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LOANS PAYABLE, NET (Tables)
 12 Months Ended
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 Rate20242023
Loans payable, net, current:
TPC Loan, currentInterest free$348 $399 
Total loans payable, net, current$348 $399 
Loans payable, net, non-current:
SIF Loan
Variable1
$30,128 $32,072 
Term Loan, due 202711.00%— 31,400 
TPC Loan, non-currentInterest free— 378
Total loans payable, net, non-current$30,128 $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 December 31,
20242023
SIF Loan$30,128 $32,072 
TPC Loan, non-current— 378 
Total loans payable, net, non-current, at amortized cost30,128 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$31,400 
PIK interest expenses
2,281 
Change in fair value
645 
Payments(34,326)
Ending balance$—