Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The Company’s debt obligations at carrying value consist of the following related and third-party borrowings:

	September 30, 2022				December 31, 2021
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Yorkville Convertible Promissory Note - Related party - due September 2022(1)	$	—	$	—	$	—	$	—
2021 Convertible Notes Payable – Related party - due June 2026	105,987		78,743		102,900		84,148
Total Convertible Notes Payable - Related Party	$	105,987	$	78,743	$	102,900	$	84,148
Senior Secured Term Loan - due March 2026	$	94,681	$	75,492	$	—	$	—
Equipment financing facility - due April 2025	9,299		9,283		6,389		6,371
Total long-term debt outstanding	103,980		84,775		6,389		6,371
Long-term debt, current	2,822		2,822		1,644		1,644
Long-term debt, excluding current	$	101,158	$	81,953	$	4,745	$	4,727

(1) The outstanding balance of the Yorkville Convertible Promissory Note was converted into common shares during the third quarter of 2022.

The Term Loan balance is as follows:

	September 30, 2022
Principal	$	94,681
Unamortized debt discount	(1,846)
Unamortized debt issuance costs	(17,343)
Aggregate carrying value	$	75,492

Assumptions Used to Determine Fair Value of Embedded Conversion Feature

The assumptions used to determine the fair value of the embedded conversion feature are as follows:

	September 30, 2022		December 31, 2021
Term	3.8 years		4.5 years
Dividend yield	—	%	—	%
Risk-free interest rate	4.1	%	1.2	%
Volatility	75.0	%	60.0	%
Effective debt yield	25.0	%	19.0	%

Summary of Interest Expense

Interest expense recognized on the 2021 Convertible Notes is as follows:

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Contractual interest expense	$	1,590	$	1,500	$	4,677	$	1,500
Amortization of debt discount	1,065		781		2,532		781
Amortization of debt issuance costs	104		1,330		281		1,330
Total	$	2,759	$	3,611	$	7,490	$	3,611

The following table summarizes interest expense recognized:

	Three and Nine Months Ended September 30,
	2022
Contractual interest expense	$	1,861
Amortization of debt discount	53
Amortization of debt issuance costs	495
Total	$	2,409

Summary of Balances Recognized upon Issuance of Convertible Notes

The balances for the 2021 Convertible Notes are as follows:

	September 30, 2022		December 31, 2021
Principal	$	105,987	$	102,900
Unamortized debt discount	(25,811)		(28,321)
Unamortized debt issuance costs	(2,509)		(2,790)
Embedded conversion feature	1,076		12,359
Aggregate carrying value	$	78,743	$	84,148