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Fair Value Measurements (Tables)

6 Months Ended

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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- References

No definition available.

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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

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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

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