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Note 9 - Debt | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Debt Disclosure [Text Block] | Note 9—Debt: Long term debt consisted of the following (in thousands):
|  | September 30, 2025 |  | Maturity Date
Total debt, inclusive of $2.0 million exit payment |  | $ | 102,000 |  | July 23, 2026
Less: unamortized debt issuance costs and discounts |  |  | (291 | ) |
Less: current portion |  |  | (33,716 | ) |
Less: debt repayment |  |  | (67,993 | ) |
Total long-term debt, net |  | $ | (0 | ) |
Athyrium Note Purchase Agreement: The Company issued senior notes for an aggregate principal amount of $100.0 million pursuant to a note purchase agreement dated July 23, 2021 by the Company, and its subsidiary, and Athyrium, as Administrative Agent, and certain other investor parties (the “Note Purchase Agreement”), with an initial maturity date of July 23, 2026 (the “Athyrium Notes”). The Athyrium Notes were issued for face amount of $100.0 million net of an original issue discount of $1.5 million. The Athyrium Notes also require a 2.0% exit payment to be made on each payment of principal. The borrowings under the Athyrium Notes, together with cash on hand, were used to repay the Company’s outstanding indebtedness, including the applicable exit and prepayment fees owed to lenders under its prior credit facility with Oxford. The Athyrium Notes are secured by substantially all of the Company’s assets. The Company incurred $1.9 million of deferred financing costs with the initial borrowing of the Athyrium Notes. Interest on the Athyrium Notes is calculated in part based on the Secured Overnight Financing Rate (“SOFR”), which replaced the “London Interbank Offering Rate” as the floating benchmark for interest rate calculations applicable to the Athyrium Notes pursuant to the terms of the Third Amendment to Note Purchase Agreement dated as of September 16, 2022. Following the effectiveness of the Third Amendment, the Athyrium Notes bear interest at an annual rate equal to the sum of (a) eight percent (8.00%) plus (b) the lesser of (i) the sum of (x) three-month term SOFR for an interest period of three months plus (y) 0.26161% (26.161 basis points) and (ii) three and one-half of one percent (3.50%) per annum. Interest is payable quarterly on the last business day of March, June, September and December each year. In the second quarter of 2024, the Company began paying the principal payments required to be made quarterly at 11.11% of the original face amount. The remaining balance will be paid at maturity. Each principal payment also includes a 2.0% exit payment. Each quarterly principal payment approximates $11.1 million, and each quarterly exit fee payment approximates $0.2 million. As of September 30, 2025, the effective interest rate for the loan was 12.99%. As of September 30, 2025, the Company may prepay the outstanding principal balance of the notes, in whole or in part, without premium or penalty. The Athyrium Notes include affirmative and negative covenants applicable to the Company. The affirmative covenants include, among others, covenants requiring the Company to maintain its legal existence and governmental approvals, deliver certain financial reports, maintain insurance coverage, and satisfy certain requirements regarding deposit accounts. The negative covenants include, among others, restrictions on the Company’s transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets and suffering a change in control, in each case subject to certain exceptions. The Company is also required to maintain minimum cash balances and achieve certain minimum product revenue targets, measured as of the last day of each fiscal quarter on a trailing year-to-date basis. As of September 30, 2025, the Company was in compliance with such covenants. As of September 30, 2025, the principal balance outstanding under the Athyrium Notes was $33.3 million and exit fees were $0.7 million, representing all of the Company’s debt. The future minimum principal and exit payments under the Athyrium Notes as of September 30, 2025 are as follows (in thousands):
|  | Amount |
2025 |  |  | 11,332 |
2026 |  |  | 22,675 |
Total |  | $ | 34,007 |
Debt Issuance Costs and Discounts: Debt issuance costs and discounts consist of the following (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Debt issuance costs and discounts (Athyrium Notes) |  | $ | 5,410 |  |  | $ | 5,410 |
Less: accumulated amortization |  |  | (5,119 | ) |  |  | (4,454 | )
Included in current portion of debt |  | $ | 291 |  |  | $ | 956 |
Debt issuance costs and discounts are financing costs related to the Company’s outstanding debt. Amortization of debt issuance costs is expensed using the effective interest method and is included in interest expense in the condensed consolidated statement of operations. For the three and nine months ended September 30, 2025, the Company recorded approximately $0.1 million and $0.5 million of interest expense, respectively. For the three and nine months ended September 30, 2024, the Company recorded approximately $0.2 million and $0.7 million of interest expense, respectively.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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