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LOANS PAYABLE, NET (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Components of Loans Payable | The following tables show the component of loans payable (in thousands):
|  |  | As of December 31,
| Effective Interest Rate |  | 2024 |  | 2023
Loans payable, net, current: |  |  |  |  |
TPC Loan, current | Interest free |  | $ | 348 |  |  | $ | 399 |
Total loans payable, net, current |  |  | $ | 348 |  |  | $ | 399 |
Loans payable, net, non-current: |  |  |  |  |
SIF Loan | Variable 1 |  | $ | 30,128 |  |  | $ | 32,072 |
Term Loan, due 2027 | 11.00% |  | — |  |  | 31,400 |
TPC Loan, non-current | Interest free |  | — |  |  | 378
Total loans payable, net, non-current |  |  | $ | 30,128 |  |  | $ | 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 December 31,
| 2024 |  | 2023
SIF Loan | $ | 30,128 |  |  | $ | 32,072 |
TPC Loan, non-current | — |  |  | 378 |
Total loans payable, net, non-current, at amortized cost | 30,128 |  |  | 32,450 |
Fair value option - Term Loan | — |  |  | 31,400 |
Total loans payable, net, non-current | $ | 30,128 |  |  | $ | 63,850 |
The following table summarizes the changes in the carrying value of the Term Loan (in thousands):
| Year ended December 31, 2024
Beginning balance | $ | 31,400 |
PIK interest expenses | 2,281 |
Change in fair value | 645 |
Payments | (34,326) |
Ending balance | $ | — |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
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