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Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Net Carrying Amount
The net carrying amount of the 2026 Convertible Senior Notes was as follows (in thousands):
June 30, 2025December 31, 2024
Principal$134,883 $203,083 
Unamortized debt discount and issuance costs(1,026)(2,068)
Net carrying amount$133,857 $201,015 
The net carrying amount of the Senior Notes was as follows (in thousands):
June 30, 2025December 31, 2024
Principal$100,000 $100,000 
Unamortized debt discount and issuance costs(4,054)(4,501)
Net carrying amount$95,946 $95,499 
The net carrying amount of the 2030 Convertible Notes was as follows (in thousands):
June 30, 2025December 31, 2024
Series 1 NotesSeries 2 NotesSeries 1 NotesSeries 2 Notes
Principal
$55,245 $181,453 $55,245 $183,453 
Unamortized debt discount and issuance costs
(12,876)(27,967)(13,800)(30,306)
Net carrying amount
$42,369 $153,486 $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):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Contractual interest expense$508 $1,948 $1,130 $3,896 
Amortization of debt discount and issuance costs212 809 470 1,618 
Total interest expense$720 $2,757 $1,600 $5,514 
Schedule of Estimated Fair Value of the Derivative Liability
The following table shows the estimated fair value of the derivative liabilities and the change in fair value:
June 30, 2025June 30, 2024
Series 1 NotesSeries 2 NotesSeries 1 NotesSeries 2 Notes
Derivative liability, beginning of period
$3,242 $6,168 $— $— 
Change in fair value
(1,713)(3,607)— — 
Decrease of derivative liability upon exercise of conversion option
— (69)— — 
Derivative liability, end of period
$1,529 $2,492 $— $— 
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 NotesSeries 2 Notes
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Conversion price$21.81 $21.81 $36.35 $36.35 
Risk-free rate3.70 %4.30 %3.70 %4.30 %
Effective borrowing rate39.50 %10.75 %39.50 %10.75 %
Volatility70.00 %50.00 %70.00 %50.00 %
Stock price$2.87 $5.38 $2.87 $5.38 
Payment interest rate9.00 %9.00 %11.50 %11.50 %
Redemption price$28.35 $28.35 $47.25 $47.25