| 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 | |
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| 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 | |
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| 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 | | | | | | | | |
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