Convertible Note - Related Party (Tables)

12 Months Ended

Dec. 31, 2023

Convertible Notes [Abstract]

Summary of Convertible Notes

In accordance with ASU 2020-06, the 2022 Convertible Note is accounted for as a single unit of account and consists of the following:

	December 31,			December 31,
	2023			2022
Convertible note, principal	$	100,000		$	100,000
Payment in-kind		18,318			7,830
Discount on convertible note		(3,209	)		(4,097	)
Debt issuance costs, net of accumulated amortization		(117	)		(153	)
Convertible note	$	114,992		$	103,580

In general, fair values determined by Level 1 inputs utilize observable inputs such as quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are either directly or indirectly observable, such as quoted prices for similar instruments in active markets, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the Company to develop its own assumptions for the asset or liability. The 2022 Convertible Note does not have current observable inputs such as recent trading prices (Level 3) and is measured at fair value using a combination of option pricing and discounted cash flow models and incorporate management’s assumptions for stock price, volatility and risk rate.

The Company estimated the fair value of the 2022 Convertible Note is approximately $118.2 million as of December 31, 2023. However, as the Company has not elected to utilize the fair value option, it is carried at amortized cost of $115.0 million.