CONVERTIBLE NOTES (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Convertible Notes

As of March 31, 2024 and December 31, 2023, the convertible note obligations were classified as follows in the condensed consolidated balance sheets (in thousands):

	March 31, 2024		December 31, 2023
2.50% Notes	$	726	$	726
5.00% Notes	37,655		36,102
Total convertible notes	$	38,381	$	36,828
Current portion of convertible notes	$	726	$	726
Convertible notes, non-current	$	37,655	$	36,102

Schedule of Interest Expense

Interest expense related to the Company’s convertible note obligations consisted of the following for the three months ended March 31, 2024 and 2023 (in thousands):

	March 31, 2024		March 31, 2023
Contractual coupon interest	$	850	$	236
Amortization of premium, discount and issuance costs, net	1,596		182
Total interest expense on convertible notes	$	2,446	$	418

Schedule of Carrying Value of Convertible Notes

The carrying value of the 2.50% Notes was included in current portion of convertible notes and consisted of the following at March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Outstanding principal	$	726	$	726
Unamortized debt issuance	—		—
Net carrying amount	$	726	$	726

The carrying value of the 5.00% Notes consisted of the following at March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Outstanding principal at par	$	67,554	$	67,634
Unamortized debt premium	5,129		5,408
Unamortized debt discount	(32,493)		(34,267)
Unamortized debt issuance costs	(2,535)		(2,673)
Net carrying amount	$	37,655	$	36,102

Schedule of Significant Inputs Used to Estimate Fair Value

The table below summarizes the significant inputs used to estimate the fair value of the 5.00% Notes as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
Coupon rate	5.00	%	5.00	%
Term (years)	2.7		3.0
Volatility	55.00	%	55.00	%
Risk-free rate	4.46	%	4.02	%
Discount yield	25.00	%	25.00	%

The table below summarizes the significant inputs used to estimate the fair value of the Schuler Purchase Obligation as of December 31, 2023:

	December 31, 2023
Stock price	$	3.92
Exercise price	$	7.20
Term (years)	0.13
Volatility	55.00		%
Risk-free rate	5.55		%
Fixed commitment purchase price (in thousands)	$	10,000
Number of Shares	1,387,949
Obligation probability	75.00		%

The table below summarizes the significant inputs used to estimate the fair value of the common warrant liability as of March 31, 2024 and January 23, 2024:

	March 31, 2024			January 23, 2024
Exercise price	$	1.65		$	1.65
Term (years)	4.8			5.0
Volatility	56.20		%	55.00		%
Risk-free rate	4.23		%	4.06		%
Dividend yield	0.00		%	0.00		%

The table below summarizes the significant inputs used to estimate the fair value of the warrant component of the Forward Contract as of March 31, 2024 and January 19, 2024:

	March 31, 2024			January 19, 2024
Warrant exercise price	$	1.73		$	1.73
Warrant term (years)	4.7			4.7
Estimated closing price	$	1.00		$	1.25
Volatility	56.20		%	55.00		%
Risk-free rate	4.23		%	4.06		%
Dividend yield	0.00		%	0.00		%