Ironwood Pharmaceuticals (IRWD) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Entity Central Index Key	0001446847
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-34620
Entity Registrant Name	IRONWOOD PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3404176
Entity Address, Address Line One	100 Summer Street
Entity Address, Address Line Two	Suite 2300
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	617
Local Phone Number	621-7722
Title of 12(b) Security	Class A common stock, $0.001 par value
Entity Listing, Par Value Per Share	$ 0.001
Trading Symbol	IRWD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		155,346,103
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 740,342	$ 656,203
Accounts receivable, net	115,749	115,458
Prepaid expenses and other current assets	9,033	7,715
Restricted cash	1,250	1,250
Total current assets	866,374	780,626
Restricted cash, net of current portion	485	485
Accounts receivable, net of current portion		14,589
Property and equipment, net	6,015	6,288
Operating lease right-of-use assets	13,674	14,023
Deferred tax assets	267,909	283,661
Other assets	820	847
Total assets	1,155,277	1,100,519
Current liabilities:
Accounts payable	118	483
Accrued research and development costs	2,874	5,258
Accrued expenses and other current liabilities	17,771	16,700
Current portion of operating lease liabilities	3,080	3,065
Note hedge warrants		19
Total current liabilities	23,843	25,525
Convertible senior notes, net of current portion	396,653	396,251
Operating lease obligations, net of current portion	16,105	16,599
Other liabilities	11,824	9,766
Commitments and contingencies
Stockholders' equity:
Class A Common Stock, $0.001 par value, 500,000,000 shares authorized and 155,346,103 shares issued and outstanding at March 31, 2023 and 500,000,000 shares authorized and 154,026,949 shares issued and outstanding at December 31, 2022	155	154
Additional paid-in capital	1,357,359	1,348,600
Accumulated deficit	(650,662)	(696,376)
Total stockholders' equity	706,852	652,378
Total liabilities and stockholders' equity	$ 1,155,277	$ 1,100,519

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	75,000,000	75,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	155,346,103	154,026,949
Common stock, shares outstanding	155,346,103	154,026,949

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 104,061	$ 97,529
Revenue from Contract with Customer, Product and Service	Collaborative arrangements revenue	Collaborative arrangements revenue
Operating expenses:
Research and development	$ 12,847	$ 10,822
Selling, general and administrative	31,117	28,861
Total operating expenses	43,964	39,683
Income from operations	60,097	57,846
Other income (expense):
Interest expense	(1,527)	(2,341)
Interest and investment income	7,272	230
Gain on derivatives	19	730
Other income (expense), net	5,764	(1,381)
Income before income taxes	65,861	56,465
Income tax expense	(20,147)	(17,664)
Net income	45,714	38,801
Comprehensive income	$ 45,714	$ 38,801
Net income per share - basic (in dollars per share)	$ 0.30	$ 0.25
Net income per share - diluted (in dollars per share)	$ 0.25	$ 0.21
Weighted average shares used in computing net income per share - basic (in shares)	154,452	157,821
Weighted average shares used in computing net income per share - diluted (in shares)	186,680	189,540

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional paid-in capital Cumulative Effect, Period of Adoption, Adjustment	Additional paid-in capital	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated deficit	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at Dec. 31, 2021	$ 162	$ (110,217)	$ 1,543,357	$ 66,167	$ (937,608)	$ (44,050)	$ 605,911
Balance (in shares) at Dec. 31, 2021	162,036,461
Increase (Decrease) in Stockholders' Equity (Deficit)
Issuance of common stock related to share-based awards	$ 1		1,520				1,521
Issuance of common stock related to share-based awards (in shares)	1,087,966
Share-based compensation expense related to share-based awards and employee stock purchase plan			6,089				6,089
Repurchases of common stock	$ (8)		(90,481)				(90,489)
Repurchases of common stock (in shares)	(8,009,272)
Net income					38,801		38,801
Balance at Mar. 31, 2022	$ 155		1,350,268		(832,640)		517,783
Balance (in shares) at Mar. 31, 2022	155,115,155
Balance at Dec. 31, 2022	$ 154		1,348,600		(696,376)		$ 652,378
Balance (in shares) at Dec. 31, 2022	154,026,949						154,026,949
Increase (Decrease) in Stockholders' Equity (Deficit)
Issuance of common stock related to share-based awards	$ 1		1,628				$ 1,629
Issuance of common stock related to share-based awards (in shares)	1,319,154
Share-based compensation expense related to share-based awards and employee stock purchase plan			7,131				7,131
Repurchases of common stock							$ (90,500)
Repurchases of common stock (in shares)							(8,000,000)
Net income					45,714		$ 45,714
Balance at Mar. 31, 2023	$ 155		$ 1,357,359		$ (650,662)		$ 706,852
Balance (in shares) at Mar. 31, 2023	155,346,103						155,346,103

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 45,714	$ 38,801
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	286	355
Share-based compensation expense	7,131	6,089
Change in fair value of note hedge warrants	(19)	(417)
Change in fair value of convertible note hedges		(313)
Non-cash interest expense	402	537
Deferred income taxes	17,052	14,708
Changes in assets and liabilities:
Accounts receivable, net	14,298	18,382
Prepaid expenses and other current assets	(3,669)	53
Operating lease right-of-use assets	349	322
Other assets	27	45
Accounts payable and accrued expenses	705	(7,117)
Accrued research and development costs	(2,384)	(10,454)
Operating lease liabilities	(479)	(483)
Other liabilities	758	3,616
Net cash provided by operating activities	80,171	64,124
Cash flows from investing activities:
Purchases of property and equipment	(13)	(9)
Net cash used in investing activities	(13)	(9)
Cash flows from financing activities:
Proceeds from exercise of stock options	3,981	1,622
Repurchases of common stock		(92,495)
Net cash provided by (used in) financing activities	3,981	(90,873)
Net increase in cash, cash equivalents and restricted cash	84,139	(26,758)
Cash, cash equivalents and restricted cash, beginning of period	657,938	621,864
Cash, cash equivalents and restricted cash, end of period	$ 742,077	$ 595,106

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	$ 740,342	$ 656,203	$ 593,371
Restricted cash	1,735	1,700	1,735
Total cash, cash equivalents, and restricted cash	$ 742,077	$ 657,938	$ 595,106	$ 621,864

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Nature of Business	1. Nature of Business ​ Ironwood Pharmaceuticals, Inc. (“Ironwood” or the “Company”) is a gastrointestinal (“GI”) healthcare company dedicated to advancing the treatment of GI diseases and redefining the standard of care for GI patients. The Company is focused on the development and commercialization of innovative GI product opportunities in areas of significant unmet need, leveraging its demonstrated expertise and capabilities in GI diseases. ​ LINZESS ® (linaclotide), the Company’s commercial product, is the first product approved by the United States Food and Drug Administration (the “U.S. FDA”) in a class of GI medicines called guanylate cyclase type C agonists (“GC-C agonists”) and is indicated for adult men and women suffering from irritable bowel syndrome with constipation (“IBS-C”) or chronic idiopathic constipation (“CIC”). LINZESS is available to adult men and women suffering from IBS-C or CIC in the United States (the “U.S.”), Mexico and Saudi Arabia and to adult men and women suffering from IBS-C or chronic constipation in Japan and IBS-C in China. Linaclotide is available under the trademarked name CONSTELLA ® to adult men and women suffering from IBS-C or CIC in Canada, and to adult men and women suffering from IBS-C in certain European countries. ​ The Company has strategic partnerships with leading pharmaceutical companies to support the development and commercialization of linaclotide throughout the world. The Company and its partner, AbbVie Inc. (together with its affiliates, “AbbVie”), began commercializing LINZESS in the U.S. in December 2012. Under the Company’s collaboration for North America with AbbVie AbbVie AbbVie ​ Outside of the U.S., the Company earns royalties as a percentage of net sales of products containing linaclotide as an active ingredient by the Company’s collaboration partners. AbbVie has an exclusive license from the Company to develop and commercialize linaclotide in all countries other than China (including Hong Kong and Macau), Japan and the countries and territories of North America (the “ AbbVie AbbVie ​ The Company has a collaboration and license option agreement (the “COUR Collaboration Agreement”) with COUR Pharmaceutical Development Company, Inc. (“COUR”), a biotechnology company developing novel immune-modifying nanoparticles to treat autoimmune diseases. The COUR Collaboration Agreement grants the Company an option to acquire an exclusive license to research, develop, manufacture and commercialize, in the U.S., products containing CNP-104, a potential treatment for primary biliary cholangitis, a rare autoimmune disease targeting the liver. ​ These and other agreements are more fully described in Note 4, Collaboration, License, and Other Agreements, to these condensed consolidated financial statements. ​ The Company is also advancing IW-3300, a GC-C agonist, for the potential treatment of visceral pain conditions, including interstitial cystitis/bladder pain syndrome (“IC/BPS”) and endometriosis. ​ The Company was incorporated in Delaware on January 5, 1998 as Microbia, Inc. On April 7, 2008, the Company changed its name to Ironwood Pharmaceuticals, Inc. To date, the Company has dedicated a majority of its activities to the research, development and commercialization of linaclotide, as well as to the research and development of its other product candidates. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies ​ Basis of Presentation ​ The accompanying condensed consolidated financial statements and the related disclosures are unaudited and have been prepared in accordance with accounting principles generally accepted in the U.S. Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 16, 2023 (the “2022 Annual Report on Form 10-K”). ​ The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial position as of March 31, 2023, and the results of its operations for the three months ended March 31, 2023 and 2022, its statements of stockholders’ equity for the three months ended March 31, 2023 and 2022, and its cash flows for the three months ended March 31, 2023 and 2022. The results of operations for the three months ended March 31, 2023 and 2022 are not necessarily indicative of the results that may be expected for the full year or any other subsequent interim period. ​ Principles of Consolidation ​ The accompanying condensed consolidated financial statements include the accounts of Ironwood and its wholly-owned subsidiaries as of March 31, 2023, Ironwood Pharmaceuticals Securities Corporation and Ironwood Pharmaceuticals GmbH. All intercompany transactions and balances are eliminated in consolidation. ​ Use of Estimates ​ The preparation of condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. On an ongoing basis, the Company’s management evaluates its estimates, judgments and methodologies. Significant estimates and assumptions in the condensed consolidated financial statements include those related to revenue recognition; accounts receivable; useful lives of long-lived assets, impairment of long-lived assets, including goodwill; valuation procedures for right-of-use assets and operating lease liabilities; valuation procedures for the issuance and repurchase of convertible notes; balance sheet classification of convertible notes; fair value of derivatives; income taxes, including the valuation allowance for deferred tax assets; research and development expenses; contingencies and share-based compensation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. Reclassifications ​ ​ Summary of Significant Accounting Policies ​ The Company’s significant accounting policies are described in Note 2, Summary of Significant Accounting Policies ​ New Accounting Pronouncements ​ From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the three months ended March 31, 2023 that had a material effect on its condensed consolidated financial statements. ​ Other recent accounting pronouncements issued, but not yet effective, are not expected to be applicable to the Company or have a material effect on the condensed consolidated financial statements upon future adoption.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Net Income Per Share	3. Net Income Per Share ​ The following table sets forth the computation of basic and diluted net income per common share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 Numerator: ​ ​ ​ ​ ​ ​ Net income ​ $ 45,714 ​ $ 38,801 Add back interest expense, net of tax benefit, on assumed conversion of 2024 Convertible Notes ​ ​ 447 ​ ​ 444 Add back interest expense, net of tax benefit, on assumed conversion of 2026 Convertible Notes ​ ​ 668 ​ ​ 666 Numerator used in computing net income per share — diluted ​ $ 46,829 ​ $ 39,911 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding used in computing net income per share — basic ​ 154,452 ​ ​ 157,821 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options ​ ​ 250 ​ ​ 324 Time-based restricted stock units ​ ​ 1,234 ​ ​ 1,132 Performance-based restricted stock units ​ ​ 736 ​ ​ 222 Restricted stock ​ ​ 126 ​ ​ 166 Shares subject to issuance under Employee Stock Purchase Plan ​ ​ 14 ​ ​ 7 2024 Convertible Notes assumed conversion ​ ​ 14,934 ​ ​ 14,934 2026 Convertible Notes assumed conversion ​ ​ 14,934 ​ ​ 14,934 Dilutive potential common shares ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding used in computing net income per share — diluted ​ ​ 186,680 ​ 189,540 Net income per share — basic ​ $ 0.30 ​ $ 0.25 Net income per share — diluted ​ $ 0.25 ​ $ 0.21 ​ The outstanding securities have been excluded from the computation of diluted weighted average shares outstanding, as applicable, as their effect would be anti-dilutive (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2023 2022 Stock options ​ 5,046 6,890 Time-based restricted stock units ​ 570 ​ 114 ​ Performance-based restricted stock units ​ 76 ​ 858 ​ Note Hedge Warrants ​ 8,318 ​ 8,318 ​ Total 14,010 16,180

