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Debt (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Current Portion of Long-Term Debt and Debt, Long-Term | Current portion of long-term debt and debt, long-term consists of the following commitments as of June 30, 2024 and December 31, 2023 (in thousands):
|  | As of
|  | June 30, 2024 |  | December 31, 2023
Convertible notes |  | $ | 790,553 |  |  | $ | 788,909 |
Term Loan |  | 380,720 |  |  | 366,404 |
Less: current portion of convertible notes |  | (224,448) |  |  | — |
Debt, long-term |  | $ | 946,825 |  |  | $ | 1,155,313 |
Schedule of Carrying Value of Convertible Notes Balance | The following table presents the carrying value of the Company's convertible notes balance (in thousands):
| As of
| June 30, 2024 |  | December 31, 2023
Face value of outstanding convertible notes | $ | 800,000 |  |  | 800,000 |
Debt issuance costs | (9,447) |  |  | (11,091) |
Less: current convertible notes | (224,448) |  |  | — |
Total long-term convertible notes | $ | 566,105 |  |  | $ | 788,909 |
The following table shows the activity within the liability account for the six-month period ended June 30, 2024 and year ended December 31, 2023 (in thousands):
|  | Six Months Ended June 30, 2024 |  | Twelve Months Ended December 31, 2023
Royalty financing agreement liability - beginning balance |  | $ | 158,162 |  |  | $ | 151,538 |
Revenue Interest Payments paid and payable |  | (6,634) |  |  | (12,222) |
Interest expense recognized |  | 9,715 |  |  | 18,846 |
Royalty financing agreement liability - ending balance |  | $ | 161,243 |  |  | $ | 158,162 |
Royalty financing issuance costs: |  |  |  |
Royalty issuance costs, unamortized - beginning balance |  | $ | (3,128) |  |  | $ | (3,523) |
Amortization of issuance costs |  | 262 |  |  | 521 |
Other |  | — |  |  | (126) |
Deferred issuance costs, unamortized - ending balance |  | $ | (2,866) |  |  | $ | (3,128) |
Royalty Financing Agreement |  | $ | 158,377 |  |  | $ | 155,034 |
Schedule of Carrying Value of Term Loan Balance | The following table presents the carrying value of the Company’s Term Loan balance as of June 30, 2024 (in thousands):
|  | As of
|  | June 30, 2024 |  | December 31, 2023 |  |
Original Term Loan balance |  | $ | 350,000 |  |  | $ | 350,000 |  |  |
Paid-in-kind interest capitalized |  | 40,108 |  |  | 27,537 |  |  |
Term Loan issuance costs, unamortized |  | (9,388) |  |  | (11,133) |  |  |
Term Loan |  | $ | 380,720 |  |  | $ | 366,404 |  |  |
Schedule of Future Principal Repayments of Debt | As of June 30, 2024, future principal repayments of debt for each of the years through maturity were as follows (in thousands):
Year Ending December 31: |
2024 | $ | 225,000 |
2025 | — |
2026 | 195,054 |
2027 | 195,054 |
2028 | 575,000 |
2029 and thereafter | — |
| $ | 1,190,108 |
Schedule of Interest Expense related to Debt and Finance Leases | Interest expense related to debt and finance leases for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Convertible debt contractual interest expense | $ | 2,062 |  |  | $ | 2,062 |  |  | $ | 4,125 |  |  | $ | 4,125 |
Term Loan contractual interest expense | 12,658 |  |  | 11,490 |  |  | 25,141 |  |  | 22,401 |
Royalty Financing Agreement interest expense | 4,893 |  |  | 4,805 |  |  | 9,715 |  |  | 9,569 |
Amortization of debt issuance costs | 1,800 |  |  | 2,004 |  |  | 3,651 |  |  | 3,728 |
Swap interest income | (710) |  |  | (354) |  |  | (1,464) |  |  | (427) |
Total debt interest expense | 20,703 |  |  | 20,007 |  |  | 41,168 |  |  | 39,396 |
Finance lease interest expense | 564 |  |  | 612 |  |  | 1,141 |  |  | 1,226 |
Total interest expense | $ | 21,267 |  |  | $ | 20,619 |  |  | $ | 42,309 |  |  | $ | 40,622 |

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