BORROWINGS AND COMMON STOCK WARRANTS (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The balances of the Company's long-term borrowing arrangements, and their related details and components of supplemental cash flow information and non-cash operating and financing activity, consist of the following as of March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and March 31, 2024 (in thousands):

	March 31, 2025
					Unamortized
Credit Facilities	Term Principal		Accrued PIK Principal Additions		Debt Discounts(3)		Debt Issuance Costs(3)		Current Maturities
2023 Credit Agreement	$	96,400	$	20,838	$	(5,977)	$	—	$	—
Hercules Credit Agreement	30,000		532		(1,003)		(3,340)		—
Centrum Promissory Note	63,950		—		—		—		—
Centrum P-units	7,000		—		—		—		(1,000)
	197,350
Add:
Paid-in-kind interest			21,370
Less:
Unamortized debt discount - warrants					(6,980)
Unamortized debt issuance costs							(3,340)
Current maturities of long-term borrowings (2)									(1,000)
Total long-term borrowings									$	207,400

	Three Months Ended March 31, 2025
	Annual Interest				Amortization Expense
Credit Facilities	Nominal Rate		Effective Rate		Debt Discounts(1)		Debt Issuance Costs(1)		Cash Paid for Interest		Maturity Date
2023 Credit Agreement	15.0	%	16.6	%	$	190	$	—	$	—	08/2028
Hercules Credit Agreement	9.7	%	18.7	%	$	52	$	173	$	734	06/2028
Centrum Promissory Note	6.0	%	6.0	%	$	—	$	—	$	946	10/2028
Centrum P-Units	6.0	%	6.0	%	$	—	$	—	$	125	10/2028

	December 31, 2024
					Unamortized
Credit Facilities	Term Principal		Accrued PIK Principal Additions		Debt Discounts(3)		Debt Issuance Costs(3)		Current Maturities
2023 Credit Agreement	$	96,400	$	16,658	$	(6,168)	$	—	$	—
Hercules Credit Agreement	30,000		341		(1,055)		(3,512)		—
Centrum Promissory Note	63,950		—		—		—		—
Centrum P-Units	8,000		—		—		—		(2,000)
	198,350
Add:
Paid-in-kind interest			16,999
Less:
Unamortized debt discount - warrants					(7,223)
Unamortized debt issuance costs							(3,512)
Current maturities of long-term borrowings (2)									(2,000)
Total long-term borrowings									$	202,614

	Three Months Ended March 31, 2024
	Annual Interest				Amortization Expense
Credit Facilities	Nominal Rate		Effective Rate		Debt Discounts(1)		Debt Issuance Costs(1)		Cash Paid for Interest		Maturity Date
2021 Credit Agreement	5.0	%	10.1	%	$	—	$	—	$	999	01/2024
2023 Credit Agreement	15.0	%	15.0	%	$	—	$	—	$	2,588	08/2028

(1) The amortization expenses are presented in Interest Expense within the Condensed Consolidated Statements of Income (Loss).

(2) The current maturities are presented in Short-term borrowings within the Condensed Consolidated Balance Sheets.

(3) The unamortized debt discounts and debt issuance costs are presented as a direct deduction from the carrying amount of the respective debt instrument on the balance sheet. These are amortized over the term of the respective credit agreements using the effective interest rate method.

Schedule of Maturities of Long-Term Debt

The Company’s future annual principal maturities of borrowing arrangements for the remainder of 2025 and for each of the next five full years ending December 31 is as follows (in thousands):

	2023 Credit Agreement		Hercules Credit Agreement		Centrum Promissory Note		Centrum P-Units		Total
2025 (April-December)	$	—	$	—	$	—	$	1,000	$	1,000
2026	—		—		—		—		—
2027	—		—		—		—		—
2028	96,400		30,000		63,950		6,000		196,350
2029	—		—		—		—		—
2030	—		—		—		—		—
Thereafter	—		—		—		—		—
Total	96,400		30,000		63,950		7,000		197,350

Schedule of Common Stock Warrants

The following table shows the warrant liability as of March 31, 2025 and 2024, and the components of the change in warrant liability for the three months then ended, respectively (in thousands):

	2025		2024
Balance at January 1,	$	29,738	$	13,971
Newly executed Warrantholders Agreement	—		—
Antidilutive issuances (1)	—		—
Change in fair value of outstanding warrants	(2,649)		(2,072)
Warrants issued and classified as equity instruments	—		—
Balance at March 31,	$	27,089	$	11,899

(1) The 2023 Warrantholders Agreement and 2024 NEA Warrantholders Agreement contain a Dilutive Issuance provision providing that the number of shares issuable under outstanding warrants be increased upon issuance by the Company of shares of common stock (or the issuance of securities convertible into, or exchangeable for, shares of common stock) for a market price lower than that of August 29, 2023, in the case of the 2023 Warrantholders Agreement, and April 30, 2024, in the case of the 2024 NEA Warrantholders Agreement. For the period ended December 31, 2024 the number of shares issuable under the warrants issued under the 2023 Warrantholders Agreement and 2024 NEA Warrantholders Agreement were increased by 41,158. The warrants were granted at a fair market value of $5.14 (closing share price on June 21, 2024 minus the $0.01 exercise price).

The table below summarizes the number of warrants that remain available to be issued under each of the Warrantholders Agreements as of March 31, 2025:

2023 Warrantholders Agreement	—
2024 NEA Warrantholders Agreement	—
Hercules Warrantholders Agreements	1,025,000