0001846069-26-000098 | 10-Q | XBRL Viewer

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis (in thousands):


	As of March 31, 2026
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	25,189	$	—	$	25,189
Corporate bonds	—		3,675		3,675
Commercial paper	—		1,349		1,349
Total cash equivalents	25,189		5,024		30,213
Marketable securities:
Certificates of deposit	—		2,177		2,177
Commercial paper	—		3,046		3,046
Corporate bonds	—		262,356		262,356
U.S. Treasury securities	—		10,961		10,961

Asset-backed securities	—		38,464		38,464
Total marketable securities	—		317,004		317,004
Total cash equivalents and marketable securities	$	25,189	$	322,028	$	347,217


	As of December 31, 2025
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	29,023	$	—	$	29,023


Total cash equivalents	29,023		—		29,023
Marketable securities:
Certificates of deposit	—		905		905
Commercial paper	—		1,863		1,863
Corporate bonds	—		287,586		287,586
U.S. Treasury securities	—		6,756		6,756

Asset-backed securities	—		44,319		44,319
Total marketable securities	—		341,429		341,429
Total cash equivalents and marketable securities	$	29,023	$	341,429	$	370,452

Schedule of Financial Instruments, Assets, and Liabilities Not Recorded at Fair Value

The following tables present the fair value hierarchy of assets not recorded at fair value (in thousands):


	As of March 31, 2026
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Assets
Note receivable	$	15,000	$	—	$	—	$	14,208	$	14,208


	As of December 31, 2025
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Assets
Note receivable	$	15,000	$	—	$	—	$	14,181	$	14,181

Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended
	Mar. 31, 2026	Aug. 31, 2025	Mar. 31, 2025	Nov. 30, 2021	Mar. 31, 2026	Mar. 31, 2025	Apr. 30, 2026	Feb. 29, 2024	May 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock purchased (in shares)						4,720,415
Common stock retired (in shares)						4,720,415
Intrinsic value of options exercised					$ 300	$ 300
Options granted (in shares)					0	0
Stock-based compensation					$ 14,762	$ 17,091
Unrecognized stock-based compensation expense	$ 113,600				$ 113,600
Unrecognized stock-based compensation expense, expected period of recognition (in years)					2 years 6 months
Class A Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock purchased (in shares)					16,992,982
Stock repurchase program, authorized amount									$ 100,000
Stock repurchase program, authorized increase amount								$ 150,000
Common stock retired (in shares)					16,992,982
Average cost per share (in USD per share)					$ 1.69	$ 1.92
Common stock retired, amount					$ 28,700	$ 9,100
Class A Common Stock \| Subsequent Event
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock repurchase program, authorized amount							$ 100,000
Outstanding stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Minimum threshold of voting power (as a percent)					10.00%
Minimum proportion of fair market value of stock options granted to grantees that own more than 10% of voting power (as a percent)					110.00%
Expiration period (in years)					10 years
Awards granted during period (in shares)					33,863,000
Outstanding stock options \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period (in years)					2 years
Outstanding stock options \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period (in years)					3 years
Stock Options - Grantees Owning >10% of Voting Power
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expiration period (in years)					5 years
Unvested RSUs \| Class A Common Stock \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period (in years)					2 years
Unvested RSUs \| Class A Common Stock \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period (in years)					3 years
Market-Based Performance Stock Unit \| CEO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation					$ 1,400	$ 1,200
Market-Based Performance Stock Unit \| Class A Common Stock \| CEO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period (in years)			4 years
Awards granted during period (in shares)	5,857,778	947,867	722,005
The 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved for issuance (in shares)	46,008,885				46,008,885
Increase in number of stock available for grant as a proportion of common stock outstanding (as a percent)					5.00%
The 2021 Plan \| Employee Stock \| Class A Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved for issuance (in shares)				8,901,159
ESPP, purchase price as proportion of common stock price (as a percent)				85.00%
Common stock purchased (in shares)					307,511	408,404
The 2021 Plan \| Employee Stock \| Class B Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved for issuance (in shares)				89,011,590
Increase in number of stock available for grant as a proportion of common stock outstanding (as a percent)				1.00%
The 2021 Plan \| Market-Based Performance Stock Unit
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period (in years)	4 years
The 2021 Plan \| Market-Based Performance Stock Unit \| CEO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grant date fair value					$ 14,900	$ 2,600

Stockholders’ Equity - Fair Value Assumptions (Details) - Market-Based PSUs	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	63.90%
Expected volatility, maximum	65.40%
Expected volatility		66.50%
Expected term (in years)		4 years 10 months 24 days
Risk-free interest rate, minimum	3.60%
Risk-free interest rate, maximum	3.90%
Risk-free interest rate		4.10%
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 9 months 18 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 10 months 24 days

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on December 31. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. The Company has condensed or omitted certain information and note disclosures normally included in financial statements prepared in accordance with GAAP pursuant to the applicable required disclosures and regulations of the U.S. Securities and Exchange Commission (“SEC”). As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of operations, and cash flows. The results for the interim periods presented are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other future interim or annual period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Estimates include, but are not limited to, valuation of financial instruments, valuation of stock-based awards, revenue recognition, collectability of accounts receivable, valuation of acquired intangible assets and goodwill, useful lives of intangible assets, useful lives of property and equipment, the incremental borrowing rate applied in lease accounting, income taxes and deferred income tax assets and associated valuation allowances. The Company bases these estimates and assumptions on historical experience and various other assumptions that it considers reasonable. The actual results could differ materially from these estimates. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies disclosed in Note 2 to the consolidated financial statements described in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2025 that have had a material impact on the Company’s condensed consolidated financial statements and related notes. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires incremental disclosures to disaggregate income statement expense items. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts receivable, allowance for credit loss	$ 432	$ 491
Class A Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	2,500,000,000	2,500,000,000
Common stock issued (in shares)	250,105,000	262,446,000
Common stock outstanding (in shares)	250,105,000	262,446,000
Class B Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	127,511,000	127,681,000
Common stock outstanding (in shares)	127,511,000	127,681,000

