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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation:
|  | June 30, 2025 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 331,772 |  |  | $ | 331,772 |  |  | $ | — |  |  | $ | — |
Treasury bills |  |  | 31,366 |  |  |  | — |  |  |  | 31,366 |  |  |  | — |
Agency discount notes |  |  | 14,969 |  |  |  | — |  |  |  | 14,969 |  |  |  | — |
Total cash equivalents |  |  | 378,107 |  |  |  | 331,772 |  |  |  | 46,335 |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Treasury bills |  |  | 7,939 |  |  |  | — |  |  |  | 7,939 |  |  |  | — |
Total marketable securities |  |  | 7,939 |  |  |  | — |  |  |  | 7,939 |  |  |  | — |
Total financial assets |  | $ | 386,046 |  |  | $ | 331,772 |  |  | $ | 54,274 |  |  | $ | — |
Liability |  |  |  |  |  |  |  |  |  |  |  |
Embedded derivative (included in “Deferred royalty obligations, net”) |  | $ | 35,592 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,592 |
|  | December 31, 2024 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 294,872 |  |  | $ | 294,872 |  |  | $ | — |  |  | $ | — |
Treasury bills |  |  | 20,714 |  |  |  | — |  |  |  | 20,714 |  |  |  | — |
Agency discount notes |  |  | 44,205 |  |  |  | — |  |  |  | 44,205 |  |  |  | — |
Total cash equivalents |  |  | 359,791 |  |  |  | 294,872 |  |  |  | 64,919 |  |  |  | — |
Total financial assets |  | $ | 359,791 |  |  | $ | 294,872 |  |  | $ | 64,919 |  |  | $ | — |
Liability |  |  |  |  |  |  |  |  |  |  |  |
Embedded derivative (included in “Deferred royalty obligations, net”) |  | $ | 41,091 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,091 |
Schedule of Aggregate Face Values and Fair Values of Notes | The following table presents the aggregate face values and the fair values of the Notes, based on their market prices on the last trading day for the periods presented:
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | Aggregate Face Values |  |  | Estimated Fair Values |  |  | Aggregate Face Values |  |  | Estimated Fair Values |
|  | (in thousands) |  |  | (in thousands) |
2031 Convertible Notes |  | $ | 575,000 |  |  | $ | 670,090 |  |  | $ | — |  |  | $ | — |
2029 Convertible Notes |  |  | 747,500 |  |  |  | 700,505 |  |  |  | 747,500 |  |  |  | 640,708 |
2027 Convertible Notes |  |  | 550,000 |  |  |  | 684,024 |  |  |  | 550,000 |  |  |  | 578,087 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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