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Long-Term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Revolving Credit Facility
On March 3, 2026, the Company, as borrower, entered into a Loan and Security Agreement (the “Loan Agreement”) with Eclipse Business Capital LLC, as administrative agent and the lenders party thereto. Pursuant to the Loan Agreement, the lenders party provided a senior secured asset based revolving credit facility (the “Revolving Credit Facility”) with a $30,000 commitment and an uncommitted accordion feature of up to $10,000, which is exercisable, subject to lenders party consent and other conditions, in $5,000 increments or in its entirety. The Revolving Credit Facility has a minimum utilization requirement of $10,000 and matures on March 3, 2029 with outstanding principal and interest fully due and payable at such time. Borrowings under the Revolving Credit Facility bear interest at a rate equal to adjusted term secured overnight financing rate (“SOFR”) (subject to a floor of 2.0%) plus an applicable margin of 4.25%, which is subject to downward adjustments based on certain coverage ratio and excess availability. The Revolving Credit Facility is subject to a closing fee of 1.0%, and outstanding undrawn principal of the facility is subject to an unused line fee of 0.5% per annum. The Company has the option to early terminate the Revolving Credit Facility subject to the payment of prepayment fees equal to 3.0% during the first year, 2.0% during the second year, and zero percent thereafter, subject to certain exceptions. Proceeds from the Revolving Credit Facility were or will be used to pay for transaction costs related to the Loan Agreement and for working capital and other general corporate purposes. In connection with the Revolving Credit Facility, the Company is required to pay other customary facility fees for credit facilities of a similar size and type.
Upon execution of the Loan Agreement, the Company incurred a total of $616 in lender fees and qualifying debt issuance costs, which has been deferred as an asset and amortized into interest expense on a straight-line basis over the term of the Revolving Credit Facility.
Obligations under the Revolving Credit Facility are secured by substantially all of the Company’s assets, including accounts receivable, inventory, cash and intellectual property, subject to customary exceptions and are guaranteed by the Company and its subsidiaries. The Loan Agreement contains customary affirmative and negative covenants and events of default, including limitations on capital expenditures, indebtedness, liens, investments, asset dispositions, dividends and other restricted payments, as well as a minimum excess availability covenant and a change of control provision. As of March 31, 2026, the Company was in compliance with its debt covenants under the Loan Agreement. Principal outstanding under the Revolving Credit Facility was classified as long-term in the accompanying condensed consolidated balance sheets as of March 31, 2026.
New Pharmakon Term Loans
On May 5, 2025, the Company entered into the A&R Loan Agreement with Pharmakon, which amended and restated the Prior Pharmakon Loan Agreement (as defined below) in its entirety. Under the A&R Loan Agreement, Pharmakon agreed to
make a senior secured term loan to the Company in an aggregate principal amount of up to $250,000 to be funded in three tranches comprised of a $150,000 tranche, which was funded upon the execution of the A&R Loan Agreement, and two additional tranches of up to $50,000 each, available at the Company’s election no later than December 31, 2026 (collectively, the “New Pharmakon Term Loans”). The New Pharmakon Term Loans accrue interest at a per annum rate equal to the 3-month SOFR (subject to a SOFR floor of 3.5%) plus 5.0% per annum. Payments related to the New Pharmakon Term Loans are interest only with a balloon principal payment due on the maturity date, which is May 5, 2030. The initial tranche of $150,000 was released to the Company on May 5, 2025, which includes the $125,000 of principal amount relating to the Prior Pharmakon Term Loans and $25,000 of incremental borrowings. Total proceeds of $23,390 were received by the Company, net of discounts and fees paid to Pharmakon, from the funding of the initial tranche. The second and third tranches, each in the principal amount of up to $50,000 but no less than $25,000, have a scheduled expiration date of December 31, 2026 and are available to be advanced at the Company’s election, subject to the terms and conditions of the A&R Loan Agreement including payment of additional consideration of 1.0% on drawn principal of each tranche. The Company has the option to prepay all or any portion of the amounts owed prior to the maturity date, and all prepayments of principal are subject to certain prepayment premium. Additionally, the New Pharmakon Term Loans are subject to customary mandatory prepayments clauses, and all prepayments and repayments of the New Pharmakon Term Loans are subject to an exit consideration premium equal to the amount of any principal repaid multiplied by 2.0%.