Collaboration, License, and Oth

Collaboration, License, and Other Agreements	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Collaboration, License, and Other Agreements	4. Collaboration, License and Other Agreements ​ The Company has linaclotide collaboration agreements with AbbVie for North America and AstraZeneca for China (including Hong Kong and Macau), as well as linaclotide license agreements with Astellas for Japan and with AbbVie for the AbbVie License Territory. The following table provides amounts included in the Company’s condensed consolidated statements of income as collaborative arrangements revenue attributable to transactions from these arrangements and other agreements (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ Collaborative Arrangements Revenue ​ 2023 2022 Linaclotide Collaboration and License Agreements: ​ ​ ​ ​ ​ ​ ​ AbbVie (North America) ​ $ 102,336 ​ $ 94,901 ​ AbbVie (Europe and other) ​ ​ 663 ​ ​ 610 ​ AstraZeneca (China, including Hong Kong and Macau) ​ ​ 91 ​ 192 ​ Astellas (Japan) ​ ​ 391 ​ 523 ​ Other Agreements: ​ ​ ​ ​ ​ ​ ​ Alnylam (GIVLAARI) ​ ​ — ​ ​ 823 ​ Other ​ ​ 580 ​ ​ 480 ​ Total collaborative arrangements revenue ​ $ 104,061 ​ $ 97,529 ​ ​ ​ The Company routinely assesses the creditworthiness of its license and collaboration partners. The Company has not experienced any material losses related to receivables from its license or collaboration partners during the three months ended March 31, 2023 and 2022. ​ Linaclotide Agreements ​ Collaboration Agreement for North America with AbbVie ​ In September 2007, the Company entered into a collaboration agreement with AbbVie to develop and commercialize linaclotide for the treatment of IBS-C, CIC, and other GI conditions in North America. Under the terms of this collaboration agreement, the Company received an upfront licensing fee, equity investment, and development and regulatory milestones, and shares equally with AbbVie all development costs as well as net profits or losses from the development and sale of linaclotide in the U.S. In addition, the Company receives royalties in the mid-teens percent based on net sales in Canada and Mexico. AbbVie is solely responsible for the further development, regulatory approval and commercialization of linaclotide in those countries and funding any costs. ​ During the three months ended March 31, 2023 and 2022, the Company incurred $1.3 million and $1.7 million, respectively, in total research and development expenses under the linaclotide collaboration for North America. As a result of the research and development cost-sharing provisions of the linaclotide collaboration for North America, the Company incurred $3.0 million and $2.4 million, in incremental research and development costs during the three months ended March 31, 2023 and 2022, respectively, to reflect the obligations of each party under the collaboration to bear 50% of the development costs incurred. The Company and AbbVie began commercializing LINZESS in the U.S. in December 2012. The Company receives 50% of the net profits and bears 50% of the net losses from the commercial sale of LINZESS in the U.S. Net profits or net losses consist of net sales of LINZESS to third-party customers and sublicense income in the U.S. less the cost of goods sold as well as selling, general and administrative expenses. LINZESS net sales are calculated and recorded by AbbVie and may include gross sales net of discounts, rebates, allowances, sales taxes, freight and insurance charges, and other applicable deductions. The Company evaluated its collaboration arrangement for North America with AbbVie and concluded that all development-period performance obligations had been satisfied as of September 2012. The Company has determined that there are three remaining commercial-period performance obligations, which include the sales detailing of LINZESS, participation in the joint commercialization committee, and approved additional trials. The consideration remaining includes cost reimbursements in the U.S. and net profit and loss sharing payments based on net sales in the U.S. Additionally, the Company receives royalties in the mid-teens percent based on net sales in Canada and Mexico. Royalties and net profit and loss sharing payments will be recorded as collaborative arrangements revenue or expense in the period earned, as these payments relate predominately to the license granted to AbbVie. The Company records royalty revenue in the period earned based on royalty reports from its partner, if available, or based on the projected sales and historical trends. The cost reimbursements received from AbbVie during the commercialization period will be recognized as earned in accordance with the right-to-invoice practical expedient, as the Company’s right to consideration corresponds directly with the value of the services transferred during the commercialization period. Under the Company’s collaboration agreement with AbbVie for North America, LINZESS net sales are calculated and recorded by AbbVie and include gross sales net of discounts, rebates, allowances, sales taxes, freight and insurance charges, and other applicable deductions, as noted above. These amounts include the use of estimates and judgments, which could be adjusted based on actual results in the future. The Company records its share of the net profits or net losses from the sales of LINZESS in the U.S. less commercial expenses on a net basis, and presents the settlement payments to and from AbbVie as collaboration expense or collaborative arrangements revenue, as applicable. This treatment is in accordance with the Company’s revenue recognition policy, given that the Company is not the primary obligor and does not have the inventory risks in the collaboration agreement with AbbVie for North America. The Company relies on AbbVie to provide accurate and complete information related to net sales of LINZESS in accordance with U.S. generally accepted accounting principles in order to calculate its settlement payments to and from AbbVie and record collaboration expense or collaborative arrangements revenue, as applicable. AbbVie ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2023 2022 Collaborative arrangements revenue related to sales of LINZESS in the U.S. ​ $ 101,636 ​ $ 94,319 ​ Royalty revenue ​ 700 ​ ​ 582 ​ Total collaborative arrangements revenue ​ $ 102,336 ​ $ 94,901 ​ ​ The Company incurred $9.7 million and $8.7 million in total selling, general and administrative costs related to the sale of LINZESS in the U.S. in accordance with the cost-sharing arrangement with AbbVie for the three months ended March 31, 2023 and 2022, respectively. ​ ® ​ License Agreement with AbbVie (All countries other than the countries and territories of North America, China (including Hong Kong and Macau), and Japan) The Company has a license agreement with AbbVie to develop, manufacture and commercialize linaclotide in (i) Europe, and (ii) all other countries other than China (including Hong Kong and Macau), Japan, and the countries and territories of North America, or collectively the “Expanded Territory”, for the treatment of IBS-C , CIC and other GI conditions. Under the license agreement, as amended, AbbVie is obligated to pay the Company, (i) royalties based on sales volume in Europe in the upper-teens percent, and (ii) on a country-by-country and product-by-product basis in the Expanded Territory, a royalty as a percentage of net sales of products containing linaclotide as an active ingredient in the upper-single digits for five years following the first commercial sale of a linaclotide product in a country, and in the low-double digits thereafter. The royalty rate for products in Europe and the Expanded Territory will decrease, on a country-by-country basis, to the lower-single digits, or cease entirely, following the occurrence of certain events. The license agreement also contains certain sales-based milestones and commercial launch milestones, which could total up to $42.5 million. The Company recognized $0.7 million and $0.6 million of royalty revenue during the three months ended M arch 31, 2023 and 2022 , respectively. ​ License Agreement for Japan with Astellas The Company has a license agreement with Astellas to develop, manufacture, and commercialize linaclotide for the treatment of IBS-C, CIC and other GI conditions in Japan. Under the license agreement, as amended, Astellas is required to pay royalties to the Company at rates beginning in the mid-single digit percent and escalating to low-double-digit percent, based on aggregate annual net sales in Japan of products containing linaclotide as an active ingredient. These royalty payments are subject to reduction following the expiration of certain licensed patents and the occurrence of generic competition in Japan. ​ The Company recognized $0.4 million and $0.5 million of royalty revenue during the three months ended March 31, 2023 and 2022, respectively. ​ Collaboration Agreement for China (including Hong Kong and Macau) with AstraZeneca The Company has a collaboration agreement with AstraZeneca under which AstraZeneca has the exclusive right to develop, manufacture and commercialize products containing linaclotide in the AstraZeneca License Territory. Under the collaboration agreement, AstraZeneca is required to pay tiered royalties to the Company at rates beginning in the mid-single-digit percent and increasing up to twenty percent based on the aggregate annual net sales of products containing linaclotide in the AstraZeneca License Territory. The Company recognized an insignificant amount and $0.2 million of royalty revenue during the three months ended March 31, 2023 and 2022 , respectively. The Company is entitled to receive non-contingent payments totaling At March 31, 2023, the non-contingent receivable due from AstraZeneca was $ million and was classified as current. At December 31, 2022, the current portion and the non-current portion of the non-contingent receivable due from AstraZeneca were $10.0 million and $14.6 million, respectively. Other Collaboration and License Agreements ​ Collaboration and License Option Agreement with COUR In November 2021, the Company entered into the COUR Collaboration Agreement, pursuant to which the Company has been granted an option (the “Option”) to acquire an exclusive license to research, develop, manufacture