Derivative Liability

3 Months Ended

Mar. 31, 2025

Derivative Liability [Abstract]

Derivative Liability

8. Derivative Liability

Convertible Notes

The 2030 Notes, discussed in Note 7, have an embedded conversion option that meets the criteria to be bifurcated and accounted for separately from the 2030 Notes. The conversion option derivative liability was recorded at fair value upon the issuance of the 2030 Notes and was subsequently remeasured to fair value at March 31, 2025.

The change in the conversion option derivative liability during the period ended March 31, 2025, includes the following (in thousands):

December 31, 2024	$	—
Addition of derivative liability		124,062
Change in fair value		(17,400	)
March 31, 2025	$	106,662