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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of the valuation of cash equivalents and marketable securities by pricing levels
The following table presents the financial instruments and liabilities that are carried at fair value and summarizes their valuation by the respective pricing levels detailed in Note 2, “Summary of Significant Accounting Policies,” as of December 31, 2024 and 2023:
As of December 31, 2024
(In thousands)TotalQuoted Market Prices in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets carried at fair value
Money market funds$6,025 $6,025 $— $— 
Time deposits12,870 — 12,870 — 
U.S. Government bonds and notes220,056 — 220,056 — 
Corporate bonds, commercial paper and notes155,432 — 155,432 — 
Total assets carried at fair value$394,383 $6,025 $388,358 $— 
As of December 31, 2023
(In thousands)TotalQuoted Market Prices in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets carried at fair value
Money market funds$3,790 $3,790 $— $— 
U.S. Government bonds and notes196,919 — 196,919 — 
Corporate bonds, commercial paper and notes136,649 — 136,649 — 
Total assets carried at fair value$337,358 $3,790 $333,568 $— 
Liabilities carried at fair value
Earn-out consideration related to PLDA acquisition$12,500 $— $— $12,500 
Total liabilities carried at fair value$12,500 $— $— $12,500 
Fair value, liabilities measured on recurring basis, unobservable input reconciliation The following table presents additional information about liabilities measured at fair value for which the Company utilizes Level 3 inputs to determine fair value, as of December 31, 2024 and 2023:
Years Ended December 31,
(In thousands)202420232022
Balance as of beginning of period$12,500 $14,800 $16,900 
Change in fair value of earn-out liability due to remeasurement(5,044)9,234 3,111 
Change in fair value of earn-out liability due to achievement of revenue target(7,456)(11,534)(5,211)
Balance as of end of period$— $12,500 $14,800