Deferred Revenue	3 Months Ended
Deferred Revenue	Mar. 31, 2026
Revenue from Contract with Customer [Abstract]
Deferred Revenue	Deferred Revenue In certain advertising arrangements the Company requires payment upfront from its customers. The Company records deferred revenue when it collects cash from customers in advance of revenue recognition. As of March 31, 2026 and December 31, 2025, deferred revenue was $7.5 million and $8.0 million, respectively, and included within accrued expenses and other current liabilities on the condensed consolidated balance sheets. For the three months ended March 31, 2026 and 2025, revenue recognized from deferred revenue at the beginning of each period was $3.5 million and $2.7 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Net Loss Per Share Attributable to Common Stockholders - Potentially Dilutive Securities Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	74,087	84,798
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	11,996	19,516
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	60,770	63,778
Shares issuable pursuant to the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	1,321	1,504

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 137	$ 141

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Segment and Geographical Information (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Geography

Revenue disaggregated by geography based on the customers’ location was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
United States	$	59,363	$	51,901
International	2,306		2,275
Total	$	61,669	$	54,176

Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 7.5		$ 8.0
Revenue recognized from contract with customer	$ 3.5	$ 2.7

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,417)	$ (21,952)
Other comprehensive income (loss):
Change in foreign currency translation adjustments	(63)	3
Change in unrealized gain (loss) on available-for-sale marketable securities	(1,157)	284
Total other comprehensive income (loss)	(1,220)	287
Comprehensive loss	$ (12,637)	$ (21,665)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Topic 718
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-Section 65
-Paragraph 17
-Subparagraph (d)(1)
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-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Commitments and Contingencies (Details) - complaint	Dec. 06, 2024	Oct. 28, 2024
Pending Litigation \| Class Action Litigation
Other Commitments [Line Items]
Number of class action complaints	2	2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (11,417)	$ (21,952)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	356	544
Stock-based compensation	14,762	17,091
Accretion of investments	(236)	(725)
Other	663	122
Changes in operating assets and liabilities:
Accounts receivable, net	1,774	9,807
Prepaid expenses and other assets	(876)	(3,640)
Operating lease right-of-use assets	760	694
Accounts payable	(1,874)	784
Operating lease liabilities	(2,258)	(2,029)
Accrued expenses and other liabilities	(407)	(328)
Net cash provided by operating activities	1,247	368
Cash flows from investing activities
Purchases of property and equipment	(70)	(28)
Purchases of marketable securities	(57,925)	(79,381)
Sales of marketable securities	35,667	62,454
Maturities of marketable securities	45,040	38,506
Net cash provided by investing activities	22,712	21,551
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options	1,081	1,591
Proceeds from issuance of common stock under employee stock purchase plan	418	713
Tax withholdings on restricted stock units	(4,767)	(6,019)
Repurchase of common stock	(28,659)	(9,130)
Net cash used in financing activities	(31,927)	(12,845)
Effect of exchange rate changes on cash and cash equivalents	(63)	3
Net increase (decrease) in cash, cash equivalents, and restricted cash	(8,031)	9,077
Cash, cash equivalents, and restricted cash at beginning of period	71,720	56,721
Cash, cash equivalents, and restricted cash at end of period	63,689	65,798
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	56,148	57,338
Restricted cash, non-current	7,541	8,460
Total cash, cash equivalents, and restricted cash	$ 63,689	$ 65,798

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on December 31. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. The Company has condensed or omitted certain information and note disclosures normally included in financial statements prepared in accordance with GAAP pursuant to the applicable required disclosures and regulations of the U.S. Securities and Exchange Commission (“SEC”). As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of operations, and cash flows. The results for the interim periods presented are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other future interim or annual period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Estimates include, but are not limited to, valuation of financial instruments, valuation of stock-based awards, revenue recognition, collectability of accounts receivable, valuation of acquired intangible assets and goodwill, useful lives of intangible assets, useful lives of property and equipment, the incremental borrowing rate applied in lease accounting, income taxes and deferred income tax assets and associated valuation allowances. The Company bases these estimates and assumptions on historical experience and various other assumptions that it considers reasonable. The actual results could differ materially from these estimates.
Significant Accounting Policies and Recently Issued Accounting Pronouncements Not Yet Adopted	Significant Accounting Policies There have been no changes to the Company’s significant accounting policies disclosed in Note 2 to the consolidated financial statements described in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2025 that have had a material impact on the Company’s condensed consolidated financial statements and related notes. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires incremental disclosures to disaggregate income statement expense items. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 56,148	$ 63,341
Marketable securities	317,004	341,429
Accounts receivable, net of allowance of $432 and $491 as of March 31, 2026 and December 31, 2025, respectively	32,670	34,385
Prepaid expenses and other current assets	10,097	9,084
Total current assets	415,919	448,239
Restricted cash, non-current	7,541	8,379
Property and equipment, net	1,448	1,639
Operating lease right-of-use assets	10,815	11,575
Goodwill	1,211	1,211
Other assets	15,582	15,760
Total assets	452,516	486,803
Current liabilities:
Accounts payable	678	2,498
Operating lease liabilities, current	8,871	8,900
Accrued expenses and other current liabilities	20,139	20,550
Total current liabilities	29,688	31,948
Operating lease liabilities, non-current	21,122	23,351
Other liabilities, non-current	225	221
Total liabilities	51,035	55,520
Commitments and contingencies (Note 6)
Stockholders’ equity:
Additional paid-in capital	1,330,804	1,347,968
Accumulated other comprehensive income	343	1,563
Accumulated deficit	(929,704)	(918,287)
Total stockholders’ equity	401,481	431,283
Total liabilities and stockholders’ equity	452,516	486,803
Class A Common Stock
Stockholders’ equity:
Common stock	25	26
Class B Common Stock
Stockholders’ equity:
Common stock	$ 13	$ 13

