v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Debt, long-term consists of the following commitments as of September 30, 2025 and December 31, 2024 (in thousands):
As of
September 30, 2025December 31, 2024
Convertible notes$— $567,164 
Term Loans539,719 536,218 
Debt, long-term$539,719 $1,103,382 
Schedule of Carrying Value of Term Loan Balance
The following table presents the carrying value of the Company’s Term Loans balance as of September 30, 2025 and December 31, 2024 (in thousands):
As of
September 30, 2025December 31, 2024
Principal$500,000 $500,000 
Paid-in-kind interest capitalized46,770 46,770 
Debt discount, net(7,051)(10,552)
Term Loans$539,719 $536,218 
Schedule of Future Principal Repayments of Debt
As of September 30, 2025, future principal repayments of debt for each of the years through maturity were as follows (in thousands):
 
Year Ending December 31: 
2025$— 
2026— 
2027— 
2028341,731 
2029205,039 
2030 and thereafter— 
 $546,770 
Schedule of Interest Expense Related to Debt and Finance Leases
Interest expense related to debt and finance leases for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Convertible debt contractual interest expense$— $1,194 $1,678 $5,319 
Term Loans contractual interest expense13,414 13,325 39,805 38,466 
Royalty Financing Agreement interest expense5,129 5,264 15,344 14,979 
Amortization of debt issuance costs1,342 1,485 4,840 5,136 
Swap interest income— (765)— (2,229)
   Total debt interest expense19,885 20,503 61,667 61,671 
Finance lease interest expense497 551 1,529 1,692 
   Total interest expense$20,382 $21,054 $63,196 $63,363