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LOANS PAYABLE, NET | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
LOANS PAYABLE, NET | 9. LOANS PAYABLE, NET Loans payable, net consisted of the following (in thousands):
| Effective Interest Rate |  | As of June 30, 2026 |  | As of December 31, 2025
Loans payable, net, current: |  |  |  |  |
Equipment Financing Term Loan, current | 16.45% |  | $ | 146 |  |  | $ | 134 |
Total loans payable, net, current |  |  | $ | 146 |  |  | $ | 134 |
Loans payable, net, non-current: |  |  |  |  |
SIF Loan | Variable 1 |  | $ | 34,662 |  |  | $ | 35,525 |
Equipment Financing Term Loan, non-current |  |  | 224 |  |  | 300 |
Total loans payable, net, non-current |  |  | $ | 34,886 |  |  | $ | 35,825 |
1 Refer below for additional information on the SIF Loan repayment period and effective interest rate. SIF Loan On November 20, 2020, the Company entered into the SIF Loan and subsequently received the full C$40.0 million in eight tranches between November 2020 and December 2023. Funds from the SIF Loan were used for various research and development projects. Principal and interest amounts to be repaid under the SIF Loan are determined using a revenue-based formula, and are capped at 150% of the principal amount (the “Repayment Cap”). Repayments are due in up to 15 annual installments, commencing on April 30 of the second fiscal year following the fiscal year in which the Company first reports annual revenue of at least $70.0 million (the “Benchmark Year”). If the Company fails to reach $70.0 million in annual revenue after 14 years from origination, or if the total of the 15 revenue-based annual installments is less than the principal amount, any remaining repayment obligation will be forgiven. Repayments of the SIF Loan can also be triggered upon default of the agreement, termination of the agreement, or upon a change of control that has not been approved by the Canadian government. As of June 30, 2026, the Company is not aware of any events that would trigger default or termination of the agreement. The gross proceeds of the SIF Loan were recorded as a liability related to the sale of future revenues (see Note 2 - Basis of Presentation and Summary of Significant Accounting Policies). As of June 30, 2026 and December 31, 2025, the Company calculated a weighted average effective interest rate for all tranches of 2.61% based on the most recent long-term revenue projections at each reporting date. The estimated fair value of the SIF Loan (Level 3) at June 30, 2026 was $17.9 million. The fair value of SIF Loan was valued using a discounted cash flow model, with significant assumptions relating to the amount and timing of future revenues and the appropriate discount rate. Equipment Financing Term Loan On August 1, 2025, the Company entered into an equipment financing agreement (the “Equipment Financing Agreement”). The agreement provides for a total conditional commitment of $13.8 million, with an initial draw of $0.5 million made upon execution. Amounts drawn under the agreement are recognized as a term loan (the “Equipment Financing Term Loan”). The remaining commitment is available until February 1, 2027, which may be extended to August 1, 2027 if at least $11.5 million is drawn by that date. A commitment fee of 1% of the total conditional commitment was paid to the financial institution providing the Equipment Financing Agreement (the “Lender”) upon the initial draw. The Lender also received a ten-year warrant to purchase 21,563 Common Shares at an exercise price of $16.05 per share. A non-utilization fee of 3% will apply to the undrawn portion of the first $11.5 million as of the termination date (either February 1, 2027 or August 1, 2027, as applicable). The interest rate for each draw is fixed upon execution and is based on a spread of approximately 3.4% over the Prime Rate (which was 7.5% at signing), subject to a minimum rate of 10.9%, which is the rate applied to the initial draw. The Lender holds a first-priority security interest in all financed equipment. Debt issuance costs, including the commitment fee, legal and documentation costs, and the warrant value, are recorded as deferred issuance costs and reclassified to a contra-liability as draws are made. The End-of-Term Payment (4.0% of the total amount financed under the Equipment Financing Agreement) is accreted as part of the loan’s effective interest rate. Deferred issuance costs are reviewed for recoverability, and any unamortized costs related to canceled draws or terminated facilities are expensed immediately. Cash payments for debt issuance costs are classified as financing activities in the condensed consolidated statements of cash flows. As of June 30, 2026, the Company had drawn $0.5 million under the Equipment Financing Agreement. The carrying amount of the outstanding equipment financing at June 30, 2026 was $0.4 million, measured at amortized cost. As of June 30, 2026, only a minimal portion of the deferred issuance costs had been reclassified to debt discount related to the initial draw and $0.7 million of deferred issuance costs remained unallocated. The estimated fair value of the Equipment Financing Term Loan approximates its carrying value (Level 2) and was $0.4 million at June 30, 2026. The fair value of the Equipment Financing Term Loan was valued using a discounted cash flow model, with key inputs relating to terms, discount rate and expectations for defaults and prepayments. TPC Loan During the period spanning 2010 through 2021, the Company received funding totaling C$12.5 million from Technology Partnerships Canada (the "TPC Loan"). On November 23, 2020, an amendment forgave C$5.0 million of unpaid accrued debt principal and interest from prior years. Additionally, the amendment waived the interest charge on the remaining C$2.5 million of principal and revised the repayment schedule to C$0.5 million due annually on each April 30 through 2025. The TPC Loan was fully repaid on April 24, 2025.

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