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal matters In addition to the litigation discussed below, from time to time, the Company is a party to a variety of claims, lawsuits, and proceedings which arise in the ordinary course of business, including claims of alleged infringement of intellectual property rights. The Company records a liability when it believes that it is probable that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. The Company discloses potential losses when they are reasonably possible. In the Company’s opinion, resolution of such pending matters is not likely to have a material adverse impact on its consolidated results of operations, cash flows, or its financial position. Given the unpredictable nature of legal proceedings, the Company bases its estimate on the information available at the time of the assessment. As additional information becomes available, the Company reassesses the potential liability and may revise the estimate. There were no such material matters as of March 31, 2026. The matters discussed below summarize the Company’s current significant ongoing pending legal proceedings as of March 31, 2026. Securities and Derivative Litigation On February 28, 2024, a securities class action complaint was filed against the Company and certain of its former executive officers (collectively, the “Defendants”) in the U.S. District Court for the Northern District of California. The lawsuit alleges that Defendants violated the Securities Exchange Act of 1934, as amended, by making materially false and misleading statements about the Company’s business and prospects for future growth in the period between July 6, 2021 and November 8, 2022. On November 20, 2025, the court granted the Company’s motion to dismiss with prejudice and entered judgment in favor of Defendants, and the lead plaintiff did not appeal the order. On July 26, 2024, a purported shareholder derivative complaint was filed in the U.S. District Court for the Northern District of California. The complaint named as defendants certain of the Company’s former and current officers and directors, as well as the Company as nominal defendant, and asserted state and federal claims based on some of the same alleged misstatements as the securities class action complaint described above. The complaint sought unspecified damages, attorneys’ fees, and other costs. On January 7, 2026, the lawsuit was dismissed. Class Action Litigation On October 28, 2024 and October 29, 2024, two class action complaints were filed in the Delaware Court of Chancery against the Company, certain of the Company’s former officers, certain of the former officers and directors of the special purpose acquisition company KVSB into which the Company merged on November 5, 2021, the sponsor of the Company’s special purpose acquisition merger Khosla Ventures SPAC Sponsor II LLC (the “Sponsor”), and certain entities allegedly related to the Sponsor. The two complaints were consolidated on December 6, 2024 and the plaintiffs filed a consolidated complaint on December 26, 2024. The consolidated complaint is brought on behalf of a class of KVSB stockholders who could have, but did not, choose to redeem their KVSB shares in connection with the November 5, 2021 merger between KVSB and the Company. The consolidated complaint alleges that defendants breached various duties to KVSB stockholders by making false or misleading statements and/or aided and abetted such breaches. The consolidated complaint also alleges claims for unjust enrichment. The consolidated complaint seeks damages, disgorgement, attorneys’ fees, and other costs. Defendants answered the consolidated complaint on February 10, 2025, following which discovery commenced. The Company filed an amended answer on December 12, 2025. On February 17, 2026, the plaintiffs filed an amended complaint, which brings the same claims and seeks the same relief as did the consolidated complaint. The Company filed a motion to dismiss the amended complaint on April 6, 2026, which is currently pending. The Company intends to vigorously defend against the claims in these actions. Given the procedural posture and the nature of such litigation matters, the Company is currently unable to estimate the reasonably possible loss or range of loss, if any, that may result from these matters. Any litigation is inherently uncertain, and any judgment or injunctive relief entered against the Company or any adverse settlement could materially and adversely impact its business, results of operations, financial condition, and prospects. Indemnification In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its customers, partners, suppliers, and vendors. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement, or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. For the three months ended March 31, 2026 and 2025, the Company did not incur material costs to defend lawsuits or settle claims related to these indemnifications. The Company believes the fair value of these liabilities is not material and accordingly has no liabilities recorded for these agreements as of March 31, 2026 and December 31, 2025.

Stockholders’ Equity - Restricted Stock Units (Details) - Restricted Stock Units shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	47,101
RSUs granted (in shares) \| shares	33,863
RSUs vested (in shares) \| shares	(5,937)
RSUs forfeited (in shares) \| shares	(1,719)
Ending balance (in shares) \| shares	73,308
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share) \| $ / shares	$ 1.95
RSUs granted (in USD per share) \| $ / shares	1.73
RSUs vested (in USD per share) \| $ / shares	2.10
RSUs forfeited (in USD per share) \| $ / shares	1.84
Ending balance (in USD per share) \| $ / shares	$ 1.84

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision for income taxes for interim periods was determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arose during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The Company’s quarterly tax provision, and estimate of its annual effective tax rate, is subject to variation due to several factors, including variability in pretax income or loss, the mix of jurisdictions to which such income or loss relates, tax law developments and changes in how the Company does business, such as acquisitions, intercompany transactions, or the Company’s corporate structure. The Company recorded an income tax expense for the three months ended March 31, 2026 and 2025 of $0.1 million and $0.1 million, respectively, both of which were related to state and foreign taxes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option activity for the three months ended March 31, 2026 and related information is as follows (in thousands, except per share data):


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025	12,914	$	2.73	4.4	$	1,461
Options granted	—	$	—
Options exercised	(698)	$	1.55
Options forfeited or expired	(220)	$	2.93
Outstanding at March 31, 2026	11,996	$	2.80	4.3	$	12
Exercisable at March 31, 2026	11,996	$	2.80	4.3	$	12
Vested or expected to vest at March 31, 2026	11,996	$	2.80	4.3	$	12

Schedule of Restricted Stock Unit Activity

A summary of the Company’s RSU activity for the three months ended March 31, 2026 and related information is as follows (in thousands, except per share data):


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	47,101	$	1.95
RSUs granted	33,863	$	1.73
RSUs vested	(5,937)	$	2.10
RSUs forfeited	(1,719)	$	1.84
Unvested at March 31, 2026	73,308	$	1.84