This transaction with Pharmakon and the New Pharmakon Term Loans issued under the A&R Loan Agreement are accounted for as a debt modification in accordance with Accounting Standards Codification (“ASC”) 470-50, Debt Modifications and Extinguishments. Upon closing of the first tranche, the Company incurred a total of $5,644 in lender fees and debt modification costs relating to the New Pharmakon Term Loans. These fees and costs have been allocated based on specific identification basis between the funded and unfunded tranches. Direct lender fees of $1,610 allocated to the initial tranche of the New Pharmakon Term Loans have been presented as a deduction to the debt principal balance and amortized into interest expense using the effective interest method. Debt modification costs of $1,000 associated with the unfunded second and third tranches are deferred as an asset and is amortized into interest expense on a straight-line basis until the tranches are drawn upon which the remaining asset balance would be reclassified as a deduction to the principal amount and be amortized using the effective interest method. The remaining debt modification costs of $3,034 allocated to the first tranche were expensed as incurred.
The New Pharmakon Term Loans are secured by substantially all of the Company’s assets. The New Pharmakon Term Loans contain customary affirmative and restrictive covenants and representations and warranties. The affirmative covenants include, among others, certain information delivery requirements, obligations to maintain certain insurance, and certain notice requirements. The restrictive covenants include, among others, those that limit or restrict the Company’s ability to incur certain additional indebtedness, consummate certain change in control transactions, or incur any non-permitted lien or other encumbrance on the Company’s assets, without Pharmakon’s prior written consent. The New Pharmakon Term Loans do not contain covenants requiring the Company to maintain a minimum cash threshold or minimum revenues or earnings. As of March 31, 2026, the Company was in compliance with its debt covenants under the A&R Loan Agreement. The borrowings outstanding under the New Pharmakon Term Loans were classified as long-term in the accompanying condensed consolidated balance sheets as of March 31, 2026.
Long-term debt obligations as of March 31, 2026 consisted of the following:
March 31, 2026
Principal BalanceUnamortized Debt Financing CostsExit ConsiderationBalance, Net
New Pharmakon Term Loans$150,000 $(4,020)$434 $146,414 
Revolving Credit Facility10,000 — — 10,000 
Total long-term debt as of March 31, 2026$160,000 $(4,020)$434 $156,414 
Prior Pharmakon Term Loans
On December 14, 2021, the Company entered into a loan agreement with BPCR Limited Partnership, BioPharma Credit Investments V (Master) LP, and Biopharma Credit PLC (collectively, “Pharmakon”), which was subsequently amended in December 2022 and May 2023 (as amended, the “Prior Pharmakon Loan Agreement”). Pursuant to the Prior Pharmakon Loan Agreement, Pharmakon made loans to the Company totaling $125,000 (the “Prior Pharmakon Term Loans”). From May 2023 to the modification of the loan in May 2025, the Prior Pharmakon Term Loans accrued interest at a per annum rate equal to the 3-month SOFR (subject to a SOFR floor of 1.0%) plus 8.5% per annum.
Long-term debt obligations as of December 31, 2025 consisted of the following:
December 31, 2025
Principal BalanceUnamortized Debt Financing CostsExit ConsiderationBalance, Net
New Pharmakon Term Loans$150,000 $(4,215)$311 $146,096 
Total long-term debt as of December 31, 2025$150,000 $(4,215)$311 $146,096 

As of March 31, 2026 and December 31, 2025, the effective interest rate on the Company’s outstanding term loans was approximately 9.82% and 10.15%, respectively, and the corresponding cash interest rate was 8.66% and 8.99%, respectively. As of March 31, 2026, the effective interest rate and cash interest rate on the Revolving Credit Facility were approximately 8.03%.
The following table presents a summary of the principal maturities of long-term debt as of March 31, 2026:
Fiscal year
Remainder of 2026$— 
2027— 
2028— 
202910,000 
2030150,000 
Thereafter— 
Total principal payments$160,000