v3.26.3
Debt (Tables)
9 Months Ended
Sep. 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
September 30, 2026December 31, 2025
Convertible Senior Notes due 2029
$304,230 $324,979 
Convertible Senior Notes due 2032
247,239 N/A
Total fair value of outstanding convertible senior notes
$551,469 $324,979 
The net carrying amount of the Notes on the condensed consolidated balance sheets consisted of the following as of September 30, 2026 and December 31, 2025 (in thousands):
September 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(12,862)(6,214)
Long-term senior convertible notes$603,388 $310,036 
The following table summarizes the effective interest rates for each of our convertible senior notes for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Effective interest rate:
Convertible Senior Notes Due 2025
N/AN/AN/A2.1 %
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 nine months ended September 30, 2026 and 2025 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Contractual interest expense
$1,186 $1,186 $3,558 $3,762 
Amortization of debt issuance costs812 444 2,196 1,414 
Total interest expense$1,998 $1,630 $5,754 $5,176