactive markets. See Note 4 for additional detail relating to the Company’s fixed income securities by balance sheet location.

(2)Recorded within other assets.

(3)Recorded within prepaid expenses and other current assets.

(4)Recorded within accrued and other current liabilities.

Fair Value Measurements, Nonrecurring

The following table summarizes the carrying value and the estimated fair value of the Notes, based on Level II measurements of the fair value hierarchy:


	September 30, 2025
	Carrying Value		Estimated Fair Value
	(In thousands)
10% Senior Secured Notes	$	604,023	$	426,974