Long-Term Obligations (Tables)
|
9 Months Ended |
Sep. 30, 2025 |
|---|
| Summary of the Debt Issuance Cost and Discounts |
The following is a summary of the debt issuance costs and discounts being amortized to interest expense over the term of the 2029 Notes using the effective interest method, resulting in an effective interest rate of 26.93% (in thousands):
|
|
|
|
|
|
|
Amount |
|
Initial fair value adjustment |
|
$ |
32,111 |
|
Debt issuance costs |
|
|
4,981 |
|
Bifurcation of 2029 Notes Derivatives |
|
|
28,877 |
|
Debt issuance costs and discounts related to the 2029 Notes |
|
$ |
65,969 |
|
|
| Term Loan [Member] |
|
| Summary of Outstanding Balances of Convertible Notes |
The outstanding balance of the Term Loan consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2025 |
|
|
As of December 31, 2024 |
|
Principal |
|
$ |
100,000 |
|
|
$ |
100,000 |
|
Less: unamortized debt issuance costs |
|
|
(3,605 |
) |
|
|
(5,397 |
) |
Term Loan |
|
$ |
96,395 |
|
|
$ |
94,603 |
|
|
| Schedule of Interest Expense Recognized Related to Convertible Notes |
The following table sets forth total interest expense recognized related to the Term Loan (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
|
For the Nine Months
Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Contractual interest expense |
|
$ |
3,461 |
|
|
$ |
3,686 |
|
|
$ |
10,281 |
|
|
$ |
5,872 |
|
Amortization of debt issuance costs |
|
|
579 |
|
|
|
592 |
|
|
|
1,792 |
|
|
|
867 |
|
Total interest expense |
|
$ |
4,040 |
|
|
$ |
4,278 |
|
|
$ |
12,073 |
|
|
$ |
6,739 |
|
|
| Summary of Future Minimum Payments on Convertible Notes |
Future minimum payments on the Term Loan as of September 30, 2025 were as follows (in thousands):
|
|
|
|
|
Years ended December 31, |
|
Future Minimum
Payments |
|
2025 |
|
$ |
6,848 |
|
2026 |
|
|
32,223 |
|
2027 |
|
|
35,486 |
|
2028 |
|
|
60,547 |
|
Total minimum payments |
|
|
135,104 |
|
Less: interest expense and unamortized debt issuance costs |
|
|
(38,709 |
) |
Term Loan |
|
$ |
96,395 |
|
|
| 2025 Notes [Member] |
|
| Summary of Outstanding Balances of Convertible Notes |
The outstanding balances of the 2025 Notes consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2025 |
|
|
As of December 31, 2024 |
|
Principal |
|
$ |
24,500 |
|
|
$ |
24,500 |
|
Less: unamortized debt issuance costs |
|
|
(4 |
) |
|
|
(74 |
) |
2025 Notes |
|
$ |
24,496 |
|
|
$ |
24,426 |
|
|
| Schedule of Interest Expense Recognized Related to Convertible Notes |
The following table sets forth total interest expense recognized related to the 2025 Notes (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
|
For the Nine Months
Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Contractual interest expense |
|
$ |
184 |
|
|
$ |
184 |
|
|
$ |
552 |
|
|
$ |
2,170 |
|
Amortization of debt issuance costs |
|
|
12 |
|
|
|
33 |
|
|
|
70 |
|
|
|
348 |
|
Total interest expense |
|
$ |
196 |
|
|
$ |
217 |
|
|
$ |
622 |
|
|
$ |
2,518 |
|
|
| Summary of Future Minimum Payments on Convertible Notes |
Future minimum payments on the 2025 Notes as of September 30, 2025 were as follows (in thousands):
|
|
|
|
|
|
|
Future Minimum
Payments |
|
Minimum payments due in 2025 |
|
$ |
24,868 |
|
Less: interest expense and unamortized debt issuance costs |
|
|
(372 |
) |
2025 Notes |
|
$ |
24,496 |
|
|
| 2029 Notes [Member] |
|
| Summary of Outstanding Balances of Convertible Notes |
The outstanding balance of the 2029 Notes consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2025 |
|
|
As of December 31, 2024 |
|
Principal |
|
$ |
116,000 |
|
|
$ |
116,000 |
|
Less: unamortized debt issuance costs and discounts |
|
|
(55,107 |
) |
|
|
(61,343 |
) |
Plus: fair value of 2029 Notes Derivatives |
|
|
7,709 |
|
|
|
13,688 |
|
2029 Notes |
|
$ |
68,602 |
|
|
$ |
68,345 |
|
|
| Schedule of Interest Expense Recognized Related to Convertible Notes |
The following table sets forth total interest expense recognized related to the 2029 Notes (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
|
For the Nine Months
Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Contractual interest expense |
|
$ |
1,740 |
|
|
$ |
1,740 |
|
|
$ |
5,220 |
|
|
$ |
2,668 |
|
Amortization of debt issuance costs and discounts |
|
|
2,217 |
|
|
|
1,782 |
|
|
|
6,239 |
|
|
|
2,797 |
|
Total interest expense |
|
$ |
3,957 |
|
|
$ |
3,522 |
|
|
$ |
11,459 |
|
|
$ |
5,465 |
|
|
| Summary of Future Minimum Payments on Convertible Notes |
Future minimum payments on the 2029 Notes as of September 30, 2025 were as follows (in thousands):
|
|
|
|
|
Years ended December 31, |
|
Future Minimum
Payments |
|
2025 |
|
$ |
3,480 |
|
2026 |
|
|
6,960 |
|
2027 |
|
|
6,960 |
|
2028 |
|
|
6,960 |
|
2029 |
|
|
118,552 |
|
Total minimum payments |
|
|
142,912 |
|
Less: interest expense and unamortized debt issuance costs and discounts |
|
|
(82,019 |
) |
Plus: fair value of 2029 Notes Derivatives |
|
|
7,709 |
|
2029 Notes |
|
$ |
68,602 |
|
|