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LOANS PAYABLE, NET (Tables)

9 Months Ended

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			Variable1						$	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

1Refer 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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