XML 45 R35.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONVERTIBLE NOTES (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Convertible Notes
As of June 30, 2024 and December 31, 2023, the convertible note obligations were classified as follows in the condensed consolidated balance sheets (in thousands):

June 30, 2024December 31, 2023
2.50% Notes$— $726 
  5.00% Notes41,062 36,102 
Total convertible notes$41,062 $36,828 
Current portion of convertible notes$— $726 
Convertible notes, non-current$41,062 $36,102 
Schedule of Interest Expense
Interest expense related to the Company’s convertible note obligations consisted of the following for the three and six months ended June 30, 2024 and 2023 (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Contractual coupon interest$848 $656 $1,693 $892 
Amortization of premium, discount and issuance costs, net
1,718 510 3,314 692 
Total interest expense on convertible notes$2,566 $1,166 $5,007 $1,584 
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 June 30, 2024 and December 31, 2023 (in thousands):

June 30, 2024December 31, 2023
Outstanding principal$— $726 
Unamortized debt issuance— — 
Net carrying amount$— $726 
The carrying value of the 5.00% Notes consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):

June 30, 2024December 31, 2023
Outstanding principal at par$69,243 $67,634 
Unamortized debt premium4,834 5,408 
Unamortized debt discount(30,625)(34,267)
Unamortized debt issuance costs(2,390)(2,673)
Net carrying amount$41,062 $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 June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
Coupon rate5.00 %5.00 %
Term (years)2.53.0
Volatility55.00 %55.00 %
Risk-free rate4.67 %4.02 %
Discount yield27.00 %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
Volatility55.00 %
Risk-free rate5.55 %
Fixed commitment purchase price (in thousands)$10,000
Number of Shares1,387,949
Obligation probability75.00 %
The table below summarizes the significant inputs used to estimate the fair value of the Common Warrant liability as of June 30, 2024 and January 23, 2024:

June 30, 2024January 23, 2024
Exercise price$1.65 $1.65 
Term (years)4.65.0
Volatility58.50 %55.00 %
Risk-free rate4.38 %4.06 %
Dividend yield0.00 %0.00 %