v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
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 as of
June 30, 2026December 31, 2025
Convertible Senior Notes due 2029
$304,391 $324,979 
Convertible Senior Notes due 2032
237,750 N/A
Total fair value of outstanding convertible senior notes
$542,141 $324,979 
The net carrying amount of the Notes on the condensed consolidated balance sheets consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
Principal amount:
Convertible Senior Notes Due 2029
$316,250 $316,250 
Convertible Senior Notes Due 2032
300,000 
N/A
Total principal amount616,250 316,250 
Unamortized debt issuance costs(13,673)(6,214)
Long-term senior convertible notes$602,577 $310,036 
The following table summarizes the effective interest rates for each of our convertible senior notes for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Effective interest rate:
Convertible Senior Notes Due 2025
N/A2.2 %N/A2.2 %
Convertible Senior Notes Due 2029
2.1 %2.1 %2.1 %2.1 %
Convertible Senior Notes Due 2032
0.5 %N/A0.5 %N/A
Schedule of Interest Expense Recognized
The following table details interest expense related to the Notes recognized for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Contractual interest expense
$1,186 $1,237 $2,372 $2,576 
Amortization of debt issuance costs809 465 1,384 970 
Total interest expense$1,995 $1,702 $3,756 $3,546