XML 29 R14.htm IDEA: XBRL DOCUMENT v3.26.1
Debt
 6 Months Ended
Jun. 30, 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. An aggregate of $2.9 million principal amount of the 2026 Notes remained outstanding following the Notes Exchange, which the Company repaid in cash at maturity during the three months ended June 30, 2026.

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 June 30, 2026:

(in thousands)2027 Notes2030 Notes2031 NotesTotal
Principal amount outstanding$53,000 $115,000 $265,000 $433,000 
Unamortized debt issuance cost(408)(2,755)(7,486)(10,649)
Total long-term debt52,592 112,245 257,514 422,351 
Less: current portion of long-term debt— — — — 
Total non-current portion of long-term debt$52,592 $112,245 $257,514 $422,351 
The following table summarizes information about the net carrying amounts of long-term debt as of December 31, 2025:

(in thousands)2026 Notes2027 Notes2030 NotesTotal
Principal amount outstanding$20,000 $265,000 $115,000 $400,000 
Unamortized debt issuance cost(46)(2,789)(3,141)(5,976)
Total long-term debt19,954 262,211 111,859 394,024 
Less: current portion of long-term debt(19,954)— — (19,954)
Total non-current portion of long-term debt$— $262,211 $111,859 $374,070 

The following table summarizes interest expense recognized on long-term debt:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Contractual interest expense$3,165 $1,428 $4,846 $3,488 
Amortization of debt issuance costs667 578 1,265 1,132 
Amortization of discount— — — 35 
Total interest expense$3,832 $2,006 $6,111 $4,655 

The following table summarizes the future principal payments as of June 30, 2026:
(in thousands)
2026, remaining$— 
202753,000 
2028— 
2029— 
2030115,000 
Thereafter265,000 
Total$433,000