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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Net Carrying Amount
The net carrying amount of the 2026 Convertible Senior Notes was as follows (in thousands):
December 31,
20242023
Principal$203,083 $625,000 
Unamortized debt discount and issuance costs(2,068)(9,572)
Net carrying amount$201,015 $615,428 
The net carrying amount of the Senior Notes was as follows (in thousands):
December 31, 2024
Principal$100,000 
Unamortized debt discount and issuance costs(4,501)
Net carrying amount$95,499 
The net carrying amount of the 2030 Convertible Notes as of December 31, 2024 was as follows (in thousands):
Series 1 NotesSeries 2 Notes
Principal
$55,245 $183,453 
Unamortized debt discount and issuance costs
(13,800)(30,306)
Net carrying amount
$41,445 $153,147 
Schedule of Interest Expense
The following table sets forth the interest expense recognized related to the 2026 Convertible Senior Notes (in thousands):
Year Ended December 31
202420232022
Contractual interest expense$5,724 $7,812 $7,812 
Amortization of debt discount and issuance costs2,358 3,236 3,236 
Total interest expense$8,082 $11,048 $11,048 
Schedule of Estimated Fair Value of the Derivative Liability
The following table shows the estimated fair value of the derivative liabilities as of the issuance and the change in fair value from issuance through December 31, 2024:
Series 1 NotesSeries 2 Notes
Derivative liability, at issuance
$25,254 $23,980 
Change in fair value
(14,604)(17,125)
Decrease of derivative liability upon exercise of conversion option
(7,408)(687)
Derivative liability, end of period
$3,242 $6,168 
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, 2024December 31, 2024August 8, 2024December 31, 2024
Conversion price
$21.75 $21.81 $36.30 $36.35 
Risk-free rate
3.76 %4.30 %3.76 %4.30 %
Effective borrowing rate
17.16 %10.75 %17.16 %10.75 %
Volatility
50.00 %50.00 %50.00 %50.00 %
Stock price
$13.95 $5.38 $13.95 $5.38 
Payment interest rate
9.00 %9.00 %11.50 %11.50 %
Redemption price
$28.35 $28.35 $47.25 $47.25