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LOANS PAYABLE, NET (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Components of Loans Payable | The following tables show the component of loans payable (in thousands):
| Effective Interest Rate |  | As of September 30, 2024 |  | As of December 31, 2023
Loans payable, net, current: |  |  |  |  |
TPC Loan, current | Interest free |  | $ | 370 |  |  | $ | 399 |
Term Loan, due 2027 | 11.00% |  | 13,700 |  |  | — |
Total loans payable, net, current |  |  | $ | 14,070 |  |  | $ | 399 |
Loans payable, net, non-current: |  |  |  |  |
SIF Loan | Variable 1 |  | $ | 32,013 |  |  | $ | 32,072 |
Term Loan, due 2027 | 11.00% |  | — |  |  | 31,400 |
TPC Loan, non-current | Interest free |  | — |  |  | 378
Total loans payable, net, non-current |  |  | $ | 32,013 |  |  | $ | 63,850 |
1 Refer below for additional information on the SIF Loan repayment period and effective interest rate. The following table shows the component of the Company's indebtedness carried at fair value and amortized cost (in thousands):
| As of September 30, 2024 |  | As of December 31, 2023
TPC Loan, current | $ | 370 |  |  | $ | 399 |
Total loans payable, net, current, at amortized cost | 370 |  |  | 399 |
Fair value option - Term Loan | 13,700 |  |  | — |
Total loans payable, net, current | $ | 14,070 |  |  | $ | 399 |
| As of September 30, 2024 |  | As of December 31, 2023
SIF Loan | $ | 32,013 |  |  | $ | 32,072 |
TPC Loan, non-current | — |  |  | 378 |
Total loans payable, net, non-current, at amortized cost | 32,013 |  |  | 32,450 |
Fair value option - Term Loan | — |  |  | 31,400 |
Total loans payable, net, non-current | $ | 32,013 |  |  | $ | 63,850 |
The following table summarizes the changes in the carrying value of the Term Loan (in thousands):
| Nine months ended September 30, 2024
Beginning balance | $ | 31,400 |
PIK interest expenses | 2,231 |
Change in fair value | 635 |
Payments | (20,566) |
Ending balance | $ | 13,700 |
Schedule of Fair Value Assumptions | The Term Loan was classified as a Level 3 fair value measurement and measured using the binomial lattice model and the Monte Carlo simulation model. Key inputs for the simulations are summarized below.
| As of September 30, 2024
Weighted-average risk-free rate | 4.83% Range: 4.72% to 4.93%
Default Trigger Event probability | 5.00% on April 1, 2025
ELOC financing trigger event probability | 10.00% from November 1, 2025 through January 1, 2025
ATM financing trigger event probability | 40.00% from November 1, 2025 through January 1, 2025
Weighted-average market yield rate (Default Trigger Event) | 12.11%
Weighted-average market yield rate (Call Option) | 11.76% Range: 11.38% to 12.46%
Weighted-average market yield volatility | 5.00%
Schedule of Fair Value and the Amortized Cost | The following table summarizes the difference between the fair value and the amortized cost of the Term Loan as of September 30, 2024 (in thousands):
| Amortized Cost |  | Unrealized Gains |  | Fair Value
Term Loan, due 2027 | $ | 13,710 |  |  | $ | 10 |  |  | $ | 13,700 |

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