and commercialize, in the U.S., products containing CNP-104, a tolerizing immune modifying nanoparticle (“CNP-104”) for the treatment of primary biliary cholangitis (“PBC”). COUR has initiated a clinical study to evaluate the safety, tolerability, and pharmacodynamic effects and efficacy of CNP-104 in PBC patients. ​ Pursuant to the terms of the COUR Collaboration Agreement, the Company made an upfront, non-refundable payment of $6.0 million to COUR during the year ended December 31, 2021, and agreed to pay $13.5 million in total non-contingent payments and milestone payments in connection with certain development activities and regulatory milestones. After reviewing the data from the clinical study for CNP-104, if the Company exercises the Option, the Company will pay COUR $35.0 million in exchange for the license. Upon commercialization, COUR will be eligible to receive commercial milestone payments of up to $440.0 million over the term of the agreement and royalties in the high-single digits to low-double digits percentage of the aggregated annual net sales in the U.S. of products containing CNP-104. payment was probable to occur. At March 31, 2023 and December 31, 2022, payment obligations of $1.9 million and $3.8 million, respectively, were included in accrued research and development costs. In April 2023, the Company and COUR executed an amendment to the COUR Collaboration Agreement, in which the Company agreed to pay a one-time, non-refundable, upfront payment of $6.0 million to COUR in exchange for the right to apply a credit of $6.6 million against future amounts due to COUR in connection with the exercise of the Option, commercial milestones, or royalties. In connection with such payment, COUR also granted the Company a right of first negotiation over certain additional potential research and development programs. The payment will be recognized as research and development expense in the second quarter of 2023. Other Agreements Disease Education and Promotional Agreement with Alnylam ​ In August 2019, the Company and Alnylam Pharmaceuticals, Inc. (“Alnylam”) entered into a disease education and promotional agreement (the “Alnylam Agreement”) for Alnylam’s GIVLAARI (givosiran) for the treatment of acute hepatic porphyria.The Alnylam Agreement, as amended, was terminated in June 2021 with an effective termination date of September 30, 2021. Under the terms of the Alnylam Agreement, the Company’s sales force performed disease awareness activities and sales detailing activities for GIVLAARI. The Company remained eligible to receive royalties based on a percentage of net sales of GIVLAARI that are directly attributable to the Company’s promotional efforts through September 30, 2022, which was one year following the termination of the agreement. During the three months ended March 31, 2022, the Company recognized $0.8 million in royalty revenue.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Fair Value of Financial Instruments	5. Fair Value of Financial Instruments ​ The tables below present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize observable inputs such as quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are either directly or indirectly observable, such as quoted prices for similar instruments in active markets, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the Company to develop its own assumptions for the asset or liability. The Company’s investment portfolio may include fixed income securities that do not always trade on a daily basis. As a result, the pricing services used by the Company apply other available information as applicable through processes such as benchmark yields, benchmarking of like securities, sector groupings and matrix pricing to prepare valuations. In addition, model processes are used to assess interest rate impact and develop prepayment scenarios. These models take into consideration relevant credit information, perceived market movements, sector news and economic events. The inputs into these models may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads and other relevant data. The Company validates the prices provided by its third-party pricing services by obtaining market values from other pricing sources and analyzing pricing data in certain instances. The Company periodically invests in certain reverse repurchase agreements, which are collateralized by Government Securities and Obligations for an amount not less than 102% of their principal amount. The Company does not record an asset or liability for the collateral as the Company is not permitted to sell or re-pledge the collateral. The collateral has at least the prevailing credit rating of U.S. Government Treasuries and Agencies. The Company utilizes a third party custodian to manage the exchange of funds and ensure the collateral received is maintained at 102% of the reverse repurchase agreements principal amount on a daily basis. The following tables present the assets and liabilities the Company has measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using ​ ​ ​ Quoted Prices in Significant Other Significant ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ Unobservable ​ ​ March 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 554,444 ​ $ 554,444 ​ $ — ​ $ — Repurchase agreements ​ ​ 20,000 ​ ​ — ​ ​ 20,000 ​ ​ — Commercial paper ​ ​ 129,200 ​ ​ — ​ ​ 129,200 ​ ​ — Restricted cash: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 1,735 ​ ​ 1,735 ​ ​ — ​ ​ — Total assets measured at fair value ​ $ 705,379 ​ $ 556,179 ​ $ 149,200 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note hedge warrants ​ $ — ​ $ — ​ $ — ​ $ — Total liabilities measured at fair value ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using ​ ​ ​ Quoted Prices in Significant Other Significant ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 250,313 ​ $ 250,313 ​ $ — ​ $ — Repurchase agreements ​ ​ 261,075 ​ ​ — ​ ​ 261,075 ​ ​ — Commercial paper ​ ​ 138,809 ​ ​ — ​ ​ 138,809 ​ ​ — Restricted cash: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ 1,735 ​ 1,735 ​ — ​ — Total assets measured at fair value ​ $ 651,932 ​ $ 252,048 ​ $ 399,884 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note hedge warrants ​ $ 19 ​ $ — ​ $ — ​ $ 19 Total liabilities measured at fair value ​ $ 19 ​ $ — ​ $ — ​ $ 19 ​ Cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued research and development costs, accrued expenses and other current liabilities and current portion of operating lease obligations at March 31, 2023 and December 31, 2022 are carried at amounts that approximate fair value due to their short-term maturities. ​ Convertible Note Hedges and Note Hedge Warrants with Respect to 2022 Convertible Notes ​ The Company’s Convertible Note Hedges, which expired unexercised in June 2022, and Note Hedge Warrants, which expired unexercised in April 2023, were recorded as derivative assets and liabilities, respectively, and were classified as Level 3 measurements under the fair value hierarchy. These derivatives were not actively traded and were valued using the Black-Scholes option-pricing model, which required the use of subjective assumptions. The following inputs were used in the fair market valuation of the Note Hedge Warrants as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ December 31, 2022 ​ Risk-free interest rate (1) ​ ​ 4.7 % ​ ​ 4.5 % Expected term ​ 0.1 ​ ​ 0.3 ​ Stock price (2) ​ $ 10.52 ​ ​ $ 12.39 ​ Strike price (3) ​ $ 18.82 ​ ​ $ 18.82 ​ Common stock volatility (4) ​ ​ 25.3 % ​ ​ 27.1 % Dividend yield (5) ​ — % ​ — % ​ (1) Based on U.S. Treasury yield curve, with terms commensurate with the expected term of the Note Hedge Warrants. (2) The closing price of the Company’s Class A Common Stock on the last trading days of the quarters ended March 31, 2023 and December 31, 2022, respectively. (3) As per the agreements for the Note Hedge Warrants. (4) Expected volatility based on historical volatility of the Company’s Class A Common Stock. (5) The Company has not paid and does not anticipate paying cash dividends on its shares of common stock in the foreseeable future; therefore, the expected dividend yield is assumed to be zero . ​ The Convertible Note Hedges and the Note Hedge Warrants were recorded at fair value at each reporting date and changes in fair value were recorded in other income (expense), net within the Company’s condensed consolidated statements of income. ​ The following table reflects the change in the Company’s Level 3 Note Hedge Warrants from December 31, 2022 through March 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2022 ​ $ (19) Change in fair value, recorded as a component of gain on derivatives ​ ​ 19 Balance at March 31, 2023 ​ $ — ​ Convertible Senior Notes ​ In August 2019, the Company issued $200.0 million aggregate principal amount of its 2024 Convertible Notes and $200.0 million aggregate principal amount of its 2026 Convertible Notes. The fair value of the respective convertible senior notes, which differs from their carrying value, is influenced by interest rates, the price of the Company’s Class A Common Stock and the volatility thereof, and the prices for the respective convertible senior notes observed in market trading, which are Level 2 inputs. ​ The estimated fair value of the 2024 Convertible Notes was $200.1 million and $215.9 million as of March 31, 2023 and December 31, 2022, respectively. The estimated fair value of the 2026 Convertible Notes was $199.1 million and $219.0 million as of March 31, 2023 and December 31, 2022, respectively. ​ Capped Calls with Respect to 2024 Convertible Notes and 2026 Convertible Notes ​ Derivatives and Hedging ​

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Accrued Expenses and Other Current Liabilities	6. Accrued Expenses and Other Current Liabilities ​ Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Accrued compensation and benefits ​ $ 9,397 ​ $ 12,268 Accrued interest ​ ​ 1,313 ​ ​ 188 Other ​ ​ 7,061 ​ ​ 4,244 Total accrued expenses and other current liabilities ​ $ 17,771 ​ $ 16,700 As of March 31, 2023, other accrued expenses of $7.1 million were comprised primarily of $4.2 million of uninvoiced vendor liabilities and $2.7 million of state income taxes payable. As of December 31, 2022, other accrued expenses of $4.2 million were comprised primarily of $3.6 million of uninvoiced vendor liabilities. ​

