XML 52 R36.htm IDEA: XBRL DOCUMENT v3.26.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings
Maturities
December 31, 2025
Interest Rates
December 31, 2024
Interest Rates
(in thousands)(in thousands)
Related Party Notes
2024 - 2025
$— —$14,000 
8% - 15.99%
Series 1 promissory notes
2025 - 2026
122 
15%
725 
12% - 15%
Related party convertible notes
2025 - 2026
4,331 
3.94% - 15%
— 
Convertible debentures20265,572 
—% - 5%
— 
Term convertible notes20267,890 3.94%— 
WTI Facility
202819,441 13.50%20,000 13.50%
Total Notes Payable
37,356 34,725 
Less: unamortized debt discount(3,962)(6,446)
Less: current portion of related party notes payable— (14,000)
Less: current portion of term convertible note(7,890)— 
Less: current portion of related party term convertible note(4,331)— 
Less: current portion of notes payable(12,846)(625)
Total Long-term Notes
$8,327 $13,654 
Schedule of Maturity of Borrowings
The Company’s notes payable, excluding debt issuance costs, mature as follows (in thousands):
Amount
2026$12,846 
202724,510 
Total$37,356 
Schedule of Extensions of Promissory Notes
Extensions on Series 1 promissory notes were as follows (in thousands):
December 31, 2025December 31, 2024
Principal amount of 1st extension promissory notes
$— $122 
Principal amount of 2nd extension promissory notes
$122 $603 
Schedule of Interest Expense
Interest expense on Series 1 promissory notes was as follows (in thousands):
SuccessorPredecessor
Year Ended December 31, 2025October 2, 2024 through December 31, 2024January 1, 2024 through October 1, 2024
Interest attributable to contractual interest$71 $29 $138 
Interest expense on the related party notes was as follows (in thousands):
SuccessorPredecessor
Year Ended December 31, 2025October 2, 2024 through December 31, 2024January 1, 2024 through October 1, 2024
Total interest expense$419 $611 $932 
Interest expense on the WTI facility was as follows (in thousands):
SuccessorPredecessor
Year Ended December 31, 2025October 2, 2024 through December 31, 2024January 1, 2024 through October 1, 2024
Interest attributable to contractual interest$2,738 $352 $— 
Interest attributable to amortization of issuance costs and discounts
2,111 248 — 
Total interest expense$4,849 $600 $— 
Interest expense on the Convertible Debentures was as follows (in thousands):
SuccessorPredecessor
Year Ended December 31, 2025Period from October 2, 2024 through December 31, 2024Period from January 1 2024 through October 1, 2024
Interest attributable to contractual interest$231 $— $— 
Interest attributable to amortization of issuance costs
4,279 — — 
Total interest expense$4,510 $— $— 
Interest expense on the 2025 Notes was as follows (in thousands):
SuccessorPredecessor
Year Ended December 31, 2025Period from October 2, 2024 through December 31, 2024Period from January 1, 2024 through October 1, 2024
Interest attributable to contractual interest$— $— $120 
Interest attributable to amortization of implied discounts— — 231 
Total interest expense$— $— $351