Schedule of Assumptions Used to Calculate Fair Value

The following assumptions were used to calculate the fair value of market-based PSUs made during the following periods:


	Three Months Ended March 31,
	2026	2025
Expected volatility	63.9% - 65.4%	66.5%
Expected term (in years)	3.8 - 3.9	4.9
Risk-free interest rate	3.6% - 3.9%	4.1%
Expected dividend yield	—	—

Schedule of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	622	$	745
Research and development	8,363		9,188
Sales and marketing	1,935		2,472
General and administrative	3,842		4,686
Total	$	14,762	$	17,091

Stockholders’ Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	$ 14,762	$ 17,091
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	622	745
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	8,363	9,188
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	1,935	2,472
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	$ 3,842	$ 4,686

Fair Value Measurements - Financial Instruments, Assets, and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note receivable	$ 15,000	$ 15,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note receivable	14,208	14,181
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note receivable	0	0
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note receivable	0	0
Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note receivable	$ 14,208	$ 14,181

Stockholders’ Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Number of Options
Beginning balance (in shares)	12,914,000
Options granted (in shares)	0	0
Options exercised (in shares)	(698,000)
Options forfeited or expired (in shares)	(220,000)
Ending balance (in shares)	11,996,000		12,914,000
Exercisable (in shares)	11,996,000
Vested or expected to vest (in shares)	11,996,000
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 2.73
Options granted (in USD per share)	0
Options exercised (in USD per share)	1.55
Options forfeited and expired (in USD per share)	2.93
Ending balance (in USD per share)	2.80		$ 2.73
Exercisable (in USD per share)	2.80
Vested or expected to vest (in USD per share)	$ 2.80
Additional Disclosures
Options outstanding, weighted average remaining contractual term (years)	4 years 3 months 18 days		4 years 4 months 24 days
Exercisable, weighted average remaining contractual term (years)	4 years 3 months 18 days
Vested or expected to vest (years)	4 years 3 months 18 days
Options outstanding, aggregate intrinsic value	$ 12		$ 1,461
Exercisable, aggregate intrinsic value	12
Vested or expected to vest, aggregate intrinsic value	$ 12

Segment and Geographical Information

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Segment and Geographical Information

The Company has one reportable and operating segment. The Company’s Chief Operating Decision Maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. Net loss is the Company’s primary measure of profit or loss. Cost of revenue, research and development, sales and marketing, and general and administrative expenses are considered significant segment expenses and are reflected in the consolidated statement of operations. Other segment items included in consolidated net loss are interest income, other income (expense), net and the provision for income taxes, which are also reflected in the consolidated statements of operations.

Revenue disaggregated by geography based on the customers’ location was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
United States	$	59,363	$	51,901
International	2,306		2,275
Total	$	61,669	$	54,176

Substantially all of the Company’s long-lived assets are located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data):


	Three Months Ended March 31,
	2026				2025
	Class A		Class B		Class A		Class B
Net loss attributable to common stockholders	$	(7,651)	$	(3,766)	$	(13,153)	$	(8,799)
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted	259,229		127,593		230,276		154,059
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.03)	$	(0.03)	$	(0.06)	$	(0.06)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities outstanding have been excluded from the computations of diluted net loss per share because such securities have an anti-dilutive impact due to losses reported (in thousands):


	As of March 31,
	2026	2025
Outstanding stock options	11,996	19,516
Unvested RSUs	60,770	63,778
Shares issuable pursuant to the ESPP	1,321	1,504
Total	74,087	84,798

Description of Business (Details) neighbor in Millions	Mar. 31, 2026 neighbor
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of verified neighbors	110

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s financial assets and liabilities measured at fair value on a recurring basis are classified by level within the fair value hierarchy. There were no financial assets or liabilities measured using Level 3 inputs as of March 31, 2026 and December 31, 2025. The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis (in thousands):


	As of March 31, 2026
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	25,189	$	—	$	25,189
Corporate bonds	—		3,675		3,675
Commercial paper	—		1,349		1,349
Total cash equivalents	25,189		5,024		30,213
Marketable securities:
Certificates of deposit	—		2,177		2,177
Commercial paper	—		3,046		3,046
Corporate bonds	—		262,356		262,356
U.S. Treasury securities	—		10,961		10,961

Asset-backed securities	—		38,464		38,464
Total marketable securities	—		317,004		317,004
Total cash equivalents and marketable securities	$	25,189	$	322,028	$	347,217


	As of December 31, 2025
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	29,023	$	—	$	29,023


Total cash equivalents	29,023		—		29,023
Marketable securities:
Certificates of deposit	—		905		905
Commercial paper	—		1,863		1,863
Corporate bonds	—		287,586		287,586
U.S. Treasury securities	—		6,756		6,756

Asset-backed securities	—		44,319		44,319
Total marketable securities	—		341,429		341,429
Total cash equivalents and marketable securities	$	29,023	$	341,429	$	370,452

The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 because it determines their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs. There were no transfers between levels of the fair value hierarchy during the periods presented.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable, and accounts payable approximate fair value due to their short-term maturities and are excluded from the fair value table above.

Financial Instruments, Assets, and Liabilities Not Recorded at Fair Value

Opportunity Finance Network Loan Agreement

In June 2022, the Company entered into a credit agreement with Opportunity Finance Network (“OFN”) to lend up to an aggregate of $15.0 million, unsecured, over the course of 24 months. As of March 31, 2026, the note receivable from OFN totaled $15.0 million and is recorded under other assets on the condensed consolidated balance sheets.

