Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Carrying Amount of Borrowings

Carrying amount of the Company’s borrowings consist of the following (in thousands):

	December 31,
	2022		2021
Senior convertible notes	$	225,397	$	223,944
Mann Group promissory notes⁽¹⁾		8,829		18,425
MidCap credit facility		39,264		38,833
Total debt — net carrying amount	$	273,490	$	281,202

Schedule of Line of Credit Facility Debt and Key Terms

The following table provides a summary of the Company’s debt and key terms:

Amount Due

Terms

December 31, 2022

December 31, 2021

Annual Interest Rate

Maturity Date

Conversion Price

Senior convertible notes

$230.0 million

2.50%

March 2026

$5.21

per share

MidCap credit facility⁽¹⁾

$40.0 million

one-month

SOFR (1% floor)

plus 6.25%;

cap of 8.25%

)

August 2025

)

N/A

Mann Group convertible note

$8.8 million

$18.4 million (plus $0.4 million accrued interest paid-in-kind)

2.50%

)

December 2025

)

$2.50

per share

_________________________

(1)

In April 2021, the Company prepaid $10.0 million principal balance and amended the MidCap credit facility. The interest rate prior to the amendment was one-month LIBOR (2% floor) plus 6.75% and the maturity date was in August 2024. In August 2022, the Company amended the MidCap credit facility and transitioned to the benchmark interest rate from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The interest rate prior to the amendment was one-month LIBOR (1% floor) plus 6.25% (cap of 8.25%).

(2)	In April 2021, the Mann Group convertible note was amended. The interest rate prior to the amendment was 7.00% and the maturity date was in November 2024.

Schedule of Maturities of the Company's Borrowings

The maturities of the Company’s borrowings as of December 31, 2022 are as follows (in thousands):

	Amounts
2023	$	6,667
2024		20,000
2025		22,163
2026		230,000
Total principal payments		278,830
Unamortized discount		(235	)
Debt issuance costs		(5,105	)
Total debt	$	273,490

Schedule of Amortization of Premium and Accretion of Debt Issuance Costs

Amortization of the premium and accretion of debt issuance costs related to all borrowings for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
Amortization of debt discount	$	431	$	377	$	268
Amortization of debt issuance cost		1,453		1,215		101