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BORROWING
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
BORROWING BORROWING
The following table presents our long-term borrowing under the 2022 Loan Agreement:

(in thousands)September 30, 2025December 31, 2024Interest rate
Principal
Term A Loan$27,500 $27,500 
7.95% + 0.022% + SOFR (subject to a floor of 1.0%)
Term B Loan22,500 22,500 
7.95% + 0.022% + SOFR (subject to a floor of 1.0%)
Term C Loan50,000 50,000 
4.25% + 0.022% + SOFR (subject to a floor of 4.7%)
Term D Loan50,000 50,000 
4.00% + 0.022% + SOFR (subject to a floor of 4.7%)
Term E Loan
50,000 — 
4.00% + 0.022% + SOFR (subject to a floor of 4.7%)
Total principal200,000 150,000 
Adjustments to principal value
Unamortized discount and debt issuance costs(1,225)(1,136)
Accreted value of final fee3,363 1,989 
Total long-term debt
202,138 150,853 
Less: Current portion of long-term debt— — 
Long-term debt, net of current portion$202,138 $150,853 
On June 30, 2025, we entered into an amendment to our 2022 Loan Agreement (the Fifth Amendment), by and among the Company, as borrower, SLR, as collateral agent and the lenders party thereto. The Fifth Amendment, among other things, (1) provided for the immediate draw of the principal amount of $50.0 million (the Term E Loan) on the closing date of the Fifth Amendment and (2) provides us with the option to draw an additional $100.0 million of committed senior secured term loans, consisting of two separate term loans, each in a principal amount of $50.0 million: (a) the first of which is available at the Company’s election through June 30, 2026 (the Term F Loan) and (b) the second of which is available at the Company’s election through December 20, 2026 (the Term G Loan and, together with the Term F Loan, the Incremental Term Loans). We concluded that the Fifth Amendment was a modification to the 2022 Loan Agreement and is accounted for accordingly.
The interest rate for each of the Incremental Term Loans, if drawn, will be 4.95% plus the 1-month CME Term SOFR reference rate as published by the CME Term SOFR Administrator on the CME Term SOFR Administrator’s Website, subject to a SOFR floor of 3.50%. On the closing date of the Fifth Amendment, we paid (i) a fee of $0.3 million in connection with the funding of the Term E Loan, and (ii) a facility fee of $1.0 million with respect to the Incremental Term Loans.
Under the Fifth Amendment, the maturity date for the Term E Loan (and the other outstanding term loans) remains July 1, 2028. We are permitted to make interest-only payments on the Term E Loan (and the other outstanding term loans) through July 1, 2028. The maturity date for each of the Incremental Term Loans will be July 1, 2030. We will be permitted to make interest-only payments on the Incremental Term Loans from the date each of the Incremental Term Loans is drawn through July 1, 2030. We will be obligated to pay a final fee equal to 3.45% of the aggregate original principal amount of the Incremental Term Loans, to the extent such loans are funded, upon the earliest of any final termination, acceleration, prepayment or July 1, 2030.
The 2022 Loan Agreement contains certain covenants, including a single financial covenant that the sum of our net product revenue, calculated on a trailing six (6) month basis, plus unrestricted cash and cash equivalents that are subject to a first-priority perfected lien in favor of SLR, shall be greater than or equal to 100% of the principal amount outstanding under the 2022 Loan Agreement. In addition, the 2022 Loan Agreement contains subjective acceleration clauses to accelerate the maturity of outstanding principal amount in the event that a material adverse change has occurred within the business, operations or financial condition of the Company. As of September 30, 2025, the Company believes that the likelihood of the acceleration of the maturity due to subjective acceleration clauses is remote.
The total unaccreted final fee was $6.5 million and $5.4 million as of September 30, 2025 and December 31, 2024, respectively.
As of September 30, 2025, our total future payment obligation related to the outstanding balance of the term loans, excluding interest payments, was $209.9 million, which is due on July 1, 2028.