v3.26.3
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Cash equivalents:    
Total cash equivalents $ 1,219,168 $ 170,500
Marketable securities:    
Total marketable securities 5,492 17,363
Total financial assets 1,224,660 187,863
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 14,341 21,439
U.S. Treasury securities    
Marketable securities:    
Total marketable securities 1,999 9,421
Money market funds    
Cash equivalents:    
Total cash equivalents 313,677 132,602
U.S. Treasury securities    
Cash equivalents:    
Total cash equivalents 359,486 11,960
Commercial paper    
Cash equivalents:    
Total cash equivalents 546,005  
Agency discount notes    
Cash equivalents:    
Total cash equivalents   25,938
Marketable securities:    
Total marketable securities 3,493 7,942
Level 1    
Cash equivalents:    
Total cash equivalents 313,677 132,602
Marketable securities:    
Total marketable securities 0 0
Total financial assets 313,677 132,602
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 0 0
Level 1 | U.S. Treasury securities    
Marketable securities:    
Total marketable securities 0 0
Level 1 | Money market funds    
Cash equivalents:    
Total cash equivalents 313,677 132,602
Level 1 | U.S. Treasury securities    
Cash equivalents:    
Total cash equivalents 0 0
Level 1 | Commercial paper    
Cash equivalents:    
Total cash equivalents 0  
Level 1 | Agency discount notes    
Cash equivalents:    
Total cash equivalents   0
Marketable securities:    
Total marketable securities 0 0
Level 2    
Cash equivalents:    
Total cash equivalents 905,491 37,898
Marketable securities:    
Total marketable securities 5,492 17,363
Total financial assets 910,983 55,261
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 0 0
Level 2 | U.S. Treasury securities    
Marketable securities:    
Total marketable securities 1,999 9,421
Level 2 | Money market funds    
Cash equivalents:    
Total cash equivalents 0 0
Level 2 | U.S. Treasury securities    
Cash equivalents:    
Total cash equivalents 359,486 11,960
Level 2 | Commercial paper    
Cash equivalents:    
Total cash equivalents 546,005  
Level 2 | Agency discount notes    
Cash equivalents:    
Total cash equivalents   25,938
Marketable securities:    
Total marketable securities 3,493 7,942
Level 3    
Cash equivalents:    
Total cash equivalents 0 0
Marketable securities:    
Total marketable securities 0 0
Total financial assets 0 0
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 14,341 21,439
Level 3 | U.S. Treasury securities    
Marketable securities:    
Total marketable securities 0 0
Level 3 | Money market funds    
Cash equivalents:    
Total cash equivalents 0 0
Level 3 | U.S. Treasury securities    
Cash equivalents:    
Total cash equivalents 0 0
Level 3 | Commercial paper    
Cash equivalents:    
Total cash equivalents 0  
Level 3 | Agency discount notes    
Cash equivalents:    
Total cash equivalents   0
Marketable securities:    
Total marketable securities $ 0 $ 0