v3.26.1
BORROWING
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
BORROWING BORROWING
The following table presents our outstanding term loans under the Loan Agreement:

(in thousands)June 30, 2026December 31, 2025
Principal(1)
Term A Loan$14,371 $27,500 
Term B Loan11,758 22,500 
Term C Loan41,940 50,000 
Term D Loan50,000 50,000 
Term E Loan50,000 50,000 
Term F Loan50,000 — 
Term H Loan31,931 — 
Total principal250,000 200,000 
Adjustments to principal value
Unamortized discount and debt issuance costs(3,021)(1,127)
Accreted value of final fee4,844 3,961 
Total long-term debt
251,823 202,834 
Less: Current portion of long-term debt— — 
Long-term debt, net of current portion$251,823 $202,834 
(1)The outstanding term loans bear an interest rate at the sum of 4.55% plus the greater of (a) the one-month SOFR or (b) 3.50%, and mature on July 1, 2030.
On April 28, 2026, we entered into an amendment to our Loan Agreement (the Sixth Amendment), by and among us, as borrower, SLR, as collateral agent and the lenders party thereto. Pursuant to the Sixth Amendment, among other things, (i) a portion of $200.0 million in outstanding principal previously allocated among the Term A through C Loans (collectively, the Revised Loans) was refinanced with a new Term H Loan; (ii) the maturity date for the Revised Loans, the Term D Loan and the Term E Loan was extended from July 1, 2028 to July 1, 2030 (the New Maturity Date), which is the maturity date for each other term loan; (iii) the interest-only payment period for the Revised Loans, the Term D Loan and the Term E Loan was extended until the New Maturity Date, which is the interest-only payment period for each other term loan; (iv) the interest rate for each term loan will have a collectively reduced interest rate, at the sum of 4.55% plus the greater of (a) the one-month SOFR reference rate or (b) 3.50%; (v) we retained the option to draw the Term F and Term G Loans, each in the amount of $50.0 million, at our election by June 30, 2026 and December 20, 2026, respectively; and (vi) we amended certain negative covenants and other conditions to provide additional flexibility to us. We concluded that the Sixth Amendment was a modification to the Loan Agreement and we accounted for it accordingly.
On the closing date of the Sixth Amendment, we paid approximately $1.9 million in final fees and prepayment premium in connection with the partial repayment of the Term A through C Loans.
We are obligated to pay a final fee with respect to each of the outstanding amounts under each of the term loans, upon the earliest to occur of (i) the New Maturity Date, (ii) the acceleration of the applicable term loan or (iii) the prepayment, refinancing, substitution or replacement of the applicable term loan. This final fee is 4.95% for the Term A through E Loans, 3.45% for the Term F and Term G Loans and 2.50% for the Term H Loan. The total unaccreted final fee was $6.0 million and $5.9 million as of June 30, 2026 and December 31, 2025, respectively.
We may voluntarily prepay all amounts outstanding under the Revised Loans, the Term D Loan, the Term E Loan and the Term H Loan, subject to a prepayment premium of (i) three percent of the outstanding principal amount of the applicable term loan if prepaid on or after April 28, 2026 through and including April 28, 2027, (ii) two percent of the outstanding principal amount of the applicable term loan if prepaid on or after April 29, 2027 through and including April 28, 2028 or (iii) one percent of the outstanding principal amount of the applicable term loan if prepaid after April 28, 2028 and prior to July 1, 2030.
We may voluntarily prepay all amounts outstanding under the Term F and Term G Loans, subject to a prepayment premium of (i) two percent of the outstanding principal amount of the applicable term loan if prepaid on or after July 1, 2026 through and including June 30, 2027 or (ii) one percent of the outstanding principal amount of the applicable term loan if prepaid after June 30, 2027 and prior to July 1, 2030.
The Loan Agreement contains certain covenants, including a single financial covenant that the sum of our net product revenue, calculated on a trailing six-month basis, plus unrestricted cash and cash equivalents that are subject to a first-priority perfected lien in favor of SLR, shall be greater than or equal to 100% of the principal amount outstanding under the Loan Agreement. The outstanding term loans are secured by substantially all of our assets, except for our intellectual property and certain other customary exclusions. In addition, the Loan Agreement contains subjective clauses to accelerate the maturity of outstanding principal amount in the event that a material adverse change has occurred within our business, operations or financial condition.
On June 29, 2026, we received $50.0 million of funding as a result of our draw down of the Term F Loan. We elected to draw down the Term F Loan for general corporate purposes and to enhance flexibility to support our ongoing strategic initiatives, in line with our capital allocation strategy.
As of June 30, 2026, our total future payment obligation related to the outstanding term loans, excluding interest payments, was $260.8 million, which is due on July 1, 2030.