We are exposed to market risks, including changes in interest rates and foreign currency exchange rates. Interest Rate Risk In January 2021, we issued $345.0 million aggregate principal amount of 2028 Convertible Notes. The 2028 Convertible Notes have a fixed annual interest rate of 0.25%; therefore, we do not have economic interest rate exposure with respect to the 2028 Convertible Notes. In June 2026, we issued $316.3 million aggregate principal amount of 2032 Convertible Notes. The 2032 Convertible Notes have a fixed annual interest rate of 0.75%; therefore, we do not have economic interest rate exposure with respect to the 2032 Convertible Notes. However, the fair value of the 2028 Convertible Notes and 2032 Convertible Notes are exposed to interest rate risk. Generally, the fair market value will increase as interest rates fall and decrease as interest rates rise. In addition, the fair value is affected by our common stock price. The fair value will generally increase as our common stock price increases and will generally decrease as our common stock price declines. We carry the 2028 Convertible Notes and 2032 Convertible Notes at face value less unamortized debt discount and debt issuance costs on our balance sheet, and we present the fair value for required disclosure purposes only. Foreign Currency Exchange Risk We have operations in Cambridge, United Kingdom. Our international revenues and expenses denominated in foreign currencies (primarily British Pounds), expose us to the risk of fluctuations in foreign currency exchange rates against the U.S. dollar. We do not hedge foreign currency exchange risks and do not currently believe that these risks are significant.