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Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-Term Debt Instruments

The Company accounts for the amortization of the debt discount and issuance costs utilizing the effective interest method. Long-term debt consisted of the following at September 30, 2025 (in thousands):

						September 30, 2025
Face value of debt						$	40,000
Add: payment in-kind interest						980
Add: amortized exit fee						270
Less: unamortized debt discount						(1,058)
Less: unamortized debt issuance cost						(463)
Total long-term debt						$	39,729

Maturities of Long-Term Debt

The future principal payments under the Innovatus Loan are as follows (in thousands):

Years Ending December 31,
2025						$	—
2026						—
2027						17,566
2028						21,080
2029						3,513
Total principal payments						42,159
Add: amortized exit fee						270
Less: uncapitalized payment in-kind interest						(1,179)
Less: unamortized debt discount						(1,058)
Less: unamortized debt issuance cost						(463)
Total long-term debt						$	39,729

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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