Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Carrying Amount of Principal Borrowings

Carrying amount of borrowings consist of the following (in thousands):

	September 30, 2022		December 31, 2021
Senior convertible notes	$	225,034	$	223,944
MidCap credit facility		39,155		38,833
Mann Group convertible note		8,829		18,425
Total debt — net carrying amount	$	273,018	$	281,202

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
	September 30, 2022	December 31, 2021	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(1)	$40.0 million	$40.0 million	one-month SOFR (1% floor) plus 6.25%; cap of 8.25%	(1	)	August 2025	(1	)	N/A
Mann Group convertible note	$8.8 million	$18.4 million (plus $0.4 million accrued interest paid-in-kind)	2.50%	(2	)	December 2025	(2	)	$2.50 per share

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(1) In April 2021, the Company prepaid $10.0 million principal balance and amended the MidCap credit facility. The interest rate prior to the amendment was one-month LIBOR (2% floor) plus 6.75% and the maturity date was in August 2024.

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%).

(2) In April 2021, the Mann Group convertible note was amended. The interest rate prior to and after the amendment was 7.00% and the maturity date was in November 2024.

Schedule of Maturities of Our Borrowings

The maturities of the Company’s borrowings as of September 30, 2022 are as follows (in thousands):

	Amounts
2022	$	—
2023		6,667
2024		20,000
2025		22,163
Thereafter		230,000
Total principal payments		278,830
Unamortized discount		(269	)
Debt issuance costs		(5,543	)
Total debt — net carrying amount	$	273,018

Schedule of Amortization of Debt Premium and Accretion of Debt Discount and Debt Issuance Cost

Amortization of debt discount and debt issuance cost related to all borrowings for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Amortization of debt discount	$	108	$	109	$	321	$	255
Amortization of debt issuance cost		363		363		1,089		852