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Notes Receivable

9 Months Ended

Sep. 30, 2025

Notes Receivable

Notes Receivable

10.Notes Receivable

Notes receivable consists of the following for the periods presented:


		September 30,				December 31,
		2025				2024
Senior secured promissory notes		$	—		$	1,000
Promissory note			1,150			—
Secured convertible promissory notes			—			5,100
Total notes receivable		$	1,150		$	6,100

In June 2022, the Company loaned Mellitus Health, Inc. (“Mellitus”) an aggregate of $1,000 through the purchase of two senior secured promissory notes that bear interest at a rate of 5% per annum, which mature on the third anniversary of issuance unless accelerated due to an event of default as provided in the notes. Repayment of the Mellitus notes is secured by a first priority interest in all of Mellitus’ assets. In the second quarter ended June 30, 2025, the Company recorded an impairment charge on the entire note principal balance of $1,000 and accrued interest of $135 as the Company believed it was unlikely to be recovered.

On August 27, 2025, the Company’s wholly-owned subsidiary CardioVanta, Inc., entered into a promissory note agreement with a third-party licensor (“Licensor”) providing the Licensor with up to $4,600 in available funding, of which $1,150 in principal was drawn. Subsequently, the Company elected not to lend remaining principal amount of $3,450 and notified the Licensor accordingly. The loan evidenced by the promissory note accrues interest at 12% per annum, and the total outstanding balance is due and payable on the first to occur of: i) the occurrence of even of default (as defined in the promissory note), ii) a change of control (as defined in the promissory note), iii) May 15, 2027 (or, if the maturity date (as defined in the promissory note) has been extended in accordance with the terms of the promissory note August 15, 2027), unless repaid earlier.

In December 2022, the Company entered into a senior convertible promissory note (also referred as debt security) arrangement with Monarch Medical Technologies, LLC (“Monarch”) providing Monarch with up to $5,000 in available funding, of which $5,000, in principal was drawn. The Monarch debt security accrued interest at 10% per annum, payable monthly, and the principal balance was originally due December 6, 2024, with such due date extended to January 17, 2025. On January 15, 2025, Monarch repaid $3,500, along with the transaction fees and accrued interest. At the same time, the Company entered into an Amended and Restated Secured Convertible Promissory Note (“New Note”) and related subordination agreement for the outstanding principal balance of $1,500. The New Note carries an interest rate of 15% payable monthly. Unless earlier repaid or converted, the New Note will mature and the outstanding principal amount, together with accrued and unpaid interest thereon and transaction expenses, will be due and payable on the first to occur of (i) the occurrence of an Event of Default (as defined in the New Note), (ii) a Change of Control (as defined in the New Note) unless converted as set forth in the New Note or (iii) February 15, 2028. In September 2025, the Company converted the New Note into 76,986 class B units of Monarch. In September 2025, the Company received $2,303 as a consideration for the sale of 76,986 class B units of Monarch, resulting in capital gains of $803.