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Debt (Tables)
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Net Carrying Amount of Debt
The 2029 Senior Secured Notes, net consists of the following (in thousands):
June 30,
2025
December 31,
2024
Principal gross amount$40,879 $40,879 
Add: unamortized debt premium1,435 1,621 
Less: unamortized issuance costs(593)(670)
Net carrying amount$41,721 $41,830 
The 2025 Convertible Notes as of December 31, 2024 consisted of the following (in thousands):
December 31,
2024
Principal$14,949 
Add: fair value of embedded derivative $— 
Less: unamortized debt discount $(25)
Less: unamortized issuance costs$(19)
Net carrying amount$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
June 30,
Six Months Ended
June 30,
2025202420252024
2029 Senior Secured Notes
Contractual interest expense$920 $— $1,840 $— 
Amortization of debt issuance costs39 — 77 — 
Amortization of debt discount/(premium)(94)— (187)— 
Total interest expense$865 $— $1,730 $— 
Related party interest expense$673 $— $1,345 $— 
2025 Convertible Notes
Contractual interest expense$42 $1,305 $163 $2,620 
Amortization of debt issuance costs163 20 328 
Amortization of debt discount/(premium)205 25 412 
Total interest expense$54 $1,673 $208 $3,360 
Related party interest expense$— $837 $— $1,675 
Credit Facility
Contractual interest expense$— $90 $— $312 
Accretion of exit fee— — — 75 
Amortization of debt issuance costs— — — 117 
Total interest expense$— $90 $— $504 
Other interest expense$14 $13 $21 $91 
Consolidated interest expense$933 $1,776 $1,959 $3,955