Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt

Pursuant to privately negotiated agreements dated January 14, 2026, on January 23, 2026, the Company acquired $17.1 million aggregate principal amount of its remaining outstanding 2.875% Convertible Senior Notes due 2026 (the "2026 Notes") in exchange for 485,186 shares of the Company's common stock, plus approximately $134,000 in cash for accrued and unpaid interest on the principal amount of 2026 Notes exchanged to, but excluding, the closing date (the “Notes Exchange”). The difference between the fair value of the original conversion terms and the fair value of the induced conversion terms at the time of settlement resulted in an inducement loss on settlement of convertible notes of approximately $3.5 million, which is recorded in gain (loss) on extinguishment of debt, net in the Company's condensed consolidated statements of operations. Following the Notes Exchange, an aggregate of $2.9 million principal amount of the 2026 Notes remained outstanding.

On March 17, 2026, the Company completed a private offering of $265.0 million aggregate principal amount of 4.00% Convertible Senior Notes due 2031 (the "2031 Notes"), which amount includes $15.0 million aggregate principal amount of 2031 Notes issued pursuant to the initial purchasers' full exercise of their option to purchase additional 2031 Notes. The 2031 Notes were issued pursuant to an indenture, dated March 17, 2026, between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2031 Notes bear an interest of 4.00% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning September 15, 2026. Interest accrues on the 2031 Notes from the last date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from March 17, 2026. Unless earlier converted, redeemed, or repurchased, the 2031 Notes mature on March 15, 2031. The 2031 Notes are convertible into Company common stock at an initial conversion rate of 52.5762 shares per $1,000 principal amount. The Company incurred debt issuance costs of $8.0 million related to the offering of the 2031 Notes.

On March 17, 2026, the Company used a portion of the net proceeds from its sale of the 2031 Notes to repurchase $212.0 million aggregate principal amount of the Company's 1.50% Convertible Senior Notes due 2027 (the "2027 Notes") for approximately $207.5 million, consisting of $206.2 million paid to retire the principal and $1.3 million of accrued and unpaid interest. The Company recognized a $3.9 million gain on extinguishment of debt as a result of repurchasing a portion of the 2027 Notes at a price below their carrying value, partially offset by the write-off of unamortized debt issuance costs. This gain is included in gain (loss) on extinguishment of debt, net in the Company's condensed consolidated statements of operations. Following the repurchase, an aggregate of $53.0 million principal amount of the 2027 Notes remained outstanding.

The following table summarizes information about the net carrying amounts of long-term debt as of March 31, 2026:

(in thousands)	2026 Notes		2027 Notes		2030 Notes		2031 Notes		Total
Principal amount outstanding	$	2,870	$	53,000	$	115,000	$	265,000	$	435,870
Unamortized debt issuance cost	(1)		(483)		(2,948)		(7,884)		(11,316)
Total long-term debt	2,869		52,517		112,052		257,116		424,554
Less: current portion of long-term debt	(2,869)		—		—		—		(2,869)
Total non-current portion of long-term debt	$	—	$	52,517	$	112,052	$	257,116	$	421,685

The following table summarizes information about the net carrying amounts of long-term debt as of December 31, 2025:

(in thousands)	2026 Notes		2027 Notes		2030 Notes		Total
Principal amount outstanding	$	20,000	$	265,000	$	115,000	$	400,000
Unamortized debt issuance cost	(46)		(2,789)		(3,141)		(5,976)
Total long-term debt	19,954		262,211		111,859		394,024
Less: current portion of long-term debt	(19,954)		—		—		(19,954)
Total non-current portion of long-term debt	$	—	$	262,211	$	111,859	$	374,070

The following table summarizes interest expense recognized on long-term debt:

	Three Months Ended March 31,
(in thousands)	2026		2025
Contractual interest expense	$	1,681	$	2,060
Amortization of debt issuance costs	598		553
Amortization of discount	—		35
Total interest expense	$	2,279	$	2,648

The following table summarizes the future principal payments as of March 31, 2026:

(in thousands)
2026, remaining	$	2,870
2027	53,000
2028	—
2029	—
2030	115,000
Thereafter	265,000
Total	$	435,870