DEBT AND FINANCE LEASE LIABILITIES (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Debt Disclosure [Abstract] |
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| Schedule of Debt and Finance Lease Liabilities |
A summary of debt and finance lease liabilities as of June 30, 2024 and December 31, 2023, were as follows: | | | | | | | | | | | | | | | | | As of | | | June 30, 2024 | | December 31, 2023 | | Current: | | | | | | Finance lease liabilities | | $ | 6,200 | | | $ | 6,312 | | | | | | | | Insurance premium financing | | 4,598 | | | 1,852 | | | Promissory notes | | 875 | | | 699 | | | Financing obligations | | 133 | | | 87 | | | | | | | | Debt and finance lease liabilities, current | | $ | 11,806 | | | $ | 8,950 | |
| | | | | | | | | | | | | | | | | As of | | | June 30, 2024 | | December 31, 2023 | | Non-current: | | | | | | Toggle Convertible Notes | | $ | 133,524 | | | $ | 124,061 | | | Financing obligations | | 101,954 | | | 101,470 | | | Finance lease liabilities | | 27,512 | | | 26,395 | | 8.25% Convertible Notes | | 1,401 | | | 15,047 | | | Promissory notes | | 1,999 | | | 2,306 | | | Long-term debt and finance lease liabilities, net of current portion | | $ | 266,390 | | | $ | 269,279 | |
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| Schedule of Carrying Values and Estimated Fair Values |
The fair values of the following debt obligations are estimated using level 2 fair value inputs, including stock price and risk-free rates. The following table presents the carrying value and estimated fair values: | | | | | | | | | | | | | | | | | As of June 30, 2024 | | | Carrying Value | | Fair Value | | June 2022 Toggle Convertible Notes | | $ | 123,670 | | | $ | 109,411 | | | June 2023 Toggle Convertible Notes | | 9,854 | | | 9,702 | | | | | | | Promissory notes | | 2,874 | | | 2,807 | | | Insurance Premium financing | | 4,598 | | | 4,601 | | 8.25% Convertible Notes | | 1,401 | | | 994 | |
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| Schedule of Interest Rates, Net Carrying Amounts of Debt Component and Interest Expense |
The interest rates and payment dates for each of the Toggle Convertible Notes is summarized below: | | | | | | | | | | | | | June 2022 Toggle Convertible Notes | | June 2023 Toggle Convertible Notes | | PIK interest rate (per annum) | 11.00% | | 8.00% | | Cash interest rate (per annum) | 8.00% | | 8.00% | | Semi-annual interest payable dates | May 31 and November 30 of each year | | June 30 and December 31 of each year | | First interest payment date | November 30, 2022 | | December 31, 2023 |
The net carrying amounts of the debt component of the Toggle Convertible Notes as of June 30, 2024 and December 31, 2023 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 2022 Toggle Convertible Notes | | June 2023 Toggle Convertible Notes | | | As of June 30, 2024 | | As of December 31, 2023 | | As of June 30, 2024 | | As of December 31, 2023 | | Principal amount | | $ | 130,269 | | | $ | 123,478 | | | $ | 11,918 | | | $ | 11,460 | | | Accrued PIK interest | | 1,234 | | | 1,170 | | | — | | | — | | | Unamortized discount | | (1,891) | | | (2,306) | | | (2,064) | | | (2,496) | | | Unamortized issuance costs | | (5,942) | | | (7,245) | | | — | | | — | | | Net carrying amount | | $ | 123,670 | | | $ | 115,097 | | | $ | 9,854 | | | $ | 8,964 | |
The following table presents the Company's interest expense related to the June 2022 Toggle Convertible Notes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Contractual interest expense | | $ | 3,460 | | | $ | 3,109 | | | $ | 6,856 | | | $ | 6,159 | | | Amortization of debt discount and issuance costs | | 875 | | | 803 | | | 1,718 | | | 1,735 | | | Total interest expense | | $ | 4,335 | | | $ | 3,912 | | | $ | 8,574 | | | $ | 7,894 | |
