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v3.26.1

Debt | 6 Months Ended
--- | ---
Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | 10. Debt Amended and Restated Loan Agreement In October 2022, the Company entered into the $350.0 million loan agreement (the Loan Agreement) with Pharmakon Advisors LP (Pharmakon) that would have matured on October 19, 2027 (the Tranche A Term Loan). The Tranche A Term Loan originally bore interest at a rate based upon the Secured Overnight Financing Rate (SOFR), subject to a SOFR floor of 2.5%, in addition to a margin of 7.75% per annum. Up to 50% of the interes t payable during the first 24 months from the closing of the Tranche A Term Loan could have been paid-in-kind at the Company's election. If elected, paid-in-kind interest would have been capitalized and added to the principal amount of the Tranche A Term Loan. The Tranche A Term Loan, including the paid-in-kind interest, would have been repaid in eight equal quarterly payments starting in the 13th quarter following the closing of the Tranche A Term Loan (i.e., the quarter ended March 31, 2026), except that the repayment start date could have been extended at the Company's option for an additional four quarters, so that repayments start in the 17th quarter following the closing of the Tranche A Term Loan, subject to the achievement of specified ARIKAYCE data thresholds and certain other conditions. Net proceeds from the Tranche A Term Loan, after deducting the lenders fees and deal expenses of $15.1 million, were $334.9 million. In October 2024, the Company entered into an Amended and Restated Loan Agreement, as amended on July 10, 2025 (the A&R Loan Agreement), with BioPharma Credit PLC, BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon, and the guarantors party to such agreement. The A&R Loan Agreement amended and restated the Loan Agreement. The A&R Loan Agreement, among other items, provides an additional $150.0 million senior secured term loan tranche (the Tranche B Term Loan and, together with the Tranche A Term Loan, the Term Loans). The A&R Loan Agreement extends the maturity of the Term Loans to September 30, 2029, subject to acceleration to February 1, 2028 on the occurrence of certain prespecified events, and amends the interest rate on the Term Loans to a fixed rate of 9.6% per annum. As consideration for the provision of the Tranche B Term Loan, the Company agreed to pay Pharmakon a fee equal to 2.0% of the Tranche B Term Loan at the closing date of the Tranche B Term Loan and an additional exit fee of 2.0% of the amount of each prepayment or repayment of the Term Loans. The Term Loans will be repaid in eight equal quarterly payments starting on January 3, 2028. Net proceeds from the Tranche B Term Loan, after deducting the lenders fees and administrative expenses of $3.7 million, were $146.3 million. The following table presents the carrying value of the Company’s Term Loans balance as of June 30, 2026 and December 31, 2025 (in thousands):
|  | As of
|  | June 30, 2026 |  | December 31, 2025 |  |
Principal |  | $ | 500,000 |  |  | $ | 500,000 |  |  |
Paid-in-kind interest capitalized |  | 46,770 |  |  | 46,770 |  |  |
Debt discount, net |  | (3,257) |  |  | (5,806) |  |  |
Term Loans |  | $ | 543,513 |  |  | $ | 540,964 |  |  |
As of June 30, 2026, future principal repayments of debt for each of the fiscal years through maturity were as follows (in thousands):
Year Ending December 31: |
2026 | $ | — |
2027 | — |
2028 | 341,731 |
2029 | 205,039 |
2030 and thereafter | — |
| $ | 546,770 |
Interest Expense Interest expense for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Convertible debt contractual interest expense | $ | — |  |  | $ | 600 |  |  | $ | — |  |  | $ | 1,678 |
Term Loans contractual interest expense | 13,269 |  |  | 13,269 |  |  | 26,391 |  |  | 26,391 |
Royalty Financing Agreement interest expense | 5,129 |  |  | 5,192 |  |  | 10,243 |  |  | 10,215 |
Amortization of debt issuance costs | 1,429 |  |  | 1,676 |  |  | 2,811 |  |  | 3,498 |
Total debt interest expense | 19,827 |  |  | 20,737 |  |  | 39,445 |  |  | 41,782 |
Finance lease interest expense | 446 |  |  | 508 |  |  | 910 |  |  | 1,032 |
Total interest expense | $ | 20,273 |  |  | $ | 21,245 |  |  | $ | 40,355 |  |  | $ | 42,814 |

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