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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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