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Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Financial Liabilities

Schedule of Company's Debt Obligations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 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

​

$

(1,962)

​

$

36,698

​

$

36,698

​

Level 2*

2026 Convertible Notes

$

230,000

​

$

(1,771)

​

$

228,229

​

$

223,100

​

Level 2**

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2023

(in thousands)

Principal Amount

​

Unamortized Debt Discount and Debt Issuance Costs

​

Net Carrying Value

​

Estimated Fair Value

Level

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, which are based on three-month SOFR plus fixed percentages. Therefore, the Company believes the carrying amount of these obligations approximates fair value.
**	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

​

​	​	​	​
Year ending December 31, (in thousands)	​	​	​
2025 - interest only	​	$	4,940
2026 - interest only	​		4,940
2027 - interest only	​	​	4,940
2028 - interest only	​	​	4,954
2029 and thereafter - principal and interest	​	​	40,379
Total minimum payments	​	​	60,153
Less amount representing interest	​		(21,493)
2029 Term Loan, gross	​		38,660
Less unamortized debt discount and debt issuance costs	​		(1,962)
Net carrying amount of 2029 Term Loan	​	$	36,698

Schedule of Components of Interest Expense

​

​	​	​	​	​
(in thousands)	​	​	Year Ended December 31, 2024
Contractual interest	​	​	$	3,319
Amortization of debt discount and debt issuance costs	​	​	​	201
Total interest expense	​	​	$	3,520

Revenue Purchase and Sale Agreement

Financial Liabilities

Schedule of royalty participation liability

​

​	​	​	​	​
(in thousands)	Balance Sheet Classification	​	December 31, 2024
Revenue participation liability, current	Accrued and other current liabilities	​	$	1,148
Revenue participation liability, non-current	Other liabilities, non-current	​	​	27,595
Net carrying value	​	​	$	28,743

Schedule of Components of Interest Expense

​

​	​	​	​
(in thousands)	​	December 31, 2024
Revenue participation liability	​	$	37,994
Less unamortized discount and issuance costs	​		(9,251)
Net carrying value	​	$	28,743

2027 Term Loans

Financial Liabilities

Schedule of Components of Interest Expense

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2024		​	2023			2022
Contractual interest	​	$	9,916	​	$	34,289	​	$	20,243
Amortization of debt discount and debt issuance costs	​	​	1,277	​	​	1,094	​	​	4,550
Total interest expense	​	$	11,193	​	$	35,383	​	$	24,793

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 December 31, 2024 are as follows:

​	​	​	​
Year ending December 31, (in thousands)		​	​
2025 - interest only	​	$	3,450
2026 - principal and interest	​		231,725
Total minimum payments	​		235,175
Less amount representing interest	​		(5,175)
2026 Convertible Notes, principal amount	​		230,000
Less unamortized debt discount and debt issuance costs	​		(1,771)
Net carrying amount of 2026 Convertible Notes	​	$	228,229

Schedule of Components of Interest Expense

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​		​	​
​	​	Year Ended December 31,
(in thousands)	​	2024		​	2023		​	2022
Stated coupon interest	​	$	3,450	​	$	3,450	​	$	3,450
Amortization of debt discount and debt issuance costs	​		1,341	​		1,313	​		1,286
Total interest expense	​	$	4,791	​	$	4,763	​	$	4,736

8.2% Convertible Notes due 2022

Financial Liabilities

Schedule of Components of Interest Expense

​

​	​	​	​
(in thousands)	​	Year Ended December 31, 2022
Stated coupon interest	​	$	2,050
Amortization of debt discount and debt issuance costs	​		521
Total interest expense	​	$	2,571

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