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Fair Value (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques the Company utilized to determine such fair value:

 

 

 

December 31,

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

2023

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

34,316

 

 

$

34,316

 

 

$

 

 

$

 

U.S. government and agency debt securities

 

 

218,869

 

 

 

181,041

 

 

 

37,828

 

 

 

 

Corporate debt securities

 

 

131,224

 

 

 

 

 

 

131,224

 

 

 

 

Non-U.S. government debt securities

 

 

3,996

 

 

 

 

 

 

3,996

 

 

 

 

Total

 

$

388,405

 

 

$

215,357

 

 

$

173,048

 

 

$

 

 

 

 

December 31,

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

19,857

 

 

$

19,857

 

 

$

 

 

$

 

U.S. government and agency debt securities

 

 

202,050

 

 

 

168,639

 

 

 

33,411

 

 

 

 

Corporate debt securities

 

 

204,943

 

 

 

 

 

 

204,943

 

 

 

 

Non-U.S. government debt securities

 

 

38,789

 

 

 

 

 

 

38,789

 

 

 

 

Total

 

$

465,639

 

 

$

188,496

 

 

$

277,143

 

 

$