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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 Loan | ​ | $ | 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) | ​ | December 31, 2024
Revenue participation liability | ​ | $ | 37,994
Less unamortized discount and issuance costs | ​ |  | (9,251)
Net carrying value | ​ | $ | 28,743
​
​ | ​ | ​ | ​ | ​
(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
2027 Term Loans |
Financial Liabilities |
Schedule of interest expense and debt repayment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Interest Expense | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | Year Ended | ​ | Year Ended | ​ | Principal Amount | ​ | Date Principal
Statement of Operations Classification | ​ | December 31, 2024 | ​ | December 31, 2023 | ​ | Repaid | ​ | was Repaid
Discontinued Operations | ​ | $ | 6,878 | ​ | $ | 24,700 | ​ | $ | 175,000 | ​ | April 1, 2024
Continuing Operations | ​ | $ | 4,315 | ​ | $ | 10,683 | ​ | $ | 75,000 | ​ | May 8, 2024
1.5% Convertible Senior Subordinated Notes due 2026 |
Financial Liabilities |
Schedule of Components of Interest Expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(in thousands) |  | 2024 | ​ | 2023
Stated coupon interest | ​ | $ | 3,450 | ​ | $ | 3,450
Amortization of debt discount and debt issuance costs | ​ |  | 1,341 | ​ |  | 1,313
Total interest expense | ​ | $ | 4,791 | ​ | $ | 4,763
​

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