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Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Carrying Amount of Borrowings

Carrying amount of the Company’s borrowings consisted of the following (in thousands):


	December 31, 2023		December 31, 2022
Senior convertible notes	$	226,851	$	225,397
MidCap credit facility		33,019		39,264
Mann Group convertible note		8,829		8,829
Total debt – net carrying amount	$	268,699	$	273,490

Schedule of Line of Credit Facility Debt and Key Terms

The following table provides a summary of the Company’s principal balance of debt and key terms:

         
        Amount Due

        Terms

         
        December 31, 2023

        December 31, 2022

        Annual Interest
   Rate

        Maturity Date

        Conversion Price

        Senior convertible notes

        $230.0 million

        $230.0 million

        2.50%

        March 2026

        $5.21 
per share

MidCap credit facility

$33.3 million

$40.0 million

one-month
SOFR
(1% floor)
plus 6.25%;
cap of 8.25%

(1

)

August 2025

N/A

        Mann Group convertible note

        $8.8 million

        $8.8 million

        2.50%

        December 2025

        $2.50
per share

_________________________

(1)

In August 2022, the Company amended the MidCap credit facility and transitioned the benchmark interest rate from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The interest rate prior to the amendment was one-month LIBOR (1% floor) plus 6.25% (cap of 8.25%).

Schedule of Maturities of the Company's Borrowings

The maturities of the Company’s borrowings as of December 31, 2023 are as follows (in thousands):


	Amounts
2024	$	20,000
2025		22,163
2026		230,000
Total principal payments		272,163
Unamortized discount and prepayment fee		(313	)
Debt issuance costs		(3,151	)
Total debt	$	268,699

Schedule of Amortization of Premium and Accretion of Debt Issuance Costs

Amortization of the premium and accretion of debt issuance costs related to all borrowings for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Amortization of debt discount and prepayment fee	$	423	$	431	$	377
Amortization of debt issuance cost		1,454		1,453		1,215