The following tables present the fair value hierarchy of assets not recorded at fair value (in thousands):


	As of March 31, 2026
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Assets
Note receivable	$	15,000	$	—	$	—	$	14,208	$	14,208


	As of December 31, 2025
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Assets
Note receivable	$	15,000	$	—	$	—	$	14,181	$	14,181

As of March 31, 2026 and December 31, 2025, there were no other financial instruments or liabilities that were not recorded at fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	386,822	384,335
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	386,822	384,335
Net loss per share attributable to Class A and Class B common stockholders, basic (in USD per share)	$ (0.03)	$ (0.06)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in USD per share)	$ (0.03)	$ (0.06)
Class A Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders, basic	$ (7,651)	$ (13,153)
Net loss attributable to common stockholders, diluted	$ (7,651)	$ (13,153)
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	259,229	230,276
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	259,229	230,276
Net loss per share attributable to Class A and Class B common stockholders, basic (in USD per share)	$ (0.03)	$ (0.06)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in USD per share)	$ (0.03)	$ (0.06)
Class B Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders, basic	$ (3,766)	$ (8,799)
Net loss attributable to common stockholders, diluted	$ (3,766)	$ (8,799)
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	127,593	154,059
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	127,593	154,059
Net loss per share attributable to Class A and Class B common stockholders, basic (in USD per share)	$ (0.03)	$ (0.06)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in USD per share)	$ (0.03)	$ (0.06)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Subsequent Events (Details) - Class A Common Stock - USD ($) $ in Millions	Apr. 30, 2026	May 31, 2022
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 100.0
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount	$ 100.0

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data):


	Three Months Ended March 31,
	2026				2025
	Class A		Class B		Class A		Class B
Net loss attributable to common stockholders	$	(7,651)	$	(3,766)	$	(13,153)	$	(8,799)
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted	259,229		127,593		230,276		154,059
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.03)	$	(0.03)	$	(0.06)	$	(0.06)


	As of March 31,
	2026	2025
Outstanding stock options	11,996	19,516
Unvested RSUs	60,770	63,778
Shares issuable pursuant to the ESPP	1,321	1,504
Total	74,087	84,798

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 04, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40246
Entity Registrant Name	Nextdoor Holdings, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1776836
Entity Address, Address Line One	420 Taylor Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94102
City Area Code	415
Local Phone Number	344-0333
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	NXDR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001846069
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		253,892,530
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		127,495,195

Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash and Cash Equivalents

The amortized costs, unrealized gains and losses, and estimated fair values of the Company’s cash equivalents and marketable securities were as follows (in thousands):


	As of March 31, 2026
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	25,189	$	—	$	—	$	25,189
Corporate bonds	3,676		—		(1)		3,675
Commercial paper	1,349		—		—		1,349
Total cash equivalents	30,214		—		(1)		30,213
Marketable securities:
Certificates of deposit	2,178		—		(1)		2,177
Commercial paper	3,048		—		(2)		3,046
Corporate bonds	262,330		391		(365)		262,356
U.S. Treasury securities	10,971		11		(21)		10,961

Asset-backed securities	38,392		81		(9)		38,464
Total marketable securities	316,919		483		(398)		317,004
Total	$	347,133	$	483	$	(399)	$	347,217


	As of December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	29,023	$	—	$	—	$	29,023


Total cash equivalents	29,023		—		—		29,023
Marketable securities:
Certificates of deposit	905		—		—		905
Commercial paper	1,862		1		—		1,863
Corporate bonds	286,553		1,048		(15)		287,586
U.S. Treasury securities	6,720		36		—		6,756

Asset-backed securities	44,147		172		—		44,319
Total marketable securities	340,187		1,257		(15)		341,429
Total	$	369,210	$	1,257	$	(15)	$	370,452

Schedule of Marketable Securities

The amortized costs, unrealized gains and losses, and estimated fair values of the Company’s cash equivalents and marketable securities were as follows (in thousands):


	As of March 31, 2026
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	25,189	$	—	$	—	$	25,189
Corporate bonds	3,676		—		(1)		3,675
Commercial paper	1,349		—		—		1,349
Total cash equivalents	30,214		—		(1)		30,213
Marketable securities:
Certificates of deposit	2,178		—		(1)		2,177
Commercial paper	3,048		—		(2)		3,046
Corporate bonds	262,330		391		(365)		262,356
U.S. Treasury securities	10,971		11		(21)		10,961

Asset-backed securities	38,392		81		(9)		38,464
Total marketable securities	316,919		483		(398)		317,004
Total	$	347,133	$	483	$	(399)	$	347,217


	As of December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	29,023	$	—	$	—	$	29,023


Total cash equivalents	29,023		—		—		29,023
Marketable securities:
Certificates of deposit	905		—		—		905
Commercial paper	1,862		1		—		1,863
Corporate bonds	286,553		1,048		(15)		287,586
U.S. Treasury securities	6,720		36		—		6,756

Asset-backed securities	44,147		172		—		44,319
Total marketable securities	340,187		1,257		(15)		341,429
Total	$	369,210	$	1,257	$	(15)	$	370,452

Schedule of Investments Classified by Contractual Maturity Date

The following tables present the contractual maturities of the Company’s marketable securities (in thousands):


	As of March 31, 2026
	Amortized Cost		Estimated Fair Value
Due within one year	$	109,974	$	110,152
Due after one to three years	206,945		206,852
Total	$	316,919	$	317,004


	As of December 31, 2025
	Amortized Cost		Estimated Fair Value
Due within one year	$	113,832	$	114,172
Due after one to three years	226,355		227,257
Total	$	340,187	$	341,429

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 61,669	$ 54,176
Costs and expenses:
Cost of revenue	11,048	9,447
Research and development	32,016	33,494
Sales and marketing	19,646	22,112
General and administrative	14,289	16,136
Total costs and expenses	76,999	81,189
Loss from operations	(15,330)	(27,013)
Interest income	4,036	4,982
Other income, net	14	220
Loss before income taxes	(11,280)	(21,811)
Provision for income taxes	137	141
Net loss	$ (11,417)	$ (21,952)
Net loss per share attributable to Class A and Class B common stockholders, basic (in USD per share)	$ (0.03)	$ (0.06)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in USD per share)	$ (0.03)	$ (0.06)
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	386,822	384,335
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	386,822	384,335

