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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value of the Company’s financial assets measured on a recurring basis was as follows:
June 30, 2025
Level ITotal
Cash and cash equivalents:
Cash$89,964 $89,964 
Money market funds297,781 297,781 
Total Cash and cash equivalents$387,745 $387,745 
December 31, 2024
Level ITotal
Cash and cash equivalents:
Cash$79,378 $79,378 
Money market funds349,068 349,068 
Total Cash and cash equivalents$428,446 $428,446 
The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company had no Level 2 or Level 3 financial assets as of June 30, 2025 and December 31, 2024.
Interest income from investments was $3,202 and $5,128 for the three months ended June 30, 2025 and 2024, respectively, and $6,859 and $10,402 for the six months ended June 30, 2025 and 2024, respectively.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
The Company reports financial instruments at fair value, with the exception of the 0% Convertible Senior Notes due December 1, 2026 (“Convertible Notes”). Financial instruments that are not recorded at fair value on a recurring basis are measured at fair value on a quarterly basis for disclosure purposes. The carrying values and estimated fair values of financial instruments not recorded at fair value are as follows:
June 30, 2025December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
Convertible Notes$1,489,164 $1,400,625 $1,485,366 $1,344,375 
The carrying value of the Convertible Notes as of June 30, 2025 and December 31, 2024 was net of unamortized debt issuance costs of $10,836 and $14,634, respectively.
The total fair value of the Convertible Notes was determined based on the closing trading price as of the last day of trading for the period. The Company classifies the fair value to be a Level 2 valuation within the fair value measurement hierarchy due to the limited trading activity.