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DEBT AND FINANCE LEASE LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
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, 2024December 31, 2023
Current:
Finance lease liabilities$6,200 $6,312 
Insurance premium financing4,598 1,852 
Promissory notes875 699 
Financing obligations133 87 
Debt and finance lease liabilities, current$11,806 $8,950 
As of
June 30, 2024December 31, 2023
Non-current:
Toggle Convertible Notes$133,524 $124,061 
Financing obligations101,954 101,470 
Finance lease liabilities27,512 26,395 
8.25% Convertible Notes
1,401 15,047 
Promissory notes1,999 2,306 
Long-term debt and finance lease liabilities, net of current portion$266,390 $269,279 
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 ValueFair Value
June 2022 Toggle Convertible Notes$123,670 $109,411 
June 2023 Toggle Convertible Notes9,854 9,702 
Promissory notes
2,874 2,807 
Insurance Premium financing4,598 4,601 
8.25% Convertible Notes
1,401 994 
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 NotesJune 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 datesMay 31 and November 30 of each yearJune 30 and December 31 of each year
First interest payment dateNovember 30, 2022December 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, 2024As of December 31, 2023As of June 30, 2024As of December 31, 2023
Principal amount$130,269 $123,478 $11,918 $11,460 
Accrued PIK interest1,234 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,
2024202320242023
Contractual interest expense$3,460 $3,109 $6,856 $6,159 
Amortization of debt discount and issuance costs875 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, 2023Six Months Ended June 30, 2023
Contractual interest expense$2,802 $5,552 
Amortization of debt discount and issuance costs712 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,
2024202320242023
Contractual interest expense$229 $20 $458 $20 
Amortization of debt discount and issuance costs221 — 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, 2024December 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 
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 PriceFloor 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 $14.340 
The following table summarizes conversions of the Purchase Agreement Notes during the three months ended June 30, 2023:
Series A NotesSeries B-1 NotesSeries B-2 NotesSeries B-3 Notes
Shares of common stock issued for conversions— 351,834 725,276 754,639 
Principal balance converted$— $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 NotesSeries B-1 NotesSeries B-2 NotesSeries B-3 Notes
Shares of common stock issued for conversions726,187 704,256 725,276 754,639 
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 conversions444,444 724,074 
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