Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt

Schedule of liability for sale of future royalties


		Six Months Ended June 30,
Liability for sale of future royalties- (current and noncurrent)		2026
Beginning balance as of December 31, 2025		$	2,308,366
Less: Non-cash royalty revenue payable to Royalty Pharma			(117,940)
Plus: Non-cash interest expense recognized			131,008
Ending balance		$	2,321,434
Effective interest rate as of June 30, 2026			11.0%

2031 Convertible Notes

Debt

Summary of convertible notes




		June 30, 2026			December 31, 2025
Principal		$	550,000		$	—
Less: Debt issuance costs			(14,481)			—

Net carrying amount

$

535,519

$

—

Schedule of interest expense recognized related to the convertible Notes



		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Amortization of debt issuance costs		$	119		$	—		$	119		$	—
Total		$	119		$	—		$	119		$	—
Effective interest rate			0.5	%		—	%		0.5	%		—	%

2026 Convertible Notes

Debt

Summary of convertible notes



		June 30, 2026			December 31, 2025
Principal		$	287,500		$	287,500
Conversion of the 2026 Convertible Notes			(10,000)			—
Repurchase of the 2026 Convertible Notes			(222,000)			—
Less: Debt issuance costs			(49)			(869)
Net carrying amount		$	55,451		$	286,631

Schedule of interest expense recognized related to the convertible Notes


			Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Contractual interest expense		$	830		$	1,067		$	1,899		$	2,135
Amortization of debt issuance costs			265			301			570			601
Total		$	1,095		$	1,368		$	2,469		$	2,736
Effective interest rate			1.9	%		1.9	%		1.9	%		1.9	%