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Nextdoor Holdings, Inc. (“Nextdoor” or the “Company”) is headquartered in San Francisco, California. Nextdoor is the essential neighborhood network connecting over 110 million Verified Neighbors to the people, places, and information that matter most in their local communities. On November 5, 2021 (the “Closing”), the Company consummated the transactions contemplated by the Agreement and Plan of Merger, dated July 6, 2021, as amended on September 30, 2021, by and among Khosla Ventures Acquisition Co. II (“KVSB”), a special purpose acquisition company, Lorelei Merger Sub Inc., and Nextdoor, Inc. (“Legacy Nextdoor”), with Legacy Nextdoor surviving as a wholly owned subsidiary of KVSB (the “Merger” and, collectively with the other transactions that occurred in connection with the Merger, the “Reverse Recapitalization”). In connection with the Closing, KVSB was renamed to Nextdoor Holdings, Inc.

Fair Value Measurements - Financial Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 30,213	$ 29,023
Marketable securities	317,004	341,429
Total cash equivalents and marketable securities	347,217	370,452
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	2,177	905
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	3,046	1,863
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	262,356	287,586
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	10,961	6,756
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	38,464	44,319
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	25,189	29,023
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	3,675
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,349
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	25,189	29,023
Marketable securities	0	0
Total cash equivalents and marketable securities	25,189	29,023
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	25,189	29,023
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	5,024	0
Marketable securities	317,004	341,429
Total cash equivalents and marketable securities	322,028	341,429
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	2,177	905
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	3,046	1,863
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	262,356	287,586
Level 2 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	10,961	6,756
Level 2 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	38,464	44,319
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	$ 0
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	3,675
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,349

Cash Equivalents and Marketable Securities - Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized Cost
Due within one year	$ 109,974	$ 113,832
Due after one to three years	206,945	226,355
Total	316,919	340,187
Estimated Fair Value
Due within one year	110,152	114,172
Due after one to three years	206,852	227,257
Total	$ 317,004	$ 341,429

Segment and Geographical Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 61,669	$ 54,176
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	59,363	51,901
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 2,306	$ 2,275

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders’ Equity

Equity Incentive Plans

2021 Equity Incentive Plan

In November 2021, the Company’s Board of Directors and stockholders approved the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) as a successor to the 2018 Equity Incentive Plan (the “2018 Plan”), with the purpose of granting stock-based awards to employees, directors, officers, and consultants, including stock options, restricted stock awards, and restricted stock units (“RSUs”).

The Company initially reserved for issuance under the 2021 Plan (a) 46,008,885 shares of Class A common stock, plus (b) shares that are subject to issuance upon exercise of options granted under the 2018 Plan prior to the Closing but which, after the Closing, cease to be subject to the option for any reason other than exercise of the option, (c) shares that are subject to awards granted under the 2018 Plan prior to the Closing that, after the Closing, are forfeited or are repurchased by the Company at the original issue price, (d) shares that are subject to awards granted under the 2018 Plan prior to the Closing that, after the Closing, otherwise terminate without such shares being issued, and (e) shares that, after the Closing, are used to pay the exercise price of a stock option issued under the 2018 Plan prior to the Closing or are withheld to satisfy the tax withholding obligations related to any award issued under the 2018 Plan prior to the Closing. The number of shares available for grant and issuance under the 2021 Plan will increase automatically on January 1 of each of 2022 through 2031 by the number of shares equal to the lesser of (i) five percent (5%) of the number of shares (rounded down to the nearest whole share) of Class A common stock and Class B common stock issued and outstanding on each December 31 immediately prior to the date of increase, or (ii) such number of shares determined by the Company’s Board of Directors.

2021 Employee Stock Purchase Plan

In November 2021, the Company’s Board of Directors and stockholders approved the Company’s 2021 Employee Stock Purchase Plan (the “2021 ESPP”). Over a series of offering periods, each of which may consist of one or more purchase periods, eligible employees will be offered the option to purchase shares of Class A common stock at 85% of the lesser of the fair market value of Class A common stock on (i) the first business day of the applicable offering period and (ii) the date of purchase. Under the 2021 ESPP, the Company initially reserved 8,901,159 shares of Class A common stock for issuance, and the aggregate number of shares reserved will increase automatically on January 1 of each of 2022 through 2031 by the number of shares equal to the lesser of (i) one percent (1%) of the total number of outstanding shares of Class A common stock and Class B common stock as of the immediately preceding December 31, or (ii) a number of shares as may be determined by the Company’s Board of Directors. The aggregate number of shares issued over the term of the 2021 ESPP, subject to adjustments for stock-splits, recapitalizations, or similar events, may not exceed 89,011,590 shares. In February 2022, the Company commenced its first offering period under the 2021 ESPP. During the three months ended March 31, 2026 and 2025, 307,511 and 408,404 shares of Class A common stock were purchased under the 2021 ESPP, respectively.

Share Repurchase Programs

In May 2022, the Company’s Board of Directors authorized and approved a share repurchase program to repurchase up to $100.0 million in aggregate of the Company’s Class A common stock, with the authorization to expire on June 30, 2024. The timing of any repurchases depended on market conditions and other investment opportunities, and repurchases were made at the Company’s discretion. The share repurchase program did not obligate the Company to repurchase any dollar amount or number of shares, and the program could be extended, modified, suspended, or discontinued at any time. In February 2024, the Company’s Board of Directors authorized and approved an increase of $150.0 million to the share repurchase program and extended the expiration date to March 31, 2026.

When the Company repurchases shares under share repurchase programs, it reduces the common stock component of stockholders’ equity by the par value of the repurchased shares. The excess of the repurchase price over par value is recorded to additional paid-in capital. All repurchased shares are retired and become authorized and unissued shares.

