v3.26.1
Convertible Senior Notes
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Convertible Senior Notes Convertible Senior Notes
On August 12, 2025, the Company completed a private placement offering of $150 million aggregate principal amount of its 4.00% Convertible Senior Notes due 2030 (the “Notes”). The Notes were issued at par and mature on August 1, 2030. The Company incurred $5.7 million in financing costs related to the issuance, resulting in net proceeds of $144.3 million. The debt issuance costs are being amortized to interest expense using the effective interest method over the remaining term of the Notes.
The Notes bear interest at a rate of 4.00% per annum, payable semi-annually in arrears on February 1 and August 1, commencing on February 1, 2026 through August 1, 2030.
Prior to May 1, 2030, the Notes are convertible only upon the occurrence of certain events and during specified periods as set forth in the Indenture, including upon satisfaction of stock price and trading price conditions, certain corporate events, and if the Notes are called for redemption. Beginning May 1, 2030, holders may convert their Notes at any time prior to the second scheduled trading day immediately preceding the maturity date. As of June 30, 2026, none of the conditions permitting holders to convert the Notes had been satisfied.
The initial conversion rate for the Notes was set at the time of closing and is equal to 74.2515 shares of common stock per $1,000 principal amount of Notes which corresponds to an initial conversion price of approximately $13.47 per share. The initial conversion price is subject to adjustment as described in the Indenture governing the Notes, not to exceed 96.5269 shares of common stock per $1,000 principal amount of Notes. Upon conversion, the Company will settle its conversion obligation in cash, shares of common stock, or a combination thereof, at the Company’s election.
The carrying amount of the Company's convertible senior notes consisted of the following:
June 30,
2026		December 31,
2025
Convertible senior note payable$150,000 $150,000 
Less unamortized debt issuance costs(4,850)(5,374)
Convertible senior note payable, net$145,150 $144,626 
The following table presents the components of interest expense related to the Notes:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Contractual interest expense$1,511 $- $3,009 $- 
Amortization of debt finance costs288 - 524 - 
Total interest expense recognized$1,799 $- $3,533 $- 
The effective interest rate on the Notes was 4.9% for the three and six months ended June 30, 2026.