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Long-Term Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | 10. Long-Term Debt On June 25, 2024, the Company entered into a $40 million 5-year commercial loan agreement with a commercial bank. The loan is fully collateralized by assets of the Company. The Company may make voluntary prepayments of principal at any time, in whole or in part. Under the terms of the Credit Agreement, borrowings bear interest at an annual rate equal to the one- or three-month Secured Overnight Financing Rate (“SOFR”) plus a margin based on the debt-to-capital ratio. The interest payment is due quarterly in arrears on the last business day of each quarter. The Credit Agreement contains affirmative and negative covenants as well as customary events of default. In addition, the Company must comply with certain financial and non-financial covenants. At September 30, 2025, the Company was in compliance with all covenants. On June 25, 2024, in connection with the issuance of the credit facility, the Company incurred loan costs and debt discount of $3,692. The Company amortizes these costs over the life of the facility using the interest method. Amortization of deferred loan costs is included in Interest expense in the Consolidated Statements of Operations. In connection with the issuance of the credit facility, the Company refinanced the credit facility that was issued on May 3, 2023, including the remaining term loan balance of $27,750 that was repaid in full. The Company recognized an extinguishment loss within interest expense on the statement of operations of the remaining deferred loan costs associated with the refinanced credit facility totaling $589 in June 2024.
|  | Issue Date |  | Interest Rate |  |  | Original Principal |  |  | Outstanding Principal at September 30, 2025 |  |  | Outstanding Principal at December 31, 2024 |
Promissory Notes |  | 3/31/2022 |  |  | 0.00 | % |  | $ | 10,000 |  |  | $ | 3,000 |  |  | $ | 4,500 |
Commercial Loan 4 |  | 6/25/2024 |  | Variable |  |  |  | 40,000 |  |  |  | 35,000 |  |  |  | 38,000 |
Less: Deferred loan costs and debt discount |  |  |  |  |  |  |  |  |  |  | (3,017 | ) |  |  | (3,310 | )
|  |  |  |  |  |  |  |  |  | $ | 34,983 |  |  | $ | 39,190 |
The following summarizes future maturities of long-term debt principal as September 30, 2025:
|  | Promissory Notes |  |  | Commercial Term Loan |  |  | Total |
2025 |  | $ | 500 |  |  | $ | 1,000 |  |  | $ | 1,500 |
2026 |  |  | 2,000 |  |  |  | 4,000 |  |  | $ | 6,000 |
2027 |  |  | 500 |  |  |  | 4,000 |  |  | $ | 4,500 |
2028 |  |  | — |  |  |  | 4,000 |  |  | $ | 4,000 |
2029 |  |  | — |  |  |  | 22,000 |  |  | $ | 22,000 |
|  | $ | 3,000 |  |  | $ | 35,000 |  |  | $ | 38,000 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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