v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table represents the Company’s fair value hierarchy for its financial assets and liabilities (in thousands):
Fair Value at March 31, 2026Fair Value at December 31, 2025
AssetsLevel 1Level 2Level 3Level 1Level 2Level 3
Money market funds(1)
$112,862 $— $— $128,152 $— $— 
Government-backed securities(1)
— 90,000 — — 90,000 — 
Treasury securities
— 232,692 — 220,299 — 
Corporate debt securities(2)
— 311,652 — — 260,154 — 
Agency securities32,548 $— —13,997 —
Total cash equivalents and marketable securities
$112,862 $666,892 $— $128,152 $584,450 $— 
Liabilities
5.00% Convertible notes due 2027(3)
$— $29,351 $— $— $28,313 $— 
4.625% Convertible notes due 2031(3)
$— $249,714 $— $— $221,967 $— 
Total convertible notes payable$— $279,065 $— $— $250,280 $— 
    
(1)Classified as cash and cash equivalents as of March 31, 2026 and December 31, 2025, respectively, on the consolidated balance sheets.
(2)Includes $14.9 million classified as Cash and cash equivalents as of March 31, 2026, on the consolidated balance sheets.
(3)Classified as Long-term debt as of March 31, 2026 and December 31, 2025, respectively, on the consolidated balance sheets.
Fixed-income investments categorized as Level 2 are valued at the custodian bank by a third-party pricing vendor’s valuation models that use verifiable observable market data, such as interest rates and yield curves observable at commonly quoted intervals and credit spreads, bids provided by brokers or dealers, or quoted prices of securities with similar characteristics. Pricing of the Company’s convertible notes has been estimated using observable inputs, including the price of the Company’s common stock, implied volatility, interest rates, and credit spreads.
During the three months ended March 31, 2026 and 2025, the Company did not have any transfers between levels.
During the three months ended March 31, 2026, the Company entered into a Credit, Security, and Guaranty Agreement (the “Credit Agreement”) with MidCap Financial Trust, which provides for a senior secured term loan facility of up to $330.0 million, of which $50.0 million was funded at closing (see Note 11). Since the term loan was recently issued at market terms and bears interest at a variable rate based on the one-month Secured Overnight Financing Rate plus 5.00%, its funded amount of $50.0 million approximates its fair value as of March 31, 2026.
The amount in the Company’s consolidated balance sheets for accounts payable and accrued expenses approximates its fair value due to its short-term nature.