| Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2025 | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets | | | | | | | | Cash equivalents(1) | $ | 53,993 | | | $ | 53,993 | | | $ | — | | | $ | — | | | Available-for-sale securities: | | | | | | | | | United States Government-sponsored enterprises | 106,009 | | | — | | | 106,009 | | | — | | | United States Treasury securities | 72,803 | | | 72,803 | | | — | | | — | | | Commercial paper | 1,725 | | | — | | | 1,725 | | | — | | | Corporate debt securities | 70,712 | | | — | | | 70,712 | | | — | | | | | | | | | | | | | | | | | | | Total assets | $ | 305,242 | | | $ | 126,796 | | | $ | 178,446 | | | $ | — | | | Liabilities | | | | | | | | | Foreign exchange forward contracts | $ | 612 | | | $ | — | | | $ | 612 | | | $ | — | | | Total liabilities | $ | 612 | | | $ | — | | | $ | 612 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2024 | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets | | | | | | | | Cash equivalents(1) | $ | 56,234 | | | $ | 56,234 | | | $ | — | | | $ | — | | | United States Government-sponsored enterprises | 133,280 | | | — | | | 133,280 | | | — | | | United States Treasury securities | 103,702 | | | 103,702 | | | — | | | — | | | Commercial paper | 23,264 | | | — | | | 23,264 | | | — | | | Corporate debt securities | 105,836 | | | — | | | 105,836 | | | — | | Foreign government bonds | 3,013 | | | — | | | 3,013 | | | — | | | Total assets | $ | 425,329 | | | $ | 159,936 | | | $ | 265,393 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | |
(1)Generally, cash equivalents include money market funds and investments with a maturity of three months or less from the date of purchase.
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| Schedule of Convertible Senior Notes |
The Company estimated the fair value of its convertible senior notes based on Level 2 quoted market prices as follows (in thousands): | | | | | | | | | | | | | | Fair Value Measurements at | | June 30, 2025 | | December 31, 2024 | | Convertible Senior Notes due 2025 | $ | — | | | $ | 39,130 | | | Convertible Senior Notes due 2029 | 304,514 | | | 407,752 | | | Total fair value of outstanding convertible senior notes | $ | 304,514 | | | $ | 446,882 | | |
The net carrying amount of the Company’s convertible senior notes on the condensed consolidated balance sheets consisted of the following (in thousands): | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | Principal amount: | | | | Convertible Senior Notes Due 2025 | $ | — | | | $ | 40,760 | | Convertible Senior Notes Due 2029 | 316,250 | | | 316,250 | | Total principal amount | 316,250 | | | 357,010 | | | Unamortized debt issuance costs | (7,104) | | | (8,074) | | Total debt, net | $ | 309,146 | | | $ | 348,936 | | Less: current portion | — | | | (40,670) | | Long-term senior convertible notes | $ | 309,146 | | | $ | 308,266 | |
The following table summarizes the effective interest rates for each of our convertible senior notes for the periods shown: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | | 2025 | | 2024 | | | Effective interest rate: | | | | | | | | | | | Convertible Senior Notes Due 2025(1) | 2.2 | % | | 2.2 | % | | | 2.2 | % | | 2.2 | % | | | Convertible Senior Notes Due 2029 | 2.1 | % | | 2.1 | % | | | 2.1 | % | | 2.1 | % | | |
(1) The effective interest rate presented represents the rate applicable for the period outstanding. The 2025 Notes matured in May 2025, and the outstanding principal balance was settled using cash balances.
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