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Convertible Senior Notes

9 Months Ended

Sep. 30, 2025

Convertible Senior Notes

Convertible Senior Notes

Note 11. Convertible Senior Notes

Convertible Senior Notes payable consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):

​

​	​	​	​	​	​	​	​
​	​	September 30,		​	December 31,		​
​		2025			2024
Principal amount of 2025 Senior Notes	​	$	—	​	$	14,344	​
Principal amount of 2026 Senior Notes	​		186,185	​		186,185	​
Less: unamortized debt issuance costs	​	​	(1,386)	​	​	(2,312)	​
Total carrying value of Convertible Senior Notes, net	​	​	184,799	​	​	198,217	​
Less: current portion of carrying value of Convertible Senior Notes, net	​	​	—	​	​	(14,298)	​
Total carrying value of Convertible Senior Notes, net - long-term	​	$	184,799	​	$	183,919	​

​

Interest expense incurred in connection with the Convertible Senior Notes consisted of the following for the three and nine months ended September 30, 2025 and 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

Nine Months Ended

​

​

September 30,

​

September 30,

​

2025

2024

2025

2024

Coupon interest

​

$

349

​

$

598

​

$

1,227

​

$

2,199

Amortization of debt issuance costs

​

​

294

​

​

424

​

​

925

​

​

1,622

Total interest expense on Convertible Senior Notes

​

$

643

​

$

1,022

​

$

2,152

​

$

3,821

​

The 2025 Senior Notes matured on June 1, 2025, and the 2025 Senior Notes payable of $14.3 million was repaid upon maturity. The 2026 Senior Notes payable of $186.2 million are due and payable in December 2026.

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 were made pursuant to the Company’s authorized Repurchase Programs (as defined in Note 14). See Note 14 – Stockholders’ Equity for additional information related to the Repurchase Programs.

See Note 12 – 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, 2024, for additional information related to the Convertible Senior Notes.

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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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