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Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Net Carrying Amount | The net c arrying amount of the 2026 Convertible Senior Notes was as follows (in thousands):
| June 30, 2025 |  | December 31, 2024
Principal | $ | 134,883 |  |  | $ | 203,083 |
Unamortized debt discount and issuance costs | (1,026) |  |  | (2,068) |
Net carrying amount | $ | 133,857 |  |  | $ | 201,015 |
The net carrying amount of the Senior Notes was as follows (in thousands):
| June 30, 2025 |  | December 31, 2024
Principal | $ | 100,000 |  |  | $ | 100,000 |
Unamortized debt discount and issuance costs | (4,054) |  |  | (4,501) |
Net carrying amount | $ | 95,946 |  |  | $ | 95,499 |
The net carrying amount of the 2030 Convertible Notes was as follows (in thousands):
| June 30, 2025 |  | December 31, 2024
| Series 1 Notes |  | Series 2 Notes |  | Series 1 Notes |  | Series 2 Notes
Principal | $ | 55,245 |  |  | $ | 181,453 |  |  | $ | 55,245 |  |  | $ | 183,453 |
Unamortized debt discount and issuance costs | (12,876) |  |  | (27,967) |  |  | (13,800) |  |  | (30,306) |
Net carrying amount | $ | 42,369 |  |  | $ | 153,486 |  |  | $ | 41,445 |  |  | $ | 153,147 |
Schedule of Interest Expense | The following table sets forth the interest expense recognized related to the 2026 Convertible Senior Notes (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Contractual interest expense | $ | 508 |  |  | $ | 1,948 |  |  | $ | 1,130 |  |  | $ | 3,896 |
Amortization of debt discount and issuance costs | 212 |  |  | 809 |  |  | 470 |  |  | 1,618 |
Total interest expense | $ | 720 |  |  | $ | 2,757 |  |  | $ | 1,600 |  |  | $ | 5,514 |
Schedule of Estimated Fair Value of the Derivative Liability | The following table shows the estimated fair value of the derivative liabilities and the change in fair value:
| June 30, 2025 |  | June 30, 2024 |  |
| Series 1 Notes |  | Series 2 Notes |  | Series 1 Notes |  | Series 2 Notes |  |  |  |
Derivative liability, beginning of period | $ | 3,242 |  |  | $ | 6,168 |  |  | $ | — |  |  | $ | — |  |  |  |  |
Change in fair value | (1,713) |  |  | (3,607) |  |  | — |  |  | — |  |  |  |  |
Decrease of derivative liability upon exercise of conversion option | — |  |  | (69) |  |  | — |  |  | — |  |  |  |  |
Derivative liability, end of period | $ | 1,529 |  |  | $ | 2,492 |  |  | $ | — |  |  | $ | — |  |  |  |  |
Schedule of Estimated Fair Value of the Derivative Liability Using a Binomial Model | The Company estimated the fair value of the 2030 Convertible Notes and derivative liability using a binomial model, with the following valuation inputs:
|  |  |  |  | Series 1 Notes |  | Series 2 Notes |  |
|  |  |  |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024 |  |
Conversion price |  |  |  |  | $ | 21.81 |  |  | $ | 21.81 |  |  | $ | 36.35 |  |  | $ | 36.35 |  |  |
Risk-free rate |  |  |  |  | 3.70 | % |  | 4.30 | % |  | 3.70 | % |  | 4.30 | % |  |
Effective borrowing rate |  |  |  |  | 39.50 | % |  | 10.75 | % |  | 39.50 | % |  | 10.75 | % |  |
Volatility |  |  |  |  | 70.00 | % |  | 50.00 | % |  | 70.00 | % |  | 50.00 | % |  |
Stock price |  |  |  |  | $ | 2.87 |  |  | $ | 5.38 |  |  | $ | 2.87 |  |  | $ | 5.38 |  |  |
Payment interest rate |  |  |  |  | 9.00 | % |  | 9.00 | % |  | 11.50 | % |  | 11.50 | % |  |
Redemption price |  |  |  |  | $ | 28.35 |  |  | $ | 28.35 |  |  | $ | 47.25 |  |  | $ | 47.25 |  |  |

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