Commitments and Contingencies (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Commitments And Contingencies Disclosure [Abstract] |
|
| Schedule Of Royalty Liability Account Roll Forward |
The following table shows the activity within the Royalty Liability account as well as the effective interest rate (dollars in thousands):
|
|
|
|
|
Amount |
|
Balance, December 31, 2024 |
$ |
149,645 |
|
Amortization of deferred transaction costs |
|
115 |
|
Non-cash interest expense on liability for sale of future royalties |
|
6,937 |
|
Royalty revenue earned by or payable to Sagard |
|
(6,123 |
) |
Balance, June 30, 2025 |
$ |
150,574 |
|
|
|
|
Effective interest rate |
|
8.8 |
% |
|
| Schedule of Lease Term and Discount Rate |
Financing liability information was as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Weighted average remaining lease term (in years) |
|
|
16.3 |
|
|
|
16.8 |
|
Weighted average discount rate |
|
|
9.0 |
% |
|
|
9.0 |
% |
Lease information was as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Operating lease right-of-use assets(1) |
|
$ |
11,788 |
|
|
$ |
13,109 |
|
|
|
|
|
|
|
|
Operating lease liability-current(2) |
|
$ |
2,067 |
|
|
$ |
2,423 |
|
Operating lease liability-long-term |
|
|
10,656 |
|
|
|
11,645 |
|
Total |
|
$ |
12,723 |
|
|
$ |
14,068 |
|
|
|
|
|
|
|
|
Weighted average remaining lease term (in years) |
|
|
7.0 |
|
|
|
7.1 |
|
Weighted average discount rate |
|
|
7.3 |
% |
|
|
7.3 |
% |
_________________________ (1)Operating right-of-use assets related to vehicles, offices and the manufacturing facility for V-Go are included in other assets in the condensed consolidated balance sheets. (2)Operating lease liability – current is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
|
| Summary of Lease Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
|
Six Months
Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Interest expense |
|
$ |
2,381 |
|
|
$ |
2,393 |
|
|
$ |
4,740 |
|
|
$ |
4,787 |
|
Amortization of debt issuance costs |
|
|
52 |
|
|
|
51 |
|
|
|
103 |
|
|
|
104 |
|
Interest expense on financing liability |
|
$ |
2,433 |
|
|
$ |
2,444 |
|
|
$ |
4,843 |
|
|
$ |
4,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
|
Six Months
Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Operating lease costs |
|
$ |
730 |
|
|
$ |
350 |
|
|
$ |
1,459 |
|
|
$ |
698 |
|
Variable lease costs |
|
|
189 |
|
|
|
9 |
|
|
|
432 |
|
|
|
19 |
|
Cash paid |
|
|
919 |
|
|
|
314 |
|
|
|
1,891 |
|
|
|
546 |
|
|
| Summary of Remaining Financing Liability Payments |
The Company's remaining financing liability payments were as follows (in thousands):
|
|
|
|
|
|
|
June 30, 2025 |
|
2025 (Remaining) |
|
$ |
5,153 |
|
2026 |
|
|
10,533 |
|
2027 |
|
|
10,849 |
|
2028 |
|
|
11,174 |
|
2029 |
|
|
11,510 |
|
Thereafter |
|
|
165,769 |
|
Total |
|
|
214,988 |
|
Interest payments |
|
|
(108,959 |
) |
Debt issuance costs |
|
|
(2,363 |
) |
Total financing liability |
|
$ |
103,666 |
|
|
| Remaining Purchase Commitments and Estimated Capacity Fee Liability Requirements |
The Company's remaining purchase commitments and estimated capacity fee liability as of June 30, 2025 were as follows (€ in millions):
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
Remaining Purchase Commitments |
|
|
Estimated Capacity Fees |
|
2025 (Remaining)(1) |
|
— |
|
|
|
0.8 |
|
2026 |
|
4.1 |
|
|
|
2.0 |
|
2027 |
|
6.0 |
|
|
|
1.0 |
|
2028 |
|
6.0 |
|
|
|
1.0 |
|
2029 |
|
5.8 |
|
|
|
1.0 |
|
2030 |
|
5.8 |
|
|
|
1.0 |
|
2031 |
|
7.8 |
|
|
|
0.5 |
|
2032 |
|
7.7 |
|
|
|
0.5 |
|
2033 |
|
7.7 |
|
|
|
0.5 |
|
2034 |
|
4.3 |
|
|
|
0.5 |
|
Total |
|
55.2 |
|
|
|
8.8 |
|
_________________________ (1)During the three and six months ended June 30, 2025, the Company incurred a capacity fee of €375,000, or $0.4 million and €750,000, or $0.9 million, respectively, which was recognized as cost of goods sold for commercial sales in our condensed consolidated statement of operations.
|
| Schedule of Future Minimum Office And Vehicle Lease Payments |
The Company's future minimum office and vehicle lease payments were as follows (in thousands):
|
|
|
|
|
|
|
June 30, 2025 |
|
2025 (Remaining) |
|
$ |
1,462 |
|
2026 |
|
|
2,502 |
|
2027 |
|
|
2,476 |
|
2028 |
|
|
2,087 |
|
2029 |
|
|
1,485 |
|
Thereafter |
|
|
6,236 |
|
Total |
|
|
16,248 |
|
Interest expense |
|
|
(3,525 |
) |
Total operating lease liability |
|
$ |
12,723 |
|
|