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Loan Receivable and Loan Receivable – Related Parties | 12 Months Ended
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Dec. 31, 2024
Loan Receivable [Abstract] |
Loan Receivable and Loan Receivable – Related Parties | 7. Loan Receivable and Loan Receivable–Related Parties Loans receivable IntraCare In July 2023, the Company entered into a five-year convertible promissory note with IntraCare as the borrower. The principal on the note is $25.0 million, with interest on the outstanding principal amount and unpaid interest at a rate per annum equal to 8.81%, compounded annually. In the event that the convertible promissory note remains outstanding on or after the maturity date of July 27, 2028, the outstanding principal balance and any unpaid accrued interest shall, upon the election of the Company, convert into IntraCare preferred shares. As of December 31, 2024 and 2023, the related note balance of $28.3 million and $26.0 million, respectively, are included in loan receivable - non-current in the accompanying consolidated balance sheets. BASS Medical Group On January 29, 2024, the Company provided BASS Medical Group (“BASS”) with a $20.0 million senior secured promissory note (“BASS secured promissory note”). The promissory note is secured by certain assets of BASS. The BASS secured promissory note matures on January 11, 2031, and has an interest rate per annum equal to 8.21%, compounded annually. The principal on the note, including unpaid interest, is due and payable on the maturity date. As of December 31, 2024, the related note balance of $21.6 million is included in loan receivable, non-current in the accompanying consolidated balance sheets. DWGAS, Inc. On July 17, 2024, the Company entered into a five-year secured convertible promissory note with DWGAS, Inc. as the borrower. The promissory note was secured by a pledge of all the assets of DWGAS. The principal on the convertible note was $5.0 million, with interest on the outstanding principal amount and unpaid interest at a rate per annum equal to 7.5%, and scheduled to mature July 17, 2029. The Company had the option to convert the outstanding principal amount and unpaid interest into 80% ownership of DWGAS’s issued and outstanding capital stock. On December 31, 2024, the agreement was amended to acquire certain assets from a subsidiary of DWGAS, which is accounted for as a business combination, instead of 80% equity interest. Concurrently, the Company exercised its option and converted the outstanding principal balance and unpaid interest to acquire those assets (see Note 3—“Business Combinations, Asset Acquisitions, and Goodwill”). The Company assessed the outstanding loans receivable under the CECL model by assessing the party’s ability to pay by reviewing their interest payment history quarterly, financial history annually, and reassessing any identified insolvency risk.

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