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v3.25.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Net Carrying Amount of Debt | The 2029 Senior Secured Notes, net consists of the following (in thousands):
| March 31, 2025 |  | December 31, 2024
Principal gross amount | $ | 40,879 |  |  | $ | 40,879 |
Add: unamortized debt premium | 1,527 |  |  | 1,621 |
Less: unamortized issuance costs | (631) |  |  | (670) |
Net carrying amount | $ | 41,775 |  |  | $ | 41,830 |
The 2025 Convertible Notes consist of the following (in thousands):
| March 31, 2025 |  | December 31, 2024 |  |
Principal | $ | 14,949 |  |  | $ | 14,949 |  |  |
Add: fair value of embedded derivative | — |  |  | $ | — |  |  |
Less: unamortized debt discount | (6) |  |  | $ | (25) |  |  |
Less: unamortized issuance costs | (5) |  |  | $ | (19) |  |  |
Net carrying amount | $ | 14,938 |  |  | $ | 14,905 |  |  |
Schedule of Interest Expense | The following table sets forth total interest expense, annualized effective interest rate, and interest expense related to related parties, if applicable, for each of the debt instruments detailed above (in thousands, except for percentages):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
2029 Senior Secured Notes |  |  |  |  |  |  |
Contractual interest expense | $ | 920 |  |  | $ | — |  |  |  |  |
Amortization of debt issuance costs | 38 |  |  | — |  |  |  |  |
Amortization of debt discount/premium | (93) |  |  | — |  |  |  |  |
Total interest expense | $ | 865 |  |  | $ | — |  |  |  |  |
Related party interest expense | $ | 672 |  |  | $ | — |  |  |  |  |
2025 Convertible Notes |  |  |  |  |  |  |
Contractual interest expense | $ | 121 |  |  | $ | 1,315 |  |  |  |  |
Amortization of debt issuance costs | 15 |  |  | 165 |  |  |  |  |
Amortization of debt discount/premium | 18 |  |  | 207 |  |  |  |  |
Total interest expense | $ | 154 |  |  | $ | 1,687 |  |  |  |  |
Related party interest expense | $ | — |  |  | $ | 209 |  |  |  |  |
Credit Facility |  |  |  |  |  |  |
Contractual interest expense | $ | — |  |  | $ | 222 |  |  |  |  |
Accretion of exit fee | — |  |  | 75 |  |  |  |  |
Amortization of debt issuance costs | — |  |  | 117 |  |  |  |  |
Total interest expense | $ | — |  |  | $ | 414 |  |  |  |  |
Other interest expense | $ | 7 |  |  | $ | 78 |  |  |  |  |
Consolidated interest expense | $ | 1,026 |  |  | $ | 2,179 |  |  |  |  |

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