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Leases	7. Leases ​ The Company’s lease portfolio for the three months ended March 31, 2023 includes: an office lease for its current headquarters location, vehicle leases for its salesforce representatives, and leases for computer and office equipment. ​ The Company’s office lease and vehicle lease require letters of credit to secure the Company’s obligations under the lease agreements totaling $1.7 million and are collateralized by money market accounts recorded as restricted cash on the Company’s condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. ​ Lease cost is recognized on a straight-line basis over the lease term. The components of lease cost for the three months ended March 31, 2023 and 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 Operating lease cost ​ $ 627 ​ $ 628 Short-term lease cost ​ ​ 271 ​ ​ 260 Total lease cost ​ $ 898 ​ $ 888 ​ Supplemental information related to leases for the periods reported is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ ​ 2022 ​ Cash paid for amounts included in the measurement of lease liabilities (in thousands) ​ $ 757 ​ ​ $ 789 ​ Weighted-average remaining lease term of operating leases (in years) ​ ​ 7.2 ​ ​ ​ 8.1 ​ Weighted-average discount rate of operating leases ​ ​ 5.8 % ​ ​ 5.8 % ​ Summer Street Lease In June 2019, the Company entered into a non-cancelable operating lease (the “Summer Street Lease”) for approximately 39,000 square feet of office space on the 23 rd At lease commencement, the Company recorded a right-of-use asset and a lease liability using an incremental borrowing rate of 5.8%. At March 31, 2023, the balances of the right-of-use asset and operating lease liability were $13.7 million and $19.2 million, respectively. At December 31, 2022, the balances of the right-of-use asset and operating lease liability were $14.0 million and $19.7 million, respectively. ​ Lease costs recorded during each of the three months ended March 31, 2023 and 2022 were Future minimum lease payments as of March 31, 2023 are as follows (in thousands): ​ ​ ​ ​ ​ 2023 (1) ​ $ 2,309 2024 ​ ​ 3,126 2025 ​ ​ 3,189 2026 ​ 3,252 2027 ​ ​ 3,317 2028 and thereafter ​ 8,285 Total future minimum lease payments ​ ​ 23,478 Less: present value adjustment ​ ​ (4,293) Operating lease liabilities ​ ​ 19,185 Less: current portion of operating lease liabilities ​ ​ (3,080) Operating lease liabilities, net of current portion ​ $ 16,105 (1) For the nine months ending December 31, 2023.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Notes Payable	8. Notes Payable 2.25% Convertible Senior Notes due 2022 In June 2015, the Company issued $335.7 million aggregate principal amount of the 2022 Convertible Notes. The Company received net proceeds of $324.0 million from the sale of the 2022 Convertible Notes, after deducting fees and expenses of $11.7 million. The Company used $21.1 million of the net proceeds from the sale of the 2022 Convertible Notes to pay the net cost of the Convertible Note Hedges (after such cost was partially offset by the proceeds to the Company from the sale of the Note Hedge Warrants), as described below. In connection with the issuance of the 2024 Convertible Notes and the 2026 Convertible Notes in August 2019, the Company repurchased $215.0 million aggregate principal amount of the 2022 Convertible Notes. Such portion of the 2022 Convertible Notes were repurchased at a premium totaling $227.3 million. ​ In June 2022, the Company repaid the remaining $120.7 million aggregate principal amount of the 2022 Convertible Notes upon maturity. The 2022 Convertible Notes were governed by an indenture (the “2022 Indenture”) between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The 2022 Convertible Notes were senior unsecured obligations and bore cash interest at the annual rate of 2.25%, payable on June 15 and December 15 of each year. The 2022 Convertible Notes matured on June 15, 2022. No conversions were exercised by holders of the 2022 Convertible Notes. 0.75% Convertible Senior Notes due 2024 and 1.50% Convertible Senior Notes due 2026 ​ In August 2019, the Company issued $200.0 million aggregate principal amount of the 2024 Convertible Notes and $200.0 million aggregate principal amount of the 2026 Convertible Notes. The Company received net proceeds of $391.0 million from the sale of the 2024 Convertible Notes and 2026 Convertible Notes, after deducting fees and expenses of $9.0 million. The Company used $25.2 million of the net proceeds from the sale of the 2024 Convertible Notes and 2026 Convertible Notes to pay the cost of the Capped Calls, as described below. For purposes of this section, “Notes” refer to the 2024 Convertible Notes and the 2026 Convertible Notes, collectively. ​ The 2024 Convertible Notes and 2026 Convertible Notes were issued by the Company on August 12, 2019, pursuant to separate Indentures, each dated as of such date (each an “Indenture” and together the “Indentures”), between the Company and the Trustee. The 2024 Convertible Notes bear cash interest at the annual rate of 0.75% and the 2026 Convertible Notes bear cash interest at the annual rate of 1.50%, each payable on June 15 and December 15 of each year. The 2024 Convertible Notes will mature on June 15, 2024 and the 2026 Convertible Notes will mature on June 15, 2026, unless earlier converted or repurchased. The Company will settle conversions of the 2024 Convertible Notes and 2026 Convertible Notes through payment or delivery, as the case may be, of cash, shares of the Company’s Class A Common Stock or a combination of cash and shares of Class A Common Stock, at the Company’s option (subject to, and in accordance with, the settlement provisions of the applicable Indenture). The initial conversion rate for each of the 2024 Convertible Notes and the 2026 Convertible Notes is 74.6687 shares of Class A Common Stock (subject to adjustment as provided for in the applicable Indenture) per $1,000 principal amount of the 2024 Convertible Notes and 2026 Convertible Notes, which is equal to an initial conversion price of approximately $13.39 per share. ​ Holders of the 2024 Convertible Notes and 2026 Convertible Notes may convert their Notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2023, with respect to the 2024 Convertible Notes, and December 15, 2025, with respect to the 2026 Convertible Notes, in multiples of $1,000 principal amount, only under the following circumstances: ​ ● during any calendar quarter commencing after the calendar quarter ending on December 31, 2019 (and only during such calendar quarter), if the last reported sale price of Class A Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the Notes on each applicable trading day; ​ ● during the five -business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in each Indenture) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Class A Common Stock and the conversion rate for the Notes on each such trading day; or ​ ● upon the occurrence of specified corporate events described in each Indenture. ​ On or after December 15, 2023, with respect to the 2024 Convertible Notes, and December 15, 2025, with respect to the 2026 Convertible Notes, until the close of business on the second scheduled trading day immediately preceding the applicable maturity date, the holders of the Notes may convert their Notes, in multiples of $1,000 principal amount, regardless of the foregoing conditions. ​ Upon the occurrence of fundamental changes, as described in the Indentures, prior to the maturity date of the respective Notes, holders of such Notes may require the Company to repurchase for cash all or a portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest. If a make-whole fundamental change, as described in the Indentures, occurs and a holder elects to convert its Notes in connection with such make-whole fundamental change, such holder may be entitled to an increase in the conversion rate as described in the Indentures. ​ The Indentures do not contain any financial covenants or restrict the Company’s ability to repurchase the Company’s securities, pay dividends or make restricted payments in the event of a transaction that substantially increases the Company’s level of indebtedness. The Indentures provide for customary events of default. In the case of an event of default with respect to a series of Notes arising from specified events of bankruptcy or insolvency, all outstanding Notes of such series will become due and payable immediately without further action or notice. If any other event of default with respect to a series of Notes under the relevant Indenture occurs or is continuing, the Trustee or holders of at least ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 Principal: ​ ​ ​ ​ ​ ​ 2024 Convertible Notes ​ $ 200,000 ​ $ 200,000 2026 Convertible Notes ​ ​ 200,000 ​ ​ 200,000 Less: unamortized debt issuance costs ​ ​ (3,347) ​ ​ (3,749) Net carrying amount ​ $ 396,653 ​ $ 396,251 ​ In connection with the issuance of the 2024 Convertible Notes and the 2026 Convertible Notes, the Company incurred $9.0 million of debt issuance costs, which primarily consisted of initial purchaser’s discounts and legal and other professional fees. The debt issuance costs are reflected as a reduction in the carrying value of the convertible senior notes and recorded as interest expense over the life of the 2024 Convertible Notes and the 2026 Convertible Notes. ​ The Company determined the expected life of the 2024 Convertible Notes and the 2026 Convertible Notes was equal to their approximately five ​ The following table sets forth total interest expense recognized related to convertible senior notes during the three months ended March 31, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Contractual interest expense ​ $ 1,125 ​ $ 1,804 Amortization of debt issuance costs ​ ​ 402 ​ ​ 537 Total interest expense ​ $ 1,527 ​ $ 2,341 ​ Future minimum payments under the convertible senior notes as of March 31, 2023, are as follows (in thousands): ​ ​ ​ ​ ​ 2023 (1) ​ $ 4,500 2024 ​ ​ 203,750 2025 ​ ​ 3,000 2026 ​ ​ 201,500 Total future minimum payments under the convertible senior notes ​ 412,750 Less: amounts representing interest ​ ​ (12,750) Less: unamortized debt issuance costs ​ ​ (3,347) Convertible senior notes balance ​ $ 396,653 (1) For the nine months ending December 31, 2023. ​ Convertible Note Hedge and Note Hedge Warrant Transactions with Respect to 2022 Convertible Notes To minimize the impact of potential dilution to the Company’s Class A common stockholders upon conversion of the 2022 Convertible Notes, the Company entered into the Convertible Note Hedges. The Convertible Note Hedges had an exercise price of $14.51 per share and covered 23,135,435 shares. If the 2022 Convertible Notes had been converted and the price of the Company’s Class A Common Stock was above the exercise price of the Convertible Note Hedges, the counterparties were obligated to deliver shares of the Company’s Class A Common Stock and/or cash with an aggregate value approximately equal to the difference between the price of the Company’s Class A Common Stock at the conversion date and the exercise price, multiplied by the number of shares of the Company’s Class A Common Stock related to the Convertible Note Hedge being exercised. In June 2022, the Convertible Note Hedges terminated unexercised upon expiry. Concurrently with entering into the Convertible Note Hedges, the Company sold Note Hedge Warrants to the Convertible Note Hedge counterparties to acquire shares of the Company’s Class A Common Stock. An aggregate of 23,135,435 shares underlie the Note Hedge Warrants and each warrant has a strike price of $18.82 per share, subject to customary anti-dilution adjustments. The Note Hedge Warrants were exercisable over the 150-trading day period beginning on September 15, 2022. In April 2023, the Note Hedge Warrants terminated unexercised upon expiry. The Convertible Note Hedges and the Note Hedge Warrants are separate transactions entered into by the Company and were not part of the terms of the 2022 Convertible Notes. The Company paid $91.9 million for the Convertible Note Hedges and received $70.8 million for the Note Hedge Warrants, resulting in a net cost to the Company of $21.1 million. The Convertible Note Hedges and Note Hedge Warrants were accounted for as derivative assets and liabilities, respectively, in accordance with ASC 815, and remeasured to fair value at each reporting date (Note 5). As of March 31, 2023 and December 31, 2022, the Note Hedge Warrants were classified as current liabilities on the Company’s condensed consolidated balance sheet. Capped Calls with Respect to 2024 Convertible Notes and 2026 Convertible Notes ​ To minimize the impact of potential dilution to the Company’s Class A common stockholders upon conversion of the 2024 Convertible Notes and the 2026 Convertible Notes, the Company entered into separate Capped Calls in connection with the issuance of the 2024 Convertible Notes and the 2026 Convertible Notes. The Company paid the counterparties $25.2 million to enter into the Capped Calls. ​ The Capped Calls have an initial strike price of approximately $13.39 per share, which corresponds to the initial conversion price of the 2024 Convertible Notes and the 2026 Convertible Notes and is subject to anti-dilution adjustments generally similar to those applicable to the 2024 Convertible Notes and the 2026 Convertible Notes. The Capped Calls have a cap price of approximately $17.05 per share, subject to certain adjustments. The Capped Calls cover 29,867,480 shares of Class A Common Stock (subject to anti-dilution and certain other adjustments), which is the same number of shares of Class A Common Stock that initially underlie the 2024 Convertible Notes and the 2026 Convertible Notes. ​ The Capped Calls are expected generally to reduce the potential dilution to the Class A Common Stock upon conversion of the 2024 Convertible Notes and the 2026 Convertible Notes in the event that the market price per share of Class A Common Stock is greater than the strike price of the Capped Calls as adjusted pursuant to the anti-dilution adjustments. If, however, the market price per share of Class A Common Stock exceeds the cap price of the Capped Calls, there would nevertheless be dilution upon conversion of the 2024 Convertible Notes and the 2026 Convertible Notes to the extent that such market price exceeds the cap price of the Capped Calls. ​ The Capped Calls are separate transactions entered into by and between the Company and the Capped Calls counterparties and are not part of the terms of the 2024 Convertible Notes or the 2026 Convertible Notes. Holders of the 2024 Convertible Notes and the 2026 Convertible Notes do not have any rights with respect to the Capped Calls. The Company recorded a reduction to additional paid-in capital of $25.0 million during the year ended December 31, 2019 related to the premium payments for the Capped Calls. Additionally, the Company recorded a $0.2 million reduction to equity related to transaction costs incurred in connection with the Capped Calls during the year ended December 31, 2019. These instruments meet the conditions outlined in ASC 815 to be classified in stockholders’ equity and are not subsequently remeasured as long as the conditions for equity classification continue to be met.

