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Borrowings (Tables)
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Summary of Carrying Amount of Borrowings

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

 

 

March 31, 2024

 

 

December 31, 2023

 

Senior convertible notes

 

$

227,214

 

 

$

226,851

 

MidCap credit facility

 

 

28,105

 

 

 

33,019

 

Mann Group convertible note

 

 

8,829

 

 

 

8,829

 

Total debt – net carrying amount

 

$

264,148

 

 

$

268,699

 

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

 

 

March 31, 2024

 

December 31, 2023

 

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

 

$28.3 million

 

$33.3 million

 

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

 

August 2025

 

N/A

Mann Group convertible note

 

$8.8 million

 

$8.8 million

 

2.50%

 

December 2025

 

$2.50
per share

Schedule of Maturities of Company's Borrowings

The maturities of the Company’s borrowings as of March 31, 2024 are as follows (in thousands):

 

 

Amounts

 

Remainder of 2024

 

$

15,000

 

2025

 

 

22,163

 

2026

 

 

230,000

 

Total principal payments

 

 

267,163

 

Unamortized discount and prepayment fee

 

 

(155

)

Debt issuance costs

 

 

(2,860

)

Total debt

 

$

264,148

 

 

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 were as follows (in thousands):

 

 

Three Months
Ended March 31,

 

 

 

2024

 

 

2023

 

Amortization of debt discount and prepayment fee

 

$

85

 

 

$

106

 

Amortization of debt issuance cost

 

 

363

 

 

 

363