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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the significant unobservable inputs used in the fair value measurement of the Royalty Right Agreements:

Valuation Methodology

Significant Unobservable Input

Weighted Average (range, if applicable)

Discount Rate

15%

Royalty Right Agreements

Probability weighted income approach

Probability of Success

75%

Projected Years of Payments

2025

-

2034

Schedule of Long-Term Debt Instruments

Long-term notes and unamortized debt discount balances are as follows:

			March 31,						December 31,
			2025						2024
Total outstanding notes			$	45,000					$	45,000
Unamortized discount, including Exit Fee			(11,392)						(12,646)
Notes payable, long-term			33,608						32,354
Finance lease, long-term			138						146
Notes payable, net			$	33,746					$	32,500

			March 31,						December 31,
			2025						2024
Royalty obligations			$	56,917					$	56,922
Unamortized discount			(35,269)						(36,706)
Current portion of royalty obligation			(89)						(87)
Royalty obligations, net			$	21,559					$	20,129

Debt Maturity

Scheduled principal payments on the 13.5% Notes as of March 31, 2025 are as follows:

2025			—
2026			9,540
2027			14,535
2028			20,925
Total			$	45,000

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

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