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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments and Liabilities Carried at Fair Value and Their Valuation by Respective 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, 2025 and 2024:

 

 

As of December 31, 2025

 

(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

 

$

47,277

 

 

$

47,277

 

 

$

 

 

$

 

Time deposits

 

 

15,540

 

 

 

 

 

 

15,540

 

 

 

 

U.S. Government bonds and notes

 

 

178,297

 

 

 

 

 

 

178,297

 

 

 

 

Non-U.S. Government bonds and notes

 

 

3,983

 

 

 

 

 

 

3,983

 

 

 

 

Corporate bonds, commercial paper and notes

 

 

448,901

 

 

 

 

 

 

448,901

 

 

 

 

Total assets carried at fair value

 

$

693,998

 

 

$

47,277

 

 

$

646,721

 

 

$

 

 

 

As of December 31, 2024

 

(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

 

$

6,025

 

 

$

6,025

 

 

$

 

 

$

 

Time deposits

 

 

12,870

 

 

 

 

 

 

12,870

 

 

 

 

U.S. Government bonds and notes

 

 

220,056

 

 

 

 

 

 

220,056

 

 

 

 

Corporate bonds, commercial paper and notes

 

 

155,432

 

 

 

 

 

 

155,432

 

 

 

 

Total assets carried at fair value

 

$

394,383

 

 

$

6,025

 

 

$

388,358

 

 

$

 

Schedule of Additional Information About Liabilities Measured at Fair Value With Level 3 Inputs 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:

 

 

Years Ended December 31,

 

(In thousands)

 

2024

 

 

2023

 

Balance as of beginning of period

 

$

12,500

 

 

$

14,800

 

Change in fair value of earn-out liability due to remeasurement

 

 

(5,044

)

 

 

9,234

 

Change in fair value of earn-out liability due to achievement of revenue target

 

 

(7,456

)

 

 

(11,534

)

Balance as of end of period

 

$

 

 

$

12,500