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LOANS PAYABLE, NET (Tables)

9 Months Ended

Sep. 30, 2025

Loans payable, net consisted of the following (in thousands):


	Effective Interest Rate	As of September 30, 2025		As of December 31, 2024
Loans payable, net, current:
TPC Loan, current	Interest free	$	—	$	348
Equipment Financing Term Loan, current	15.37%	144		—
Total loans payable, net, current		$	144	$	348
Loans payable, net, non-current:
SIF Loan	Variable1	$	31,716	$	30,128
Equipment Financing Term Loan, non-current		338		—
Total loans payable, net, non-current		$	32,054	$	30,128

1Refer below for additional information on the SIF Loan repayment period and effective interest rate.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details