Financial Liabilities (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Financial Liabilities |
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| Schedule of Company's Debt Obligations |
| | | | | | | | | | | | | | | | | At March 31, 2025 | (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 | | $ | (1,879) | | $ | 36,781 | | $ | 36,781 | | Level 2* | 2026 Convertible Notes | | $ | 230,000 | | $ | (1,431) | | $ | 228,569 | | $ | 225,400 | | Level 2** | | | | | | | | | | | | | | | | | | 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** |
| * | The principal amounts outstanding are subject to variable interest rates based on three-month SOFR plus fixed percentages. Therefore, the Company believes the carrying amounts 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. |
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| Schedule of interest expense and debt repayment |
| | | | | | | | | | | Interest Expense for the | | | | | | (in thousands) | | Three Months Ended | | Principal | | Date Principal | Statement of Operations Classification | | March 31, 2024 | | Amount Repaid | | was Repaid | Discontinued Operations | | $ | 6,803 | | $ | 175,000 | | April 1, 2024 | Continuing Operations | | $ | 2,916 | | $ | 75,000 | | May 8, 2024 |
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| Revenue Purchase and Sale Agreement |
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| Financial Liabilities |
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| Schedule of royalty participation liability |
| | | | | | | | (in thousands) | Balance Sheet Classification | | March 31, 2025 | | December 31, 2024 | Revenue participation liability, current | Accrued and other current liabilities | | $ | 72 | | $ | 1,148 | Revenue participation liability, non-current | Other liabilities, non-current | | | 29,503 | | | 27,595 | Net carrying value | | | $ | 29,575 | | $ | 28,743 |
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| Schedule of Components of Interest Expense |
| | | | | | | (in thousands) | | March 31, 2025 | | December 31, 2024 | Revenue participation liability | | $ | 38,339 | | $ | 37,994 | Less: unamortized discount and issuance costs | | | (8,764) | | | (9,251) | Net carrying value | | $ | 29,575 | | $ | 28,743 |
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| 1.5% Convertible Senior Subordinated Notes due 2026 |
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| Financial Liabilities |
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| Schedule of Future Payments on Debt |
If the Repurchases had not occurred and no future repurchases occur pursuant to the Fundamental Change Repurchase Right, and all the 2026 Convertible Notes remained outstanding until maturity, the future payments by year on the 2026 Convertible Notes as of March 31, 2025, would have been as follows: | | | | Year ending December 31, (in thousands) | | | | Remainder of 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 | | | (1,431) | Net carrying amount of 2026 Convertible Notes | | $ | 228,569 |
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| Schedule of Components of Interest Expense |
| | | | | | | Three Months Ended | | March 31, | (in thousands) | 2025 | | 2024 | Stated coupon interest | $ | 863 | | $ | 863 | Amortization of debt discount and debt issuance costs | | 340 | | | 332 | Total interest expense | $ | 1,203 | | $ | 1,195 |
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