v3.26.1
Financial Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Financial Liabilities  
Schedule of Company's Debt Obligations

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At March 31, 2026

(in thousands)

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Principal Amount

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Unamortized Debt Discount and Debt Issuance Costs

  ​ ​ ​

Net Carrying Value

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Estimated Fair Value

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Level

Financial Liabilities:

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2029 Term Loan

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$

38,660

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$

(1,513)

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$

37,147

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$

37,147

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Level 2*

2026 Convertible Notes

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$

121

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$

—

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$

121

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$

119

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Level 2**

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At December 31, 2025

(in thousands)

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Principal Amount

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Unamortized Debt Discount and Debt Issuance Costs

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Net Carrying Value

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Estimated Fair Value

 

Level

Financial Liabilities:

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2029 Term Loan

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$

38,660

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$

(1,609)

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$

37,051

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$

37,051

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Level 2*

2026 Convertible Notes

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$

121

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$

—

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$

121

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$

119

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Level 2**

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*The principal amounts outstanding are subject to variable interest rates, which are based on three-month SOFR plus fixed percentages. Therefore, the Company believes the carrying amount of these obligations approximates their fair value.

**

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.
Revenue Purchase and Sale Agreement  
Financial Liabilities  
Schedule of royalty participation liability

A summary of the revenue participation liability is as follows:

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(in thousands)

March 31, 2026

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December 31, 2025

Revenue participation liability

$

16,698

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$

16,524

Less: unamortized discount and issuance costs

 

(2,326)

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(2,496)

Net carrying value(1)

$

14,372

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$

14,028

(1)Included in other liabilities, non-current.

The following table summarizes the activity within the revenue participation liability for the periods presented:

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Three Months Ended March 31,

(in thousands)

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2026

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2025

Balance at January 1

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$

14,028

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$

28,743

Royalty payments

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(618)

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(1,810)

Interest expense recognized(1)

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962

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2,642

Balance at March 31

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$

14,372

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$

29,575

(1)For the three months ended March 31, 2026, $1.0 million is presented in continuing operations. For the three months ended March 31, 2025, $1.7 million related to UDENYCA is presented within discontinued operations, with the remaining $0.9 million included in continuing operations.
1.5% Convertible Senior Subordinated Notes due 2026  
Financial Liabilities  
Schedule of Components of Interest Expense

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Three Months Ended

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March 31, 

(in thousands)

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2026

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2025

Stated coupon interest

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$

—

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$

863

Amortization of debt discount and debt issuance costs

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—

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340

Total interest expense

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$

—

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$

1,203

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