Debt (Tables)

6 Months Ended

Jun. 30, 2026

The following table presents the carrying value of the Company’s Term Loans balance as of June 30, 2026 and December 31, 2025 (in thousands):


	As of
	June 30, 2026		December 31, 2025
Principal	$	500,000	$	500,000
Paid-in-kind interest capitalized	46,770		46,770
Debt discount, net	(3,257)		(5,806)
Term Loans	$	543,513	$	540,964

As of June 30, 2026, future principal repayments of debt for each of the fiscal years through maturity were as follows (in thousands):

Interest expense for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Convertible debt contractual interest expense	$	—	$	600	$	—	$	1,678
Term Loans contractual interest expense	13,269		13,269		26,391		26,391
Royalty Financing Agreement interest expense	5,129		5,192		10,243		10,215
Amortization of debt issuance costs	1,429		1,676		2,811		3,498


Total debt interest expense	19,827		20,737		39,445		41,782
Finance lease interest expense	446		508		910		1,032
Total interest expense	$	20,273	$	21,245	$	40,355	$	42,814