Employee Stock Benefit Plans

Employee Stock Benefit Plans	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Employee Stock Benefit Plans	9. Employee Stock Benefit Plans ​ The Company has several share-based compensation plans under which stock options, restricted stock awards, restricted stock units and other share-based awards are available for grant to employees, officers, directors and consultants of the Company. ​ The following table summarizes share-based compensation expense (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Share-based compensation expense: ​ ​ ​ ​ ​ ​ Research and development ​ $ 1,355 ​ $ 1,158 Selling, general and administrative ​ 5,776 ​ ​ 4,931 Total share-based compensation expense included in operating expenses ​ ​ 7,131 ​ ​ 6,089 Income tax benefit (expense) ​ ​ 297 ​ ​ (720) Total share-based compensation expense, net of tax ​ $ 7,428 ​ $ 5,369

Share Repurchase Plan

Share Repurchase Plan	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Share Repurchase Plan	10. Share Repurchase Plan

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Income Taxes	11. Income Taxes The income tax provision during interim periods is computed by applying an estimated annual effective income tax rate to year-to-date pre-tax income, plus adjustments for significant unusual or infrequently occurring items, in accordance with ASC 740-270, Income Taxes – Interim Reporting During the three months ended March 31, 2023 and 2022, the Company recorded income tax expense of $20.1 million and $17.7 million, respectively. Due to the Company's ability to offset its pre-tax income against net operating losses, the majority of its tax provision is expected to represent a non-cash expense until its net operating losses have been fully utilized.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block
Subsequent Events	12. Subsequent Events In April 2023, the Company initiated a reduction in workforce of approximately 10% of its headquarters-based personnel in an effort to further strengthen the operational efficiency of the organization, and expects to substantially complete the workforce reduction during the second quarter of 2023. The Company estimates that it will incur $3.0 million to $5.5 million in restructuring expenses in connection with the workforce reduction, primarily for one-time severance and benefit costs.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Policy Text Blocks
Basis of Presentation	Basis of Presentation ​ The accompanying condensed consolidated financial statements and the related disclosures are unaudited and have been prepared in accordance with accounting principles generally accepted in the U.S. Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 16, 2023 (the “2022 Annual Report on Form 10-K”). ​ The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial position as of March 31, 2023, and the results of its operations for the three months ended March 31, 2023 and 2022, its statements of stockholders’ equity for the three months ended March 31, 2023 and 2022, and its cash flows for the three months ended March 31, 2023 and 2022. The results of operations for the three months ended March 31, 2023 and 2022 are not necessarily indicative of the results that may be expected for the full year or any other subsequent interim period. ​
Principles of Consolidation	Principles of Consolidation ​ The accompanying condensed consolidated financial statements include the accounts of Ironwood and its wholly-owned subsidiaries as of March 31, 2023, Ironwood Pharmaceuticals Securities Corporation and Ironwood Pharmaceuticals GmbH. All intercompany transactions and balances are eliminated in consolidation. ​
Reclassifications	Reclassifications ​ ​
Use of Estimates	Use of Estimates ​ The preparation of condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. On an ongoing basis, the Company’s management evaluates its estimates, judgments and methodologies. Significant estimates and assumptions in the condensed consolidated financial statements include those related to revenue recognition; accounts receivable; useful lives of long-lived assets, impairment of long-lived assets, including goodwill; valuation procedures for right-of-use assets and operating lease liabilities; valuation procedures for the issuance and repurchase of convertible notes; balance sheet classification of convertible notes; fair value of derivatives; income taxes, including the valuation allowance for deferred tax assets; research and development expenses; contingencies and share-based compensation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.
New Accounting Pronouncements	New Accounting Pronouncements ​ From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the three months ended March 31, 2023 that had a material effect on its condensed consolidated financial statements. ​ Other recent accounting pronouncements issued, but not yet effective, are not expected to be applicable to the Company or have a material effect on the condensed consolidated financial statements upon future adoption.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Table Text Blocks
Schedule of computation of basic and diluted net loss per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 Numerator: ​ ​ ​ ​ ​ ​ Net income ​ $ 45,714 ​ $ 38,801 Add back interest expense, net of tax benefit, on assumed conversion of 2024 Convertible Notes ​ ​ 447 ​ ​ 444 Add back interest expense, net of tax benefit, on assumed conversion of 2026 Convertible Notes ​ ​ 668 ​ ​ 666 Numerator used in computing net income per share — diluted ​ $ 46,829 ​ $ 39,911 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding used in computing net income per share — basic ​ 154,452 ​ ​ 157,821 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options ​ ​ 250 ​ ​ 324 Time-based restricted stock units ​ ​ 1,234 ​ ​ 1,132 Performance-based restricted stock units ​ ​ 736 ​ ​ 222 Restricted stock ​ ​ 126 ​ ​ 166 Shares subject to issuance under Employee Stock Purchase Plan ​ ​ 14 ​ ​ 7 2024 Convertible Notes assumed conversion ​ ​ 14,934 ​ ​ 14,934 2026 Convertible Notes assumed conversion ​ ​ 14,934 ​ ​ 14,934 Dilutive potential common shares ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding used in computing net income per share — diluted ​ ​ 186,680 ​ 189,540 Net income per share — basic ​ $ 0.30 ​ $ 0.25 Net income per share — diluted ​ $ 0.25 ​ $ 0.21 ​
Schedule of potentially dilutive securities that have been excluded from computation of diluted weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2023 2022 Stock options ​ 5,046 6,890 Time-based restricted stock units ​ 570 ​ 114 ​ Performance-based restricted stock units ​ 76 ​ 858 ​ Note Hedge Warrants ​ 8,318 ​ 8,318 ​ Total 14,010 16,180

Collaboration, License, and O_2

Collaboration, License, and Other Agreements (Tables)	3 Months Ended
	Mar. 31, 2023
Table Text Blocks
Schedule of revenue attributable to transactions from collaboration and license arrangements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ Collaborative Arrangements Revenue ​ 2023 2022 Linaclotide Collaboration and License Agreements: ​ ​ ​ ​ ​ ​ ​ AbbVie (North America) ​ $ 102,336 ​ $ 94,901 ​ AbbVie (Europe and other) ​ ​ 663 ​ ​ 610 ​ AstraZeneca (China, including Hong Kong and Macau) ​ ​ 91 ​ 192 ​ Astellas (Japan) ​ ​ 391 ​ 523 ​ Other Agreements: ​ ​ ​ ​ ​ ​ ​ Alnylam (GIVLAARI) ​ ​ — ​ ​ 823 ​ Other ​ ​ 580 ​ ​ 480 ​ Total collaborative arrangements revenue ​ $ 104,061 ​ $ 97,529 ​ ​
AbbVie Plc
Table Text Blocks
Schedule of revenue attributable to transactions from collaboration and license arrangements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2023 2022 Collaborative arrangements revenue related to sales of LINZESS in the U.S. ​ $ 101,636 ​ $ 94,319 ​ Royalty revenue ​ 700 ​ ​ 582 ​ Total collaborative arrangements revenue ​ $ 102,336 ​ $ 94,901 ​ ​