During the three months ended March 31, 2026, the Company repurchased and retired 16,992,982 shares of Class A common stock at an average purchase price of $1.69 per share for an aggregate repurchase price of $28.7 million. During the three months ended March 31, 2025, the Company repurchased and retired 4,720,415 shares of Class A common stock at an average purchase price of $1.92 per share for an aggregate repurchase price of $9.1 million. This share repurchase program expired on March 31, 2026.

In April 2026, the Company’s Board of Directors authorized and approved a new share repurchase program to repurchase up to $100.0 million in aggregate of the Company’s Class A common stock, with the authorization to expire on June 30, 2028. The timing of any repurchases will depend on market conditions and other investment opportunities, and will be made at the Company’s discretion. The program does not obligate us to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended, or discontinued at any time.

Stock Options and RSUs

The Company may grant options to acquire shares of Class A common stock to employees, directors, officers, and consultants at a price not less than the fair market value of the shares at the date of grant. Options granted to a person who, at the time of the grant, owns more than 10% of the voting power of all classes of stock shall be at no less than 110% of the fair market value and expire five years from the date of grant. All other options generally have a contractual term of ten years. Options granted generally vest on a monthly basis over two to three years. RSUs granted for Class A common stock generally vest on a quarterly basis over two to three years.

A summary of the Company’s stock option activity for the three months ended March 31, 2026 and related information is as follows (in thousands, except per share data):


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025	12,914	$	2.73	4.4	$	1,461
Options granted	—	$	—
Options exercised	(698)	$	1.55
Options forfeited or expired	(220)	$	2.93
Outstanding at March 31, 2026	11,996	$	2.80	4.3	$	12
Exercisable at March 31, 2026	11,996	$	2.80	4.3	$	12
Vested or expected to vest at March 31, 2026	11,996	$	2.80	4.3	$	12

The intrinsic value is calculated as the difference between the exercise price of the underlying common stock option award and the fair value of the Company’s common stock as of the respective balance sheet date. The intrinsic value of the options exercised was $0.3 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. No options were granted during the three months ended March 31, 2026 and 2025.

A summary of the Company’s RSU activity for the three months ended March 31, 2026 and related information is as follows (in thousands, except per share data):


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	47,101	$	1.95
RSUs granted	33,863	$	1.73
RSUs vested	(5,937)	$	2.10
RSUs forfeited	(1,719)	$	1.84
Unvested at March 31, 2026	73,308	$	1.84

Market-based PSUs

In March 2026, the Company granted its executive officers market-based performance stock unit (“PSU”) awards with a target of 5,857,778 shares (“Target Award”) of the Company’s Class A common stock. The number of shares earned will be based on the achievement of stock price targets calculated based on predetermined compound annual growth rate thresholds at any point over a four-year performance period. Grantees may earn from 0% to 200% of the Target Award. Any portion of the PSUs that remains unvested at the end of the applicable performance period will be forfeited. Vesting is subject to the grantee’s continuous employment with the Company through the later of the vesting date and the date achievement is certified, as well as other customary provisions pursuant to the Company’s 2021 Plan.

In March 2025, the Company granted its Chief Executive Officer a market-based PSU award of 722,005 shares of the Company’s Class A common stock. In August 2025, the Company granted another market-based PSU award of 947,867 shares to an executive officer with the same performance metrics and vesting conditions as the March 2025 PSU. For all awards, the PSUs will vest based on stock price targets achieved over a four-year period, and any PSUs that have not vested at the end of the applicable performance period will be forfeited. Vesting is subject to the grantees’ continuous employment with the Company, as well as other customary provisions pursuant to the Company’s 2021 Plan.

The aggregate grant date fair value of the 2026 and 2025 PSUs was $14.9 million and $2.6 million, respectively, calculated using a Monte Carlo simulation model and recognized over the respective requisite service periods using the graded-vesting method. Compensation cost is not adjusted in future periods for subsequent changes in the expected outcome of market-related conditions. For

the three months ended March 31, 2026 and 2025, the Company recognized $1.4 million and $1.2 million of stock-based compensation expense related to PSUs, respectively.

Valuation Assumptions

The following assumptions were used to calculate the fair value of market-based PSUs made during the following periods:


	Three Months Ended March 31,
	2026	2025
Expected volatility	63.9% - 65.4%	66.5%
Expected term (in years)	3.8 - 3.9	4.9
Risk-free interest rate	3.6% - 3.9%	4.1%
Expected dividend yield	—	—

Stock-Based Compensation

The Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	622	$	745
Research and development	8,363		9,188
Sales and marketing	1,935		2,472
General and administrative	3,842		4,686
Total	$	14,762	$	17,091

As of March 31, 2026, there was $113.6 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted average period of 2.5 years.

Fair Value Measurements - Narrative (Details) - USD ($)	1 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		$ 347,217,000	$ 370,452,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		0	0
Financial liabilities		0	$ 0
Opportunity Finance Network
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans agreement, maximum lending capacity	$ 15,000,000.0	$ 15,000,000.0
Loan agreement, lending grand, terms (in months)	24 months

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

The amortized costs, unrealized gains and losses, and estimated fair values of the Company’s cash equivalents and marketable securities were as follows (in thousands):


	As of March 31, 2026
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	25,189	$	—	$	—	$	25,189
Corporate bonds	3,676		—		(1)		3,675
Commercial paper	1,349		—		—		1,349
Total cash equivalents	30,214		—		(1)		30,213
Marketable securities:
Certificates of deposit	2,178		—		(1)		2,177
Commercial paper	3,048		—		(2)		3,046
Corporate bonds	262,330		391		(365)		262,356
U.S. Treasury securities	10,971		11		(21)		10,961

Asset-backed securities	38,392		81		(9)		38,464
Total marketable securities	316,919		483		(398)		317,004
Total	$	347,133	$	483	$	(399)	$	347,217


	As of December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	29,023	$	—	$	—	$	29,023


Total cash equivalents	29,023		—		—		29,023
Marketable securities:
Certificates of deposit	905		—		—		905
Commercial paper	1,862		1		—		1,863
Corporate bonds	286,553		1,048		(15)		287,586
U.S. Treasury securities	6,720		36		—		6,756

Asset-backed securities	44,147		172		—		44,319
Total marketable securities	340,187		1,257		(15)		341,429
Total	$	369,210	$	1,257	$	(15)	$	370,452

All marketable securities are designated as available-for-sale securities as of March 31, 2026 and December 31, 2025. No investments had been in an unrealized loss position for greater than 12 months as of March 31, 2026 and December 31, 2025.

