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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | The following tables set forth the fair value of the Company’s financial instruments (in thousands):
|  | March 31, 2023 |
|  |  |  |  | Fair Value |
|  | Carrying Amount |  |  | Significant Unobservable Inputs (Level 3) |
Financial liabilities: |  |  |  |  |  |
Senior convertible notes(1) |  | $ | 225,761 |  |  | $ | 239,283 |
MidCap credit facility(2) |  |  | 39,371 |  |  |  | 41,394 |
Mann Group convertible note(3) |  |  | 8,829 |  |  |  | 16,354 |
Milestone rights(4) |  |  | 4,838 |  |  |  | 12,700 |
Contingent milestone liability(4) |  |  | 610 |  |  |  | 1,010 |
Financing liability(5) |  |  | 104,067 |  |  |  | 103,221 |
_________________________ (1) Fair value was determined by applying a discounted cash flow analysis to the straight note with a hypothetical yield of 11%, volatility of 74.3% and a Monte Carlo simulation for the value of the conversion feature. A change in yield of + or – 2% would result in a fair value of $230.2 million and $249.0 million, respectively. (2) Fair value was determined by applying a discounted cash flow analysis with a hypothetical yield of 12%. A change in yield of + or – 2% would result in a fair value of $40.3 million and $42.4 million, respectively. (3) The fair value was determined by applying a discounted cash flow analysis with a hypothetical yield of 13% and volatility of 73.6% to the straight note and a binomial option pricing model for the value of the conversion feature. A change in yield of + or – 2% would result in a fair value of $16.0 million and $16.7 million, respectively. (4) Fair value was determined by applying a Monte Carlo simulation. (5) Fair value was determined by applying a discounted cash flow analysis with a hypothetical yield of 10%.
|  | December 31, 2022 |
|  |  |  |  | Fair Value |
|  | Carrying Value |  |  | Significant Unobservable Inputs (Level 3) |
Financial liabilities: |  |  |  |  |  |
Senior convertible notes(1) |  | $ | 225,761 |  |  | $ | 253,864 |
MidCap credit facility(2) |  |  | 39,371 |  |  |  | 41,070 |
Mann Group convertible note(3) |  |  | 8,829 |  |  |  | 20,836 |
Milestone rights(4) |  |  | 4,838 |  |  |  | 12,600 |
Contingent milestone liability(4) |  |  | 610 |  |  |  | 960 |
Financing liability(5) |  |  | 104,077 |  |  |  | 103,239 |
_________________________ (1) Fair value was determined by applying a discounted cash flow analysis to the straight note with a hypothetical yield of 13%, volatility of 75.8% and a Monte Carlo simulation for the value of the conversion feature. A change in yield of + or – 2% would result in a fair value of $245.0 million and $263.4 million, respectively. (2) Fair value was determined by applying a discounted cash flow analysis with a hypothetical yield of 12%. A change in yield of + or – 2% would result in a fair value of $40.0 million and $42.4 million, respectively. (3) Fair value was determined by applying a discounted cash flow analysis with a hypothetical yield of 13% and volatility of 77.8% to the straight note and a binomial option pricing model for the value of the conversion feature. A change in yield of + or – 2% would result in a fair value of $20.5 million and $21.2 million, respectively. (4) Fair value was determined by applying a Monte Carlo simulation. (5) Fair value was determined by applying a discounted cash flow analysis with a hypothetical yield of 10%.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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