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Table Text Blocks
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using ​ ​ ​ Quoted Prices in Significant Other Significant ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ Unobservable ​ ​ March 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 554,444 ​ $ 554,444 ​ $ — ​ $ — Repurchase agreements ​ ​ 20,000 ​ ​ — ​ ​ 20,000 ​ ​ — Commercial paper ​ ​ 129,200 ​ ​ — ​ ​ 129,200 ​ ​ — Restricted cash: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 1,735 ​ ​ 1,735 ​ ​ — ​ ​ — Total assets measured at fair value ​ $ 705,379 ​ $ 556,179 ​ $ 149,200 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note hedge warrants ​ $ — ​ $ — ​ $ — ​ $ — Total liabilities measured at fair value ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using ​ ​ ​ Quoted Prices in Significant Other Significant ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 250,313 ​ $ 250,313 ​ $ — ​ $ — Repurchase agreements ​ ​ 261,075 ​ ​ — ​ ​ 261,075 ​ ​ — Commercial paper ​ ​ 138,809 ​ ​ — ​ ​ 138,809 ​ ​ — Restricted cash: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ 1,735 ​ 1,735 ​ — ​ — Total assets measured at fair value ​ $ 651,932 ​ $ 252,048 ​ $ 399,884 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note hedge warrants ​ $ 19 ​ $ — ​ $ — ​ $ 19 Total liabilities measured at fair value ​ $ 19 ​ $ — ​ $ — ​ $ 19 ​
Schedule of assumptions used in fair market valuations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ December 31, 2022 ​ Risk-free interest rate (1) ​ ​ 4.7 % ​ ​ 4.5 % Expected term ​ 0.1 ​ ​ 0.3 ​ Stock price (2) ​ $ 10.52 ​ ​ $ 12.39 ​ Strike price (3) ​ $ 18.82 ​ ​ $ 18.82 ​ Common stock volatility (4) ​ ​ 25.3 % ​ ​ 27.1 % Dividend yield (5) ​ — % ​ — % ​ (1) Based on U.S. Treasury yield curve, with terms commensurate with the expected term of the Note Hedge Warrants. (2) The closing price of the Company’s Class A Common Stock on the last trading days of the quarters ended March 31, 2023 and December 31, 2022, respectively. (3) As per the agreements for the Note Hedge Warrants. (4) Expected volatility based on historical volatility of the Company’s Class A Common Stock. (5) The Company has not paid and does not anticipate paying cash dividends on its shares of common stock in the foreseeable future; therefore, the expected dividend yield is assumed to be zero . ​
Schedule of the change in Level 3 liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2022 ​ $ (19) Change in fair value, recorded as a component of gain on derivatives ​ ​ 19 Balance at March 31, 2023 ​ $ — ​

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Table Text Blocks
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Accrued compensation and benefits ​ $ 9,397 ​ $ 12,268 Accrued interest ​ ​ 1,313 ​ ​ 188 Other ​ ​ 7,061 ​ ​ 4,244 Total accrued expenses and other current liabilities ​ $ 17,771 ​ $ 16,700

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Table Text Blocks
Schedule of components of lease cost and supplemental cash flow information	Lease cost is recognized on a straight-line basis over the lease term. The components of lease cost for the three months ended March 31, 2023 and 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 Operating lease cost ​ $ 627 ​ $ 628 Short-term lease cost ​ ​ 271 ​ ​ 260 Total lease cost ​ $ 898 ​ $ 888 ​ Supplemental information related to leases for the periods reported is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ ​ 2022 ​ Cash paid for amounts included in the measurement of lease liabilities (in thousands) ​ $ 757 ​ ​ $ 789 ​ Weighted-average remaining lease term of operating leases (in years) ​ ​ 7.2 ​ ​ ​ 8.1 ​ Weighted-average discount rate of operating leases ​ ​ 5.8 % ​ ​ 5.8 % ​
Schedule of future minimum lease payments under non-cancelable operating leases	​ ​ ​ ​ ​ 2023 (1) ​ $ 2,309 2024 ​ ​ 3,126 2025 ​ ​ 3,189 2026 ​ 3,252 2027 ​ ​ 3,317 2028 and thereafter ​ 8,285 Total future minimum lease payments ​ ​ 23,478 Less: present value adjustment ​ ​ (4,293) Operating lease liabilities ​ ​ 19,185 Less: current portion of operating lease liabilities ​ ​ (3,080) Operating lease liabilities, net of current portion ​ $ 16,105 (1) For the nine months ending December 31, 2023.

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2023
Table Text Blocks
Schedule of outstanding Convertible Note	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 Principal: ​ ​ ​ ​ ​ ​ 2024 Convertible Notes ​ $ 200,000 ​ $ 200,000 2026 Convertible Notes ​ ​ 200,000 ​ ​ 200,000 Less: unamortized debt issuance costs ​ ​ (3,347) ​ ​ (3,749) Net carrying amount ​ $ 396,653 ​ $ 396,251 ​
Schedule of interest expense related to Convertible Notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Contractual interest expense ​ $ 1,125 ​ $ 1,804 Amortization of debt issuance costs ​ ​ 402 ​ ​ 537 Total interest expense ​ $ 1,527 ​ $ 2,341 ​
Schedule of future minimum payments details of debt	​ ​ ​ ​ ​ 2023 (1) ​ $ 4,500 2024 ​ ​ 203,750 2025 ​ ​ 3,000 2026 ​ ​ 201,500 Total future minimum payments under the convertible senior notes ​ 412,750 Less: amounts representing interest ​ ​ (12,750) Less: unamortized debt issuance costs ​ ​ (3,347) Convertible senior notes balance ​ $ 396,653 (1) For the nine months ending December 31, 2023. ​

Employee Stock Benefit Plans (T

Employee Stock Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Table Text Blocks
Share-based compensation expense reflected in the condensed consolidated statements of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Share-based compensation expense: ​ ​ ​ ​ ​ ​ Research and development ​ $ 1,355 ​ $ 1,158 Selling, general and administrative ​ 5,776 ​ ​ 4,931 Total share-based compensation expense included in operating expenses ​ ​ 7,131 ​ ​ 6,089 Income tax benefit (expense) ​ ​ 297 ​ ​ (720) Total share-based compensation expense, net of tax ​ $ 7,428 ​ $ 5,369

Net Income Per Share - Computat

Net Income Per Share - Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income	$ 45,714	$ 38,801
Net income (loss) available to common stockholders, basic	45,714	38,801
Net income (loss) available to common stockholders, diluted	$ 46,829	$ 39,911
Denominator:
Weighted average number of common shares outstanding used in computing net income per share - basic (in shares)	154,452	157,821
Effect of dilutive securities:
Weighted average number of common shares outstanding used in computing net income per share - diluted (in shares)	186,680	189,540
Net income per share - basic (in dollars per share)	$ 0.30	$ 0.25
Net income per share - diluted (in dollars per share)	$ 0.25	$ 0.21
Employee stock options
Effect of dilutive securities:
Effect of dilutive securities, share-based compensation	250	324
Time-based Restricted Stock Units
Effect of dilutive securities:
Effect of dilutive securities, share-based compensation	1,234	1,132
Performance-based Restricted Stock Units
Effect of dilutive securities:
Effect of dilutive securities, share-based compensation	736	222
Restricted Stock
Effect of dilutive securities:
Effect of dilutive securities, share-based compensation	126	166
Employee Stock
Effect of dilutive securities:
Effect of dilutive securities, share-based compensation	14	7
0.75% Convertible Senior Notes due 2024
Numerator:
Add back interest expense, net of tax benefit, on assumed conversion of convertible notes	$ 447	$ 444
Effect of dilutive securities:
Effect of dilutive securities, convertible notes	14,934	14,934
1.50% Convertible Senior Notes due 2026
Numerator:
Add back interest expense, net of tax benefit, on assumed conversion of convertible notes	$ 668	$ 666
Effect of dilutive securities:
Effect of dilutive securities, convertible notes	14,934	14,934

Net Income Per Share - Potentia

Net Income Per Share - Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Potentially dilutive securities
Total potentially dilutive securities excluded from the computation of diluted weighted average shares outstanding (in shares)	14,010	16,180
Employee stock options
Potentially dilutive securities
Total potentially dilutive securities excluded from the computation of diluted weighted average shares outstanding (in shares)	5,046	6,890
Time-based Restricted Stock Units
Potentially dilutive securities
Total potentially dilutive securities excluded from the computation of diluted weighted average shares outstanding (in shares)	570	114
Performance-based Restricted Stock Units
Potentially dilutive securities
Total potentially dilutive securities excluded from the computation of diluted weighted average shares outstanding (in shares)	76	858
Note Hedge Warrants
Potentially dilutive securities
Total potentially dilutive securities excluded from the computation of diluted weighted average shares outstanding (in shares)	8,318	8,318

Collaboration, License, and O_3

Collaboration, License, and Other Agreements - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenue	$ 104,061	$ 97,529
Collaborative arrangements revenue
Revenues:
Revenue	104,061	97,529
Collaborative arrangement, other agreements
Revenues:
Revenue	580	480
AbbVie Plc | North America | Collaborative arrangements revenue
Revenues:
Revenue	102,336	94,901
AbbVie Plc | North America | Collaborative arrangement, collaboration and license agreements
Revenues:
Revenue	102,336	94,901
AbbVie Plc | Europe and Other | Collaborative arrangement, collaboration and license agreements
Revenues:
Revenue	663	610
AstraZeneca | Collaborative arrangement, collaboration and license agreements
Revenues:
Revenue	91	192
Astellas Pharma Inc. | Collaborative arrangement, collaboration and license agreements
Revenues:
Revenue	$ 391	523
Alnylam | Collaborative arrangement, co-promotion agreements
Revenues:
Revenue		$ 823

Collaboration, License, and O_4

Collaboration, License, and Other Agreements - Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts receivable, net
Accounts receivable, net	$ 115.7	$ 130
Accounts receivable, net of accounts payable	99.9	104.4
AbbVie Plc
Accounts receivable, net
Accounts payable	$ 4.4	$ 4

Collaboration, License, and O_5

Collaboration, License, and Other Agreements - North America - General Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)
Collaboration, License, Promotion and Other Commercial Agreements
Research and development expense	$ 12,847	$ 10,822
AbbVie Plc
Collaboration, License, Promotion and Other Commercial Agreements
Remaining commercial-period performance obligations | item	3
Cost sharing amount, reduction to research and development	$ 3,000	2,400
Collaborative arrangement, percentage of obligation of development costs incurred	50%
Percentage of net profit from commercialization (as a percent)	50%
Percentage of net loss from commercialization (as a percent)	50%
North America | AbbVie Plc
Collaboration, License, Promotion and Other Commercial Agreements
Research and development expense	$ 1,300	$ 1,700

