XML 44 R34.htm IDEA: XBRL DOCUMENT v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 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):
September 30, 2025December 31, 2024
Principal$134,883 $203,083 
Unamortized debt discount and issuance costs(850)(2,068)
Net carrying amount$134,033 $201,015 
The net carrying amount of the Senior Notes was as follows (in thousands):
September 30, 2025December 31, 2024
Principal$100,000 $100,000 
Unamortized debt discount and issuance costs(3,783)(4,501)
Net carrying amount$96,217 $95,499 
The net carrying amount of the 2030 Convertible Notes was as follows (in thousands):
September 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(12,380)(26,890)(13,800)(30,306)
Net carrying amount$42,865 $154,563 $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 September 30,Nine Months Ended September 30,
2025202420252024
Contractual interest expense$425 $1,189 $1,555 $5,084 
Amortization of debt discount and issuance costs176 481 645 2,099 
Total interest expense$601 $1,670 $2,200 $7,183 
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:
September 30, 2025September 30, 2024
Series 1 NotesSeries 2 NotesSeries 1 NotesSeries 2 Notes
Derivative liability, beginning of period$3,242 $6,169 $25,254 $23,980 
Change in fair value(2,672)(5,170)(2,379)(97)
Decrease of derivative liability upon exercise of conversion option— (69)(6,684)— 
Derivative liability, end of period$570 $930 $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 NotesSeries 2 Notes
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Conversion price$21.81 $21.81 $36.35 $36.35 
Risk-free rate3.63 %4.30 %3.63 %4.30 %
Effective borrowing rate49.76 %10.75 %49.76 %10.75 %
Volatility70.00 %50.00 %70.00 %50.00 %
Stock price$1.91 $5.38 $1.91 $5.38 
Payment interest rate9.00 %9.00 %11.50 %11.50 %
Redemption price$28.35 $28.35 $47.25 $47.25