Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022:

	As of December 31, 2023
(In thousands)	Total		Quoted 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 notes	196,919		—		196,919		—
Corporate bonds, commercial paper and notes	136,649		—		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

	As of December 31, 2022
(In thousands)	Total		Quoted 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	$	15,763	$	15,763	$	—	$	—
U.S. Government bonds and notes	96,371		—		96,371		—
Corporate bonds, commercial paper and notes	106,355		—		106,355		—
Total assets carried at fair value	$	218,489	$	15,763	$	202,726	$	—
Liabilities carried at fair value
Earn-out consideration related to PLDA acquisition	$	14,800	$	—	$	—	$	14,800
Total liabilities carried at fair value	$	14,800	$	—	$	—	$	14,800

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, 2023 and 2022:

	Years Ended December 31,
(In thousands)	2023		2022		2021
Balance as of beginning of period	$	14,800	$	16,900	$	—
Addition of earn-out liability due to acquisition	—		—		11,600
Change in fair value of earn-out liability due to remeasurement	9,234		3,111		5,300
Change in fair value of earn-out liability due to achievement of revenue target	(11,534)		(5,211)		—
Balance as of end of period	$	12,500	$	14,800	$	16,900

Financial instruments not carried at fair value but requiring fair value disclosure

The following table presents the financial instruments that are not carried at fair value but require fair value disclosure as of 2022:

	As of December 31, 2022
(In thousands)	Face Value		Carrying Value		Fair Value
1.375% Convertible Senior Notes due 2023 (the “2023 Notes”)	$	10,381	$	10,378	$	19,625