Convertible Notes (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Fair value assumptions

The estimated fair value of the September 2021 Convertible Notes is determined using a

combination of the present value of the cash flows and the Black-Scholes option pricing model using assumptions as follows:

	As of September 1,			As of December 31,			As of September 30,
	2021			2021			2022
Principal	$	11,206		$	11,206		$	6,730
Interest rate	4.5		%	4.5		%	7.4		%
Common stock fair value per share	20.49			21.16			9.51
Conversion price per share	22.50			22.50			22.50
Risk-free interest rate	0.45		%	0.88		%	4.26		%
Time to exercise (in years)	3.00			2.70			1.90
Volatility	37		%	43		%	57		%
Annual dividend yield	0		%	0		%	0		%

The fair value of the warrants was determined using the Black-Scholes option-pricing method, with the following assumptions:

	Warrants Tranche 1			Warrants Tranche 2			Warrants Tranche 3
Fair market value of common stock	$	15.36		$	15.36		$	15.36
Expected dividend yield	0		%	0		%	0		%
Risk-free interest rate	0.09		%	0.89		%	0.89		%
Expected volatility	52.00		%	47.40		%	47.40		%
Expected term (in years)	1			5			5

Convertible notes

Convertible notes, current and noncurrent consist of the following (in thousands):

	As of September 30,		As of December 31,
	2022		2021
Convertible notes, current:
September 2021 Convertible Notes	$	3,405	$	4,160
Revesting Notes	49		62
Convertible notes, noncurrent:
July 2021 Convertible Notes	529		213
September 2021 Convertible Notes	3,356		7,947
Revesting Notes	24		124
Total convertible notes	$	7,363	$	12,506