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Convertible Senior Notes
 9 Months Ended
Sep. 30, 2024
Convertible Senior Notes  
Convertible Senior Notes

Note 11. Convertible Senior Notes

Convertible Senior Notes consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):

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September 30, 

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December 31, 

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2024

    

2023

Principal amount of 2025 Senior Notes

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$

14,344

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$

14,344

Principal amount of 2026 Senior Notes

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186,185

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371,185

Less: unamortized debt issuance costs

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(2,630)

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(6,976)

Total carrying value of Convertible Senior Notes, net

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197,899

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​

378,553

Less: current portion of carrying value of Convertible Senior Notes, net

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(14,271)

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—

Total carrying value of Convertible Senior Notes, net - long-term

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$

183,628

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$

378,553

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Interest expense incurred in connection with the Convertible Senior Notes consisted of the following for the three and nine months ended September 30, 2024 and 2023 (in thousands):

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Three Months Ended

    

Nine Months Ended

    

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September 30, 

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September 30, 

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2024

    

2023

    

2024

    

2023

    

Coupon interest

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$

598

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$

852

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$

2,199

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$

2,576

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Amortization of debt issuance costs

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​

424

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​

645

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​

1,622

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​

1,928

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Total interest expense on Convertible Senior Notes

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$

1,022

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$

1,497

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$

3,821

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$

4,504

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The Company’s 2025 Senior Notes and 2026 Senior Notes payable of $14.3 million and $186.2 million, respectively, are due and payable in 2025 and 2026, respectively.

In September 2023, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Senior Notes to repurchase $31.3 million, in aggregate principal amount of the 2026 Senior Notes for a repurchase price of $25.0 million, plus accrued and unpaid interest. For the three and nine months ended September 30, 2023, the Company recorded $5.7 million as a gain on extinguishment of debt on its condensed consolidated statement of operations, which includes the write off of $0.6 million of unamortized debt issuance costs.

In May 2024, July 2024 and August 2024, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Senior Notes to repurchase $10.0 million, $15.0 million and $160.0 million, respectively, in aggregate principal amount of the 2026 Senior Notes for a repurchase price of $8.7 million, $12.9 million and $141.6 million, respectively, plus accrued and unpaid interest. The Company recorded $17.3 million as a net gain on extinguishment of debt on its consolidated statement of operations for the three months ended September 30, 2024, which includes the write off of $2.6 million of unamortized debt issuance costs and $0.7 million of transaction expenses. The Company recorded $18.5 million as a net gain on extinguishment of debt on its consolidated statement of operations for the nine months ended September 30, 2024, which includes the write off of $2.7 million of unamortized debt issuance costs and $0.7 million of transaction expenses. The repurchases of the 2026 Senior Notes were made under the 2024 Repurchase Program. The repurchases were made pursuant to the Company’s authorized Repurchase Programs (as defined in Note 15). See Note 15 – Stockholders’ Equity for additional information related to the Repurchase Programs.

As of September 30, 2024, the Company has approximately $186.2 million and $14.3 million principal amount of the 2026 Senior Notes and 2025 Senior Notes outstanding, respectively, and has approximately $73.9 million of repurchase authorization available under the Repurchase Programs.

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See Note 10 – Convertible Senior Notes to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information related to the Company’s Convertible Senior Notes.