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Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Net Carrying Amount
The net carrying amount of the 2026 Convertible Senior Notes was as follows (in thousands):
September 30, 2024December 31, 2023
Principal$203,083 $625,000 
Unamortized debt discount and issuance costs(2,326)(9,572)
Net carrying amount$200,757 $615,428 
The net carrying amount of the Senior Notes was as follows (in thousands):
September 30, 2024
Principal$100,000 
Unamortized debt discount and issuance costs(4,728)
Net carrying amount$95,272 
The net carrying amount of the 2030 Convertible Notes as of September 30, 2024 was as follows (in thousands):
Series 1 NotesSeries 2 Notes
Principal
$59,391 $191,918 
Unamortized debt discount and issuance costs
(15,305)(32,702)
Net carrying amount
$44,086 $159,216 
Schedule of Interest Expense
The following table sets forth the interest expense recognized related to the 2026 Convertible Senior Notes (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Contractual interest expense$1,189 $1,969 $5,084 $5,843 
Amortization of debt discount and issuance costs481 809 2,099 2,427 
Total interest expense$1,670 $2,778 $7,183 $8,270 
Schedule of Estimated Fair Value of the Derivative Liability
The following table shows the estimated fair value of the derivative liability as of the issuance and the change in fair value from issuance through September 30, 2024:
Series 1 NotesSeries 2 Notes
Derivative liability, at issuance
$25,254 $23,980 
Change in fair value
(2,379)(97)
Decrease of derivative liability upon exercise of conversion option
$(6,684)$— 
Derivative liability, end of period
$16,191 $23,883 
Schedule of Estimated Fair Value of the Derivative Liability Using a Binomial Model
The Company estimated the fair value of the 2030 Convertible Notes and derivative liability using a binomial model, with the following valuation inputs:
Series 1 Notes
Series 2 Notes
August 8, 2024September 30, 2024August 8, 2024September 30, 2024
Conversion price
$1.45 $1.45 $2.42 $2.42 
Risk-free rate
3.76 %3.53 %3.76 %3.53 %
Effective borrowing rate
17.16 %12.84 %17.16 %12.84 %
Volatility
50.00 %50.00 %50.00 %50.00 %
Stock price
$0.93 $0.90 $0.93 $0.90 
Payment interest rate
9.00 %9.00 %11.50 %11.50 %
Redemption price
$1.89 $1.89 $3.15 $3.15