v3.26.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Net Carrying Amount

The net carrying amount of the 2026 Convertible Senior Notes was as follows (in thousands):

      December 31,  
      2025       2024  
Principal
  
$
134,883
    
$
203,083
  
Unamortized debt discount and issuance costs
    
—
      
(2,068
)
Net carrying amount
  
$
134,883
    
$
201,015
  

The net carrying amount of the Senior Notes was as follows (in thousands):

   
December 31, 2025
  
Principal
  
$
100,000
  
Unamortized debt discount and issuance costs
    
—
  
Net carrying amount
  
$
100,000
  

The net carrying amount of the 2030 Convertible Notes as of December 31, 2025 was as follows (in thousands):

   
Series 1 Notes
    
Series 2 Notes
  
Principal
  
$
55,245
    
$
180,953
  
Unamortized debt discount and issuance costs
    
—
      
—
  
Net carrying amount
  
$
55,245
    
$
180,953
  
Schedule of Interest Expense

The following table sets forth the interest expense recognized related to the 2026 Convertible Senior Notes (in thousands):
   
Year Ended December 31
  
   
2025
    
2024
    
2023
  
Contractual interest expense
  
$
1,980
    
$
5,724
    
$
7,812
  
Amortization of debt discount and issuance costs
    
821
      
2,358
      
3,236
  
Total interest expense
  
$
2,801
    
$
8,082
    
$
11,048
  
Schedule of Estimated Fair Value of the Derivative Liability


The following table shows the estimated fair value of the derivative liability and the change in fair value during the year ended December 31, 2025 (in thousands):
   
Senior Notes
  
Derivative liability, as of December 31, 2024
  
$
—
  
Change in fair value
     10,905  
Derivative liability, end of period
  
$
 10,905  

The following table shows the estimated fair value of the derivative liabilities and the change in fair value during the year ended from December 31, 2025 (in thousands):
   
Series 1 Notes
    
Series 2 Notes
  
Derivative liability, as of December 31, 2024
  
$
3,242
    
$
6,168
  
Change in fair value
    
(2,906
)
    
(4,691
)
Decrease of derivative liability upon exercise of conversion option
    
—
      
(71
)
Derivative liability, end of period
  
$
336
    
$
1,406
  
Schedule of Estimated Fair Value of the Derivative Liability Using a Binomial Model

As of December 31, 2024 the Company estimated the fair value of the derivative liability using a binomial model, with the following valuation inputs:

   
Series 1 Notes
    
Series 2 Notes
  
Conversion price
  
$
21.81
    
$
36.35
  
Risk-free rate
    
4.30
%
    
4.30
%
Effective borrowing rate
    
10.75
%
    
10.75
%
Volatility
    
50.00
%
    
50.00
%
Stock price
  
$
5.38
    
$
5.38
  
Payment interest rate
    
9.00
%
    
11.50
%
Redemption price
  
$
28.35
    
$
47.25