Collaboration, License, and O_6

Collaboration, License, and Other Agreements - North America - Collaborative Arrangements Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenue	$ 104,061	$ 97,529
Collaborative arrangements revenue
Revenues:
Revenue	104,061	97,529
AbbVie Plc | Royalty
Revenues:
Revenue	700	600
AbbVie Plc | North America | Collaborative arrangements revenue
Revenues:
Revenue	102,336	94,901
AbbVie Plc | North America | Collaborative arrangement, collaboration and license agreements
Revenues:
Revenue	102,336	94,901
AbbVie Plc | North America | Collaborative arrangements, LINZESS
Revenues:
Revenue	101,636	94,319
AbbVie Plc | North America | Royalty
Revenues:
Revenue	$ 700	$ 582

Collaboration, License, and O_7

Collaboration, License, and Other Agreements - North America - Commercial Efforts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	$ 104,061	$ 97,529
Selling, general and administrative	31,117	28,861
Collaborative arrangements revenue
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	104,061	97,529
Collaborative arrangements, LINZESS | AbbVie Plc | U.S.
Collaboration, License, Promotion and Other Commercial Agreements
Selling, general and administrative	$ 9,700	$ 8,700

Collaboration, License, and O_8

Collaboration, License, and Other Agreements - North America - Royalty Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenue	$ 104,061	$ 97,529
Collaborative arrangements revenue
Revenues:
Revenue	104,061	97,529
Collaborative arrangements revenue | North America | AbbVie Plc
Revenues:
Revenue	102,336	94,901
Collaborative arrangement, collaboration and license agreements | North America | AbbVie Plc
Revenues:
Revenue	102,336	94,901
Royalty | AbbVie Plc
Revenues:
Revenue	700	600
Royalty | North America | AbbVie Plc
Revenues:
Revenue	700	582
Royalty | Canada and Mexico | AbbVie Plc
Revenues:
Revenue	$ 700	$ 600

Collaboration, License, and O_9

Collaboration, License, and Other Agreements - European and Other Territories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Oct. 31, 2015
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	$ 104,061	$ 97,529
Collaborative arrangements revenue
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	104,061	97,529
Collaborative arrangement, collaboration and license agreements | AbbVie Plc | Europe and Other
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	$ 663	610
License | AbbVie Plc
Collaboration, License, Promotion and Other Commercial Agreements
Remaining milestone payment due upon the amendment to the license agreement			$ 42,500
Annual royalty	5 years
Royalty | AbbVie Plc
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	$ 700	$ 600

Collaboration, License, and _10

Collaboration, License, and Other Agreements - Japan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	$ 104,061	$ 97,529
Collaborative arrangements revenue
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	104,061	97,529
Collaborative arrangement, collaboration and license agreements | Astellas Pharma Inc.
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	391	523
Royalty | Astellas Pharma Inc., 2009 License Agreement, Amended 2019
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	$ 400	$ 500

Collaboration, License, and _11

Collaboration, License, and Other Agreements - China, Hong Kong and Macau (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2019 USD ($) installment	Dec. 31, 2022 USD ($)
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	$ 104,061	$ 97,529
Collaborative arrangements revenue
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	104,061	97,529
AstraZeneca
Collaboration, License, Promotion and Other Commercial Agreements
Milestone payment to be received by company upon milestone achievement	90,000
Collaborative arrangement, significant financing component, transaction price	$ 2,600
Amount of non-contingent arrangement consideration			$ 35,000
Non-contingent consideration installments | installment			3
Percentage of tiered royalties	20%
Collaborative arrangement, non-contingent installment payments receivable	$ 15,000
Collaborative arrangement, non-contingent receivable, current	15,000
Collaborative arrangement, non-contingent receivable, non-current	10,000			$ 14,600
AstraZeneca | Collaborative arrangement, collaboration and license agreements
Collaboration, License, Promotion and Other Commercial Agreements
Revenue	$ 91	192
AstraZeneca | Royalty
Collaboration, License, Promotion and Other Commercial Agreements
Revenue		$ 200

Collaboration, License, and _12

Collaboration, License, and Other Agreements - Other Collaboration and License Agreements (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Apr. 30, 2023	Nov. 30, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Collaboration, License, Promotion and Other Commercial Agreements
Revenue			$ 104,061	$ 97,529
Research and development expense			12,847	10,822
Accrued research and development costs			2,874			$ 5,258
Collaborative arrangements revenue
Collaboration, License, Promotion and Other Commercial Agreements
Revenue			104,061	97,529
Alnylam | Collaborative arrangement, co-promotion agreements
Collaboration, License, Promotion and Other Commercial Agreements
Revenue				823
Alnylam | Royalty
Collaboration, License, Promotion and Other Commercial Agreements
Revenue				$ 800
COUR Pharmaceuticals Development Company, Inc.
Collaboration, License, Promotion and Other Commercial Agreements
Collaborative arrangement, upfront payment		$ 6,000
Collaborative arrangement, non-contingent payments and milestone payments, payable		$ 13,500
Collaborative arrangement, option to acquire license, exercise price, payable			35,000
Collaborative arrangement, milestones. potential commercial milestone payments, term of agreement, payable			440,000
Research and development expense					$ 19,500
Accrued research and development costs			$ 1,900			$ 3,800
COUR Pharmaceuticals Development Company, Inc. | Subsequent Event
Collaboration, License, Promotion and Other Commercial Agreements
Collaborative arrangement, upfront payment	$ 6,000
Collaborative arrangement, right to apply credit against future amounts due	$ 6,600

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - General Information (Details)	Mar. 31, 2022
Fair Value of Financial Instruments
Threshold percentage of collateralized value (as a percent)	102%

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liabilities:
Derivative Liability, Statement of Financial Position	Note hedge warrants	Note hedge warrants
Recurring basis
Assets:
Total assets measured at fair value	$ 705,379	$ 651,932
Liabilities:
Note hedge warrants		19
Total liabilities measured at fair value		19
Recurring basis | Money market funds
Assets:
Cash and cash equivalents	554,444	250,313
Restricted cash	1,735	1,735
Recurring basis | Repurchase agreements
Assets:
Cash and cash equivalents	20,000	261,075
Recurring basis | Commercial paper
Assets:
Cash and cash equivalents	129,200	138,809
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total assets measured at fair value	556,179	252,048
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds
Assets:
Cash and cash equivalents	554,444	250,313
Restricted cash	1,735	1,735
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Total assets measured at fair value	149,200	399,884
Recurring basis | Significant Other Observable Inputs (Level 2) | Repurchase agreements
Assets:
Cash and cash equivalents	20,000	261,075
Recurring basis | Significant Other Observable Inputs (Level 2) | Commercial paper
Assets:
Cash and cash equivalents	$ 129,200	138,809
Recurring basis | Significant Unobservable Inputs (Level 3)
Liabilities:
Note hedge warrants		19
Total liabilities measured at fair value		$ 19

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Assumptions (Details)	Mar. 31, 2023 $ / shares Y	Dec. 31, 2022 $ / shares Y
Fair Value of Financial Instruments
Derivative liability, valuation technique	us-gaap:ValuationTechniqueOptionPricingModelMember	us-gaap:ValuationTechniqueOptionPricingModelMember
Measurement Input, Risk Free Interest Rate
Fair Value of Financial Instruments
Derivative liability, measurement input	0.047	0.045
Measurement Input, Expected Term
Fair Value of Financial Instruments
Derivative liability, measurement input | Y	0.1	0.3
Measurement Input, Share Price
Fair Value of Financial Instruments
Derivative liability, measurement input	10.52	12.39
Measurement Input, Exercise Price
Fair Value of Financial Instruments
Derivative liability, measurement input	18.82	18.82
Measurement Input, Price Volatility
Fair Value of Financial Instruments
Derivative liability, measurement input	0.253	0.271
Measurement Input, Expected Dividend Rate
Fair Value of Financial Instruments
Derivative liability, measurement input	0	0

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Change in Level 3 (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Change in Level 3 Liabilities
Balance at beginning of period	$ (19)
Change in fair value, recorded as a component of (loss) gain on derivatives	19
Balance at end of period	$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income	Gain on derivatives

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Notes Payable (Details) - Convertible Senior Notes - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Aug. 31, 2019	Jun. 30, 2015
2.25% Convertible Senior Notes due 2022
Fair value disclosures
Aggregate principal amount of notes issued					$ 335,700
Debt redeemed/repurchased			$ 120,700	$ 215,000
0.75% Convertible Senior Notes due 2024
Fair value disclosures
Aggregate principal amount of notes issued	$ 200,000	$ 200,000		200,000
0.75% Convertible Senior Notes due 2024 | Significant Other Observable Inputs (Level 2)
Fair value disclosures
Estimated fair value	200,100	215,900
1.50% Convertible Senior Notes due 2026
Fair value disclosures
Aggregate principal amount of notes issued	200,000	200,000		$ 200,000
1.50% Convertible Senior Notes due 2026 | Significant Other Observable Inputs (Level 2)
Fair value disclosures
Estimated fair value	$ 199,100	$ 219,000

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Capped Calls with Respect to 2024 Convertible Notes and 2026 Convertible Notes (Details) - Capped Calls with Respect to 2024 Convertible Notes and 2026 Convertible Notes	1 Months Ended
	Aug. 31, 2019 $ / shares $ / item shares
Capped Calls
Number of shares covered by capped calls (in shares) | shares	29,867,480
Strike price (in dollars per share) | $ / shares	$ 13.39
Cap price | $ / item	17.05

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Tabular Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses
Accrued compensation and benefits	$ 9,397	$ 12,268
Accrued interest	1,313	188
Other	7,061	4,244
Total accrued expenses and other current liabilities	$ 17,771	$ 16,700

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses
Other accrued expenses	$ 7,061	$ 4,244
Other accrued liabilities, uninvoiced vendor liabilities	4,200	$ 3,600
Income taxes payable	$ 2,700

Leases - Restricted Cash (Detai

Leases - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Restricted Cash
Restricted cash	$ 1,735	$ 1,700	$ 1,735

