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NOTES PAYABLE | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
NOTES PAYABLE | NOTES PAYABLE The following table summarizes our outstanding debt as of the dates indicated (in thousands):
| Maturity |  | Cash Interest Rate |  | September 30, 2025 |  | December 31, 2024
Notes Payable – Acquisitions(1) | 10/01/25 - 07/01/29 |  | 2.00% - 4.00% |  | $ | 14,475 |  |  | $ | 9,943 |
Notes Payable – Other | 11/01/25 |  | 10.00% |  | — |  |  | 5,000 |
Notes Payable – MidCap | 04/01/30 |  | 9.66% |  | 60,000 |  |  | — |
Gross Notes Payable |  |  |  |  | $ | 74,475 |  |  | $ | 14,943 |
(1)See Note 3 — Business Combinations and Asset Acquisitions and Notes Payable - Acquisitions section below for further discussion regarding the notes payable related to acquisitions. The following table summarizes the debt issuance costs as of the dates indicated (in thousands):
| Gross Notes Payable |  | Debt Issuance Costs and Debt Discount |  | Net Notes Payable
September 30, 2025 |  |  |  |  |
Current portion of notes payable | $ | 6,784 |  |  | $ | (571) |  |  | $ | 6,213 |
Notes payable, net of current portion | 67,691 |  |  | (3,534) |  |  | 64,157 |
Total | $ | 74,475 |  |  | $ | (4,105) |  |  | $ | 70,370 |
December 31, 2024 |  |  |  |  |
Current portion of notes payable | $ | 7,578 |  |  | $ | (570) |  |  | $ | 7,008 |
Notes payable, net of current portion | 7,365 |  |  | (1,656) |  |  | 5,709 |
Total | $ | 14,943 |  |  | $ | (2,226) |  |  | $ | 12,717 |
The following table summarizes the future principal payments related to our outstanding debt as of September 30, 2025 (in thousands):
2025 (Remaining) | $ | 2,200 |
2026 | 5,804 |
2027 | 3,471 |
2028 | — |
2029 | 48,000 |
2030 | 15,000 |
Total | $ | 74,475 |
Notes Payable - Acquisitions As of September 30, 2025, we have nine promissory notes related to acquisitions that occurred during the nine months ended September 30, 2025, and prior years with a combined outstanding principal balance of $14,475 and maturity dates ranging from October 1, 2025, to July 1, 2029. All of these promissory notes are subordinated to our Loan Agreement with MidCap (defined below). See Note 3 — Business Combinations and Asset Acquisitions for further discussion regarding the issuance of notes payable related to acquisitions. On August 13, 2025, we prepaid the outstanding balance on one of our acquisition-related promissory notes through the issuance of shares of our common stock. Prior to extinguishment, the promissory note had an outstanding principal balance of $1,000 and would mature on February 22, 2026. In connection with the extinguishment, the principal balance of the note was reduced by $118 for indemnifiable claims related to the acquisition. The remaining $956 of principal and accrued interest was repaid with 91 shares of common stock, having a fair value of $701. See Note 12 — Subsequent Events for the details of an extinguishment of an acquisition-related promissory note through the issuance of shares of our common stock after the reporting period. Notes Payable - Other In November 2024, we delivered a promissory note to an unrelated third party in exchange for cash. As of December 31, 2024, the promissory note had an outstanding principal balance of $5,000 and would mature on November 1, 2025. On April 10, 2025, we agreed to repay the outstanding balance on our unrelated third-party promissory note prior to its maturity using the proceeds of the Loan Agreement (described below). In connection with the extinguishment, we paid the lender an aggregate amount of $5,197 (the “Payoff Amount”) in full payment of our outstanding obligations under the Note. The Payoff Amount represented $5,097 of outstanding principal and interest on the unpaid principal balance and a $100 prepayment fee. Notes Payable - MidCap On April 10, 2025, we entered into a Loan Agreement with MidCap and the lenders from time to time party thereto (such lenders collectively with MidCap, the “Lenders”). Under the Loan Agreement, we may borrow up to $60,000 from the Lenders, all of which has been funded as of September 30, 2025. The maturity date of the loan as provided under the Loan Agreement is April 1, 2030 (the “Maturity Date”). Interest on the outstanding loan balance is payable monthly in arrears at an annual rate of Term Secured Overnight Financing Rate (“SOFR”) plus 5.00%, subject to a SOFR floor of 2.00%. This rate was 9.66% as of September 30, 2025. Prior to April 1, 2029 (the “Amortization Start Date”), we must make interest-only payments on the outstanding loan balance. Commencing on the Amortization Start Date and continuing on the first day of each calendar month thereafter, we will pay an amount equal to the total principal of the outstanding loan balance divided by twelve (12), for a twelve (12) month straight-line amortization of equal monthly principal payments. Also on a monthly basis, we must pay an administrative agency fee to MidCap equal to 0.25% of the average end-of-day principal balance outstanding during the immediately preceding month. At the time of final payment under the loan, we will provide a final payment fee of 2.00% of the amount advanced thereunder except in the case of a refinance of the loan with MidCap and the Lenders We are subject to customary events of default as described in the Loan Agreement. In such event, and for so long as it continues, the outstanding loan balance will bear interest at 2.0% per annum in excess of the rate otherwise payable. Under the Loan Agreement, we covenant to maintain a (1) Total Leverage Ratio (as defined in the Loan Agreement), as tested quarterly, no greater than 5.50 to 1.00, and (2) minimum liquidity threshold of $10,000. As of September 30, 2025, we are in compliance with all covenants under the Loan Agreement. In connection with the Loan Agreement and subsequent draw, we incurred $2,025 of origination, legal, and other fees that represent debt financing costs to be deferred and amortized over the duration of the Loan Agreement, of which $7 was unpaid as of September 30, 2025. As a result, net proceeds of all borrowings under the Loan Agreement were $57,975.

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