Financial Liabilities (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Financial Liabilities |
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| Schedule of Company's Debt Obligations |
| | | | | | | | | | | | | | | | | At June 30, 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 | | $ | (1,793) | | $ | 36,867 | | $ | 36,867 | | Level 2* | 2026 Convertible Notes | | $ | 121 | | $ | — | | $ | 121 | | $ | 119 | | 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 | | | | | | (in thousands) | | Three Months Ended | | Six Months Ended | | Principal | | Date Principal | Statement of Operations Classification | | June 30, 2024 | | June 30, 2024 | | Amount Repaid | | was Repaid | Discontinued Operations | | $ | 75 | | $ | 6,878 | | $ | 175,000 | | April 1, 2024 | Continuing Operations | | $ | 1,399 | | $ | 4,315 | | $ | 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 |
A summary of the revenue participation liability is as follows: | | | | | | | (in thousands) | | June 30, 2025 | | December 31, 2024 | Revenue participation liability | | $ | 15,947 | | $ | 37,994 | Less: unamortized discount and issuance costs | | | (2,846) | | | (9,251) | Net carrying value | | $ | 13,101 | | $ | 28,743 |
The following table summarizes the activity within the revenue participation liability: | | | | (in thousands) | | | Proceeds from sale of future royalties on May 8, 2024 | | $ | 37,500 | Portion of proceeds allocated to the embedded derivative | | | (9,202) | Issuance costs | | | (1,391) | Royalty payments | | | (5,334) | Interest expense recognized | | | 7,170 | Revenue participation liability at December 31, 2024 | | | 28,743 | Royalty payments | | | (2,177) | Interest expense recognized | | | 3,818 | Portion derecognized in connection with the UDENYCA Buy-out | | | (17,283) | Revenue participation liability at June 30, 2025 | | $ | 13,101 |
Classification on the condensed consolidated balance sheets is as follows: | | | | | | | | (in thousands) | Balance Sheet Classification | | June 30, 2025 | | December 31, 2024 | Revenue participation liability, current | Accrued and other current liabilities | | $ | — | | $ | 1,148 | Revenue participation liability, non-current | Other liabilities, non-current | | | 13,101 | | | 27,595 | Net carrying value | | | $ | 13,101 | | $ | 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 Components of Interest Expense |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | (in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | Stated coupon interest | | $ | 209 | | $ | 862 | | $ | 1,072 | | $ | 1,725 | Amortization of debt discount and debt issuance costs | | | 83 | | | 335 | | | 423 | | | 667 | Total interest expense | | $ | 292 | | $ | 1,197 | | $ | 1,495 | | $ | 2,392 |
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