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Long Term Debt, Net | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Long Term Debt, Net | Long Term Debt, Net Citizens Credit Agreement On January 19, 2024, the Company entered into the Citizens Credit Agreement, which provided the Company with $30.0 million under the Revolving Credit Facility and $20.0 million under the Term Loan Facility. On February 27, 2024, the Company repaid the initial $30.0 million draw under the Revolving Credit Facility and had no outstanding borrowings under this facility as of June 30, 2025. The Term Loan Facility matures on January 19, 2029 (the “Maturity Date”). Borrowings under the Citizens Credit Agreement bear interest at a rate per annum equal to (i) the Alternate Base Rate, as defined therein, or (ii) a Term SOFR as defined therein, in each case plus an applicable margin ranging from 1.25% and 2.50% with respect to Alternate Base Rate borrowings and 2.25% and 3.50% for Term SOFR borrowings, plus a fallback provision of 0.1%. The Term Loan Facility carried an interest rate of 6.7% as of June 30, 2025. The balances of the Term Loan Facility as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
| June 30, 2025 |  | December 31, 2024 |  |
| Current portion of long term debt |  | Long term debt, net |  | Current portion of long term debt |  | Long term debt, net |  |
Outstanding principal | $ | 1,250 |  |  | $ | 17,250 |  |  | $ | 1,000 |  |  | $ | 18,000 |  |  |
Deferred financing costs | — |  |  | (8) |  |  | — |  |  | (33) |  |  |
Original issue discount | — |  |  | (31) |  |  | — |  |  | (137) |  |  |
Long term debt, net | $ | 1,250 |  |  | $ | 17,211 |  |  | $ | 1,000 |  |  | $ | 17,830 |  |  |
Interest expense related to the Term Loan Facility included in interest income (expense), net in the unaudited condensed consolidated statements of operations, was as follows (amounts in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |  |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |
Stated interest | $ | 363 |  |  | $ | 396 |  |  | $ | 707 |  |  | $ | 1,057 |  |  |  |  |  |  |
Amortization of deferred financing costs | 10 |  |  | 4 |  |  | 25 |  |  | 34 |  |  |  |  |  |  |
Accretion of original issue discount | 43 |  |  | 11 |  |  | 106 |  |  | 24 |  |  |  |  |  |  |
Interest expense | $ | 416 |  |  | $ | 411 |  |  | $ | 838 |  |  | $ | 1,115 |  |  |  |  |  |  |
Interest expense related to the Revolving Credit Facility included in interest income (expense), net in the unaudited condensed consolidated statements of operations, was as follows (amounts in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  |  |  | 2024 |  | 2025 |  | 2024
Commitment fee | $ | 47 |  |  |  |  | $ | 47 |  |  | $ | 93 |  |  | $ | 78 |
Amortization of deferred financing costs | 16 |  |  |  |  | 16 |  |  | 32 |  |  | 32 |
Accretion of original issue discount | 42 |  |  |  |  | 42 |  |  | 84 |  |  | 84 |
Interest expense | $ | 105 |  |  |  |  | $ | 105 |  |  | $ | 209 |  |  | $ | 194 |
A summary of principal payments due on the Term Loan Facility, by year, from June 30, 2025 through maturity are as follows (in thousands):
Year ending December 31, | Principal
2025 (excluding the six months ended June 30, 2025) | $ | 500 |
2026 | 1,500 |
2027 | 1,500 |
2028 | 2,000 |
2029 | 13,000 |
Outstanding principal | $ | 18,500 |
As of June 30, 2025, the fair value of the Term Loan Facility was $18.1 million. This valuation was calculated based on a series of Level 2 and Level 3 inputs, including a discount rate based on the credit risk spread of debt instruments of similar risk character in reference to U.S. Treasury instruments with similar maturities, with an incremental risk premium for risk factors specific to the Company. Fair value was calculated by discounting the remaining cash flows associated with the Term Loan Facility to June 30, 2025 using this discount rate.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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