The following tables present the contractual maturities of the Company’s marketable securities (in thousands):


	As of March 31, 2026
	Amortized Cost		Estimated Fair Value
Due within one year	$	109,974	$	110,152
Due after one to three years	206,945		206,852
Total	$	316,919	$	317,004


	As of December 31, 2025
	Amortized Cost		Estimated Fair Value
Due within one year	$	113,832	$	114,172
Due after one to three years	226,355		227,257
Total	$	340,187	$	341,429

Cash Equivalents and Marketable Securities - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash equivalents:
Amortized Cost	$ 30,214	$ 29,023
Unrealized Gain	0	0
Unrealized Loss	(1)	0
Estimated Fair Value	30,213	29,023
Marketable securities:
Amortized Cost	316,919	340,187
Unrealized Gain	483	1,257
Unrealized Loss	(398)	(15)
Estimated Fair Value	317,004	341,429
Total
Amortized Cost	347,133	369,210
Unrealized Gain	483	1,257
Unrealized Loss	(399)	(15)
Estimated Fair Value	347,217	370,452
Certificates of deposit
Marketable securities:
Amortized Cost	2,178	905
Unrealized Gain	0	0
Unrealized Loss	(1)	0
Estimated Fair Value	2,177	905
Commercial paper
Marketable securities:
Amortized Cost	3,048	1,862
Unrealized Gain	0	1
Unrealized Loss	(2)	0
Estimated Fair Value	3,046	1,863
Corporate bonds
Marketable securities:
Amortized Cost	262,330	286,553
Unrealized Gain	391	1,048
Unrealized Loss	(365)	(15)
Estimated Fair Value	262,356	287,586
U.S. Treasury securities
Marketable securities:
Amortized Cost	10,971	6,720
Unrealized Gain	11	36
Unrealized Loss	(21)	0
Estimated Fair Value	10,961	6,756
Asset-backed securities
Marketable securities:
Amortized Cost	38,392	44,147
Unrealized Gain	81	172
Unrealized Loss	(9)	0
Estimated Fair Value	38,464	44,319
Money market funds
Cash equivalents:
Amortized Cost	25,189	29,023
Unrealized Gain	0	0
Unrealized Loss	0	0
Estimated Fair Value	25,189	$ 29,023
Corporate bonds
Cash equivalents:
Amortized Cost	3,676
Unrealized Gain	0
Unrealized Loss	(1)
Estimated Fair Value	3,675
Commercial paper
Cash equivalents:
Amortized Cost	1,349
Unrealized Gain	0
Unrealized Loss	0
Estimated Fair Value	$ 1,349

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2026, the Company’s Board of Directors authorized and approved a new share repurchase program to repurchase up to $100.0 million in aggregate of the Company’s Class A common stock, with the authorization to expire on June 30, 2028. The timing of any repurchases will depend on market conditions and other investment opportunities, and will be made at the Company’s discretion. The program does not obligate us to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended, or discontinued at any time.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2024					224,488	158,134
Balance at beginning of period at Dec. 31, 2024	$ 453,488				$ 22	$ 16	$ 1,316,616	$ 917	$ (864,083)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units, net of tax withholdings (in shares)					3,875
Tax withholdings on restricted stock units	(6,019)						(6,019)
Repurchase of common stock (in shares)					(4,720)
Repurchase of common stock	(9,130)						(9,130)
Conversion from Class B to Class A common stock (in shares)					10,252	(10,252)
Conversion from Class B to Class A common stock	0				$ 1	$ (1)
Issuance of common stock upon exercise of stock options (in shares)					703
Issuance of common stock upon exercise of stock options	1,591						1,591
Issuance of common stock under employee stock purchase plan (in shares)					409
Issuance of common stock under employee stock purchase plan	713						713
Stock-based compensation	17,091						17,091
Other comprehensive (loss) income	287							287
Net loss	(21,952)								(21,952)
Balance at end of period (in shares) at Mar. 31, 2025					235,007	147,882
Balance at end of period at Mar. 31, 2025	436,069				$ 23	$ 15	1,320,862	1,204	(886,035)
Balance at beginning of period (in shares) at Dec. 31, 2025		262,446	127,681		262,446	127,681
Balance at beginning of period at Dec. 31, 2025	431,283				$ 26	$ 13	1,347,968	1,563	(918,287)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units, net of tax withholdings (in shares)					3,476
Tax withholdings on restricted stock units	(4,767)						(4,767)
Repurchase of common stock (in shares)					(16,993)
Repurchase of common stock	(28,659)			$ (1)			(28,658)
Conversion from Class B to Class A common stock (in shares)					170	(170)
Conversion from Class B to Class A common stock	$ 0
Issuance of common stock upon exercise of stock options (in shares)	698				698
Issuance of common stock upon exercise of stock options	$ 1,081						1,081
Issuance of common stock under employee stock purchase plan (in shares)					308
Issuance of common stock under employee stock purchase plan	418						418
Stock-based compensation	14,762						14,762
Other comprehensive (loss) income	(1,220)							(1,220)
Net loss	(11,417)								(11,417)
Balance at end of period (in shares) at Mar. 31, 2026		250,105	127,511		250,105	127,511
Balance at end of period at Mar. 31, 2026	$ 401,481				$ 25	$ 13	$ 1,330,804	$ 343	$ (929,704)