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease Cost
Operating lease cost	$ 627	$ 628
Short-term lease cost	271	260
Total lease cost	$ 898	$ 888

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Leases
Cash paid for amounts included in the measurement of lease liabilities	$ 757	$ 789
Weighted-average remaining lease term of operating leases	7 years 2 months 12 days	8 years 1 month 6 days
Weighted-average discount rate of operating leases (as a percent)	5.80%	5.80%

Leases - Summer Street Lease (D

Leases - Summer Street Lease (Details) ft² in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2019 ft²	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Operating Leases
Weighted-average discount rate of operating leases (as a percent)		5.80%	5.80%
Operating lease right-of-use assets		$ 13,674		$ 14,023
Operating lease liability		19,185
Operating lease cost		$ 627	$ 628
Summer Street Lease
Operating Leases
Rentable area leased (in square feet) | ft²	39
Annual rent escalation (as a percent)	2%
Option to extend the term of the lease	true
Operating lease, renewal term	5 years
Weighted-average discount rate of operating leases (as a percent)		5.80%
Operating lease right-of-use assets		$ 13,700		14,000
Operating lease liability		19,200		$ 19,700
Operating lease cost		$ 600	$ 600

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Future Minimum Lease Payments
2023	$ 2,309
2024	3,126
2025	3,189
2026	3,252
2027	3,317
2028 and thereafter	8,285
Total future minimum lease payments	$ 23,478

Leases - Operating Lease Obliga

Leases - Operating Lease Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating lease obligations
Total future minimum lease payments	$ 23,478
Less: present value adjustment	(4,293)
Operating lease liabilities	19,185
Less: current portion of operating lease liabilities	(3,080)	$ (3,065)
Operating lease liabilities, net of current portion	$ 16,105	$ 16,599

Notes Payable - General Informa

Notes Payable - General Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Aug. 31, 2019	Jun. 30, 2015	Jun. 30, 2022	Apr. 15, 2019
Notes Payable
Payments for convertible note hedges	$ 25.2	$ 21.1
Convertible Note Hedge
Notes Payable
Conversion price (in dollars per share)				$ 14.51
2.25% Convertible Senior Notes due 2022 | Convertible Senior Notes
Notes Payable
Aggregate principal amount of notes issued		335.7
Net proceed received		324
Fees and expenses		$ 11.7
Stated interest rate (as a percent)		2.25%
Debt redeemed/repurchased	215		$ 120.7
Debt redemption/repurchase price	$ 227.3

Notes Payable - Convertible Sen

Notes Payable - Convertible Senior Notes - Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Aug. 31, 2019	Jun. 30, 2015
Principal:
Less: unamortized debt issuance costs	$ (3,347)	$ (3,749)
Net carrying amount	396,653	396,251
2.25% Convertible Senior Notes due 2022 | Convertible Senior Notes
Principal:
Aggregate principal amount of notes issued				$ 335,700
0.75% Convertible Senior Notes due 2024 | Convertible Senior Notes
Principal:
Aggregate principal amount of notes issued	200,000	200,000	$ 200,000
1.50% Convertible Senior Notes due 2026 | Convertible Senior Notes
Principal:
Aggregate principal amount of notes issued	$ 200,000	$ 200,000	$ 200,000

Notes Payable - Convertible S_2

Notes Payable - Convertible Senior Notes - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest Expense
Contractual interest expense	$ 1,125	$ 1,804
Amortization of debt issuance costs	402	537
Total interest expense	$ 1,527	$ 2,341

Notes Payable - Convertible S_3

Notes Payable - Convertible Senior Notes - Future Minimum Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Future minimum payments of Convertible senior notes
2023	$ 4,500
2024	203,750
2025	3,000
2026	201,500
Total future minimum payments under the convertible senior notes	412,750
Less: amounts representing interest	(12,750)
Less: unamortized debt issuance costs	(3,347)	$ (3,749)
Net carrying amount	$ 396,653	$ 396,251

Notes Payable - Convertible S_4

Notes Payable - Convertible Senior Notes Due 2024 and Convertible Senior Notes Due 2026 (Details)		1 Months Ended
	Apr. 15, 2019 shares	Aug. 31, 2019 USD ($) D $ / shares	Jun. 30, 2015 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
2.25% Convertible Senior Notes due 2022 | Note Hedge Warrants
Notes Payable
Shares issuable upon conversion of debt (in shares) | shares	23,135,435
2.25% Convertible Senior Notes due 2022 | Convertible Senior Notes
Notes Payable
Aggregate principal amount of notes issued			$ 335,700,000
Net proceed received			324,000,000
Fees and expenses			$ 11,700,000
Stated interest rate (as a percent)			2.25%
0.75% Convertible Senior Notes due 2024 and 1.50% Convertible Senior Notes due 2026 | Convertible Senior Notes
Notes Payable
Net proceed received		$ 391,000,000
Fees and expenses		$ 9,000,000
Conversion rate, number of shares to be issued per		74.6687
Principal amount used for debt instrument conversion ratio		$ 1,000
Initial conversion price (in dollars per share) | $ / shares		$ 13.39
Number of consecutive trading days before five business days during the measurement period | D		5
Repurchase price		100%
Percentage of aggregate principal amount of notes outstanding and payable in case of event of default under the agreement		25%
0.75% Convertible Senior Notes due 2024 and 1.50% Convertible Senior Notes due 2026 | Convertible Senior Notes | Calendar quarter commencing after December 31, 2019
Notes Payable
Number of trading days | D		20
Consecutive trading days | D		30
0.75% Convertible Senior Notes due 2024 and 1.50% Convertible Senior Notes due 2026 | Convertible Senior Notes | Measurement period
Notes Payable
Number of business days immediately after any five consecutive trading day period during the measurement period | D		5
0.75% Convertible Senior Notes due 2024 and 1.50% Convertible Senior Notes due 2026 | Convertible Senior Notes | Minimum | Calendar quarter commencing after December 31, 2019
Notes Payable
Minimum percentage of stock price		130%
0.75% Convertible Senior Notes due 2024 and 1.50% Convertible Senior Notes due 2026 | Convertible Senior Notes | Maximum | Measurement period
Notes Payable
Conversion premium percentage on sale price of common stock		98%
0.75% Convertible Senior Notes due 2024 | Convertible Senior Notes
Notes Payable
Aggregate principal amount of notes issued		$ 200,000,000		$ 200,000,000	$ 200,000,000
Stated interest rate (as a percent)		0.75%
Debt instrument term		5 years
1.50% Convertible Senior Notes due 2026 | Convertible Senior Notes
Notes Payable
Aggregate principal amount of notes issued		$ 200,000,000		$ 200,000,000	$ 200,000,000
Stated interest rate (as a percent)		1.50%
Debt instrument term		7 years

Notes Payable - Convertible S_5

Notes Payable - Convertible Senior Notes Due 2022, Convertible Senior Notes Due 2024 and Convertible Senior Notes Due 2026 (Details) - Convertible Senior Notes - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2019	Mar. 31, 2023
0.75% Convertible Senior Notes due 2024 and 1.50% Convertible Senior Notes due 2026
Notes Payable
Debt issuance costs incurred	$ 9
0.75% Convertible Senior Notes due 2024
Notes Payable
Debt instrument term	5 years
Effective interest rate on liability components (as a percent)		1.20%
1.50% Convertible Senior Notes due 2026
Notes Payable
Debt instrument term	7 years
Effective interest rate on liability components (as a percent)		1.90%

Notes Payable - Convertible Not

Notes Payable - Convertible Note Hedge and Warrant Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2023	Apr. 15, 2019
Notes Payable
Net derivative issuance cost	$ 21.1
Convertible Note Hedge
Notes Payable
Conversion price (in dollars per share)			$ 14.51
Long-term asset	91.9
Note Hedge Warrant Derivatives
Notes Payable
Shares into which warrants may be converted (in shares)		23,135,435
Trading day period		150 days
Long-term liability	$ 70.8
Note Hedge Warrants
Notes Payable
Warrants strike price (in dollars per share)		$ 18.82

Notes Payable - Capped Calls wi

Notes Payable - Capped Calls with Respect to 2024 Convertible Notes and 2026 Convertible Notes (Details) - Capped Calls with Respect to 2024 Convertible Notes and 2026 Convertible Notes $ / shares in Units, $ in Millions	1 Months Ended
	Aug. 31, 2019 USD ($) $ / shares $ / item shares
Capped Calls
Payment made to enter into Capped Calls	$ 25.2
Strike price (in dollars per share) | $ / shares	$ 13.39
Cap price | $ / item	17.05
Number of shares covered by capped calls (in shares) | shares	29,867,480
Purchase of capped calls	$ 25
Equity component of issuance costs for convertible senior notes	$ 0.2

Employee Stock Benefit Plans -

Employee Stock Benefit Plans - Share-based Compensation Expense - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Stock Benefit Plans
Share-based compensation expense	$ 7,131	$ 6,089
Research and Development Expense
Employee Stock Benefit Plans
Share-based compensation expense	1,355	1,158
Selling, General and Administrative Expenses
Employee Stock Benefit Plans
Share-based compensation expense	$ 5,776	$ 4,931

Employee Stock Benefit Plans _2

Employee Stock Benefit Plans - Share-based Compensation Expense - Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Stock Benefit Plans
Total share-based compensation expense included in operating expenses	$ 7,131	$ 6,089
Income tax benefit (expense)	297	(720)
Total share-based compensation expense, net of tax	$ 7,428	$ 5,369

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		16 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	May 31, 2021
Stock Repurchase Program
Stock repurchase program, authorized amount				$ 150,000
Common stock repurchased and retired (in shares)	8		13.1
Common stock repurchased and retired	$ 90,500	$ 90,489
Common stock repurchased and retired, average price per share (in dollars per share)			$ 11.47

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Taxes
Income tax (benefit) expense	$ 20,147	$ 17,664

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Reduction in Headquarter-based Workforce, April 2023 - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Apr. 30, 2023
Forecast
Number of positions expected to be eliminated
Restructuring and related cost, number of positions eliminated, period percent (as a percent)	10%
Minimum
Restructuring and related cost, expected cost
Restructuring and related cost, expected cost		$ 3
Maximum
Restructuring and related cost, expected cost
Restructuring and related cost, expected cost		$ 5.5