XML 39 R29.htm IDEA: XBRL DOCUMENT v3.24.3

Financial Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Financial Liabilities

Schedule of Company's Debt Obligations

A summary of the Company’s debt obligations, including level within the fair value hierarchy (see Note 3. Fair Value Measurements), is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At September 30, 2024

(in thousands)

Principal Amount

​

​

Unamortized Debt Discount and Debt Issuance Costs

​

Net Carrying Value

​

Estimated Fair Value

Level

Financial Liabilities:

​

​

​

​

​

​

​

​

2029 Term Loan

$

38,660

​

$

(2,042)

​

$

36,618

​

$

36,618

​

Level 2*

2026 Convertible Notes

$

230,000

​

$

(2,109)

​

$

227,891

​

$

180,550

​

Level 2**

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2023

Financial Liabilities:

​

​

​

​

​

​

​

2027 Term Loans

$

250,000

​

$

(3,519)

​

$

246,481

​

$

246,481

​

Level 2*

2026 Convertible Notes

$

230,000

​

$

(3,112)

​

$

226,888

​

$

150,155

​

Level 2**

​

* The principal amounts outstanding are subject to variable interest rates based on three-month SOFR plus fixed percentages. Therefore, the Company believes the carrying amount of these obligations approximate their fair values.

** The fair value is influenced by interest rates, the Company’s stock price and stock price volatility and is determined by prices observed in market trading. Since the market for trading of the 2026 Convertible Notes is not considered to be an active market, the estimated fair value is based on Level 2 inputs.

2029 Term Loans

Financial Liabilities

Schedule of Future Payments on Debt

​

Assuming the third quarter of 2024 interest rate of 13.3%, future payments on the 2029 Term Loan as of September 30, 2024 are as follows:

​	​	​	​
Year ending December 31, (in thousands)	​	​	​
Remainder of 2024 - interest only	​	$	1,316
2025 - interest only	​		5,221
2026 - interest only	​		5,222
2027 - interest only	​	​	5,222
2028 and thereafter - principal and interest	​	​	45,712
Total minimum payments	​	​	62,693
Less amount representing interest	​		(24,033)
2029 Term Loan, gross	​		38,660
Less unamortized debt discount and debt issuance costs	​		(2,042)
Net carrying amount of 2029 Term Loan	​	$	36,618

Schedule of royalty participation liability

​

​	​	​	​	​
​	​		September 30,
(in thousands)	Balance Sheet Classification	​	2024
Revenue participation liability, current	Accrued and other current liabilities	​	$	2,180
Revenue participation liability, non-current	Other liabilities, non-current	​	​	27,427
Total	​	​	$	29,607

Revenue Purchase and Sale Agreement

Financial Liabilities

Schedule of Components of Interest Expense

​

​	​	​	​
​		September 30,
(in thousands)	​	2024
Revenue participation liability	​	$	39,382
Less unamortized discount and issuance costs	​		(9,775)
Total	​	$	29,607

2027 Term Loans

Financial Liabilities

Schedule of Components of Interest Expense

The following table presents the components of interest expense related to the 2027 Term Loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

(in thousands)

​

2024

​

2023

​

2024

​

2023

Contractual interest

​

$

—

​

$

8,790

​

$

9,916

​

$

25,404

Amortization of debt discount and debt issuance costs

​

​

—

​

​

255

​

​

1,277

​

​

830

Total interest expense

​

$

—

​

$

9,045

​

$

11,193

​

$

26,234

1.5% Convertible Senior Subordinated Notes due 2026

Financial Liabilities

Schedule of Future Payments on Debt

Future payments on the 2026 Convertible Notes as of September 30, 2024 are as follows:

​	​	​	​
Year ending December 31, (in thousands)		​	​
Remainder of 2024 - interest only	​	$	1,725
2025 - interest only	​		3,450
2026 - principal and interest	​		231,725
Total minimum payments	​		236,900
Less amount representing interest	​		(6,900)
2026 Convertible Notes, principal amount	​		230,000
Less unamortized debt discount and debt issuance costs	​		(2,109)
Net carrying amount of 2026 Convertible Notes	​	$	227,891

​

Schedule of Components of Interest Expense

The following table presents the components of interest expense related to the 2026 Convertible Notes:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

(in thousands)

2024

​

2023

​

2024

2023

Stated coupon interest

​

$

863

​

$

863

​

$

2,588

​

$

2,588

Amortization of debt discount and debt issuance costs

​

336

​

329

​

1,003

​

982

Total interest expense

​

$

1,199

​

$

1,192

​

$

3,591

​

$

3,570

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