XML 25 R14.htm IDEA: XBRL DOCUMENT v3.25.2
Long Term Debt, Net
 6 Months Ended
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, 2025December 31, 2024
Current portion of long term debt
Long term debt, netCurrent portion of long term debtLong 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,
2025202420252024
Stated interest$363 $396 $707 $1,057 
Amortization of deferred financing costs10 4 25 34 
Accretion of original issue discount43 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,
2025202420252024
Commitment fee$47 $47 $93 $78 
Amortization of deferred financing costs16 16 32 32 
Accretion of original issue discount42 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.