The following table presents the Company's interest expense related to the April 2023 Toggle Convertible Notes: | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 | | | | | Contractual interest expense | | $ | 2,802 | | | $ | 5,552 | | | Amortization of debt discount and issuance costs | | 712 | | | 712 | | | Total interest expense | | $ | 3,514 | | | $ | 6,264 | |
The following table presents the Company's interest expense related to the June 2023 Toggle Convertible Notes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Contractual interest expense | | $ | 229 | | | $ | 20 | | | $ | 458 | | | $ | 20 | | | Amortization of debt discount and issuance costs | | 221 | | | — | | | 431 | | | — | | | Total interest expense | | $ | 450 | | | $ | 20 | | | $ | 889 | | | $ | 20 | |
The net carrying amount of the debt component of the 8.25% Convertible Notes as of June 30, 2024 and December 31, 2023 was as follows: | | | | | | | | | | | | | | | | | As of | | | June 30, 2024 | | December 31, 2023 | | Principal amount | | $ | 2,008 | | | $ | 21,558 | | | Unamortized discount | | (542) | | | (5,821) | | | Unamortized issuance costs | | (65) | | | (690) | | | Net carrying amount | | $ | 1,401 | | | $ | 15,047 | |
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| Schedule of Reference Price And Floor Price Applicable to Issuance of Senior Convertible Notes |
The Reference Price and Floor Price applicable to each issuance of Purchase Agreement Notes is summarized below: | | | | | | | | | | | | | Reference Price | | Floor Price | | Series A Notes | $ | 179.250 | | | $ | 14.340 | | | Series B-1 Notes | $ | 121.500 | | | $ | 14.340 | | | Series B-2 Notes | $ | 64.200 | | | $ | 14.340 | | | Series B-3 Notes | $ | 58.545 | | | $ | 14.340 | |
The following table summarizes conversions of the Purchase Agreement Notes during the three months ended June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Series A Notes | | Series B-1 Notes | | Series B-2 Notes | | Series B-3 Notes | | Shares of common stock issued for conversions | — | | | 351,834 | | | 725,276 | | | 754,639 | | | Principal balance converted | $ | — | | | $ | 10,714 | | | $ | 15,000 | | | $ | 12,075 | | | Make-whole interest converted | $ | — | | | $ | 536 | | | $ | 750 | | | $ | 604 | | | Average conversion price | $ | — | | | $ | 31.98 | | | $ | 21.72 | | | $ | 16.80 | |
The following table summarizes conversions of the Purchase Agreement Notes during the six months ended June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Series A Notes | | Series B-1 Notes | | Series B-2 Notes | | Series B-3 Notes | | Shares of common stock issued for conversions | 726,187 | | | 704,256 | | | 725,276 | | | 754,639 | | | Principal balance converted | $ | 50,000 | | | $ | 25,000 | | | $ | 15,000 | | | $ | 12,076 | | | Make-whole interest converted | $ | 2,500 | | | $ | 1,250 | | | $ | 750 | | | $ | 604 | | | Average conversion price | $ | 72.30 | | | $ | 37.27 | | | $ | 21.72 | | | $ | 16.80 | |
The following table summarizes conversions of the 8.25% Convertible Notes during the three and six months ended June 30, 2024: | | | | | | | | | | | | | For the three months ended June 30, 2024 | | For the six months ended June 30, 2024 | | Shares of common stock issued for conversions | 444,444 | | | 724,074 | | | Principal balance converted | $ | 12,000 | | | $ | 19,550 | | Make-whole premium | $ | 2,784 | | | $ | 4,530 | | Net carrying amount converted | $ | 8,370 | | | $ | 13,567 | | Loss on debt extinguishment | $ | 1,529 | | | $ | 2,313 | |
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