| Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Total | | Level 1 | | Level 2 | | Level 3 | | | | | | | | | | (in thousands) | | Assets | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | $ | 313,677 | | | $ | 313,677 | | | $ | — | | | $ | — | | | U.S. Treasury securities | 359,486 | | | — | | | 359,486 | | | — | | | | | | | | | | | Commercial paper | 546,005 | | | — | | | 546,005 | | | — | | | Total cash equivalents | 1,219,168 | | | 313,677 | | | 905,491 | | | — | | | Marketable securities: | | | | | | | | | U.S. Treasury securities | 1,999 | | | — | | | 1,999 | | | — | | | Agency discount notes | 3,493 | | | — | | | 3,493 | | | — | | | Total marketable securities | 5,492 | | | — | | | 5,492 | | | — | | | Total financial assets | $ | 1,224,660 | | | $ | 313,677 | | | $ | 910,983 | | | $ | — | | | Liability | | | | | | | | Embedded derivative (included in “Deferred royalty
obligations, net”) | $ | 14,341 | | | $ | — | | | $ | — | | | $ | 14,341 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Total | | Level 1 | | Level 2 | | Level 3 | | | | | | | | | | (in thousands) | | Assets | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | $ | 132,602 | | | $ | 132,602 | | | $ | — | | | $ | — | | | U.S. Treasury securities | 11,960 | | | — | | | 11,960 | | | — | | | Agency discount notes | 25,938 | | | — | | | 25,938 | | | — | | | Total cash equivalents | 170,500 | | | 132,602 | | | 37,898 | | | — | | | Marketable securities: | | | | | | | | | U.S. Treasury securities | 9,421 | | | — | | | 9,421 | | | — | | | Agency discount notes | 7,942 | | | — | | | 7,942 | | | — | | | Total marketable securities | 17,363 | | | — | | | 17,363 | | | — | | | Total financial assets | $ | 187,863 | | | $ | 132,602 | | | $ | 55,261 | | | $ | — | | | Liability | | | | | | | | Embedded derivative (included in “Deferred royalty
obligations, net”) | $ | 21,439 | | | $ | — | | | $ | — | | | $ | 21,439 | |
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| Schedule of Aggregate Face Values and Fair Values of Notes |
The following table presents the aggregate face values and the fair values of the Notes, based on their market prices on the last trading day for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Aggregate Face Values | | Estimated Fair Values | | Aggregate Face Values | | Estimated Fair Values | | | | | | | | | | (in thousands) | | 2027 Convertible Notes | $ | 550,000 | | | $ | 830,500 | | | $ | 550,000 | | | $ | 1,019,975 | | | 2029 Convertible Notes | $ | 747,500 | | | $ | 754,975 | | | $ | 747,500 | | | $ | 833,625 | | | 2031 Convertible Notes | $ | 575,000 | | | $ | 924,049 | | | $ | 575,000 | | | $ | 1,003,783 | | | 2033 Convertible Notes | $ | 632,500 | | | $ | 570,552 | | | $ | — | | | $ | — | |
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