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v3.25.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | Note E – Debt Debt obligations consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):
Debt instrument |  | Principal at March 31, 2025 |  |  | Unamortized Debt Discount |  |  | Balance at March 31, 2025 |
Current Portion: |  |  |  |  |  |  |  |  |
Debentures |  | $ | 146 |  |  | $ | — |  |  | $ | 146 |
Other |  |  | 585 |  |  |  | — |  |  |  | 585 |
Long-term Portion: |  |  |  |  |  |  |  |  |
2015 Subordinated Notes |  |  | 10,500 |  |  |  | (368 | ) |  |  | 10,132 |
Promissory Note |  |  | 24,750 |  |  |  | (2,036 | ) |  |  | 22,714 |
Total |  | $ | 35,981 |  |  | $ | (2,404 | ) |  | $ | 33,577 |
Debt instrument |  | Balance at December 31, 2024 |  |  | Unamortized Debt Discount |  |  | Net balance at December 31, 2024 |
Current Portion: |  |  |  |  |  |  |  |  |
2015 Subordinated Notes |  | $ | 2,471 |  |  | $ | — |  |  | $ | 2,471 |
Debentures |  |  | 146 |  |  |  | — |  |  |  | 146 |
Other |  |  | 81 |  |  |  | — |  |  |  | 81 |
Long-term Portion: |  |  |  |  |  |  |  |  |
2015 Subordinated Notes |  |  | 10,500 |  |  |  | — |  |  |  | 10,500 |
Promissory Note |  |  | 22,000 |  |  |  | (2,027 | ) |  |  | 19,973 |
Total |  | $ | 35,198 |  |  | $ | (2,027 | ) |  | $ | 33,171 |
As of March 31, 2025 and December 31, 2024, the principal amount of our outstanding debt balance was $36.0 million and $35.2 million, respectively. Promissory Note In November 2024, we, through a subsidiary, entered into a promissory note (the “Note”) with Ocean 1181 LLC (the “Lender”) for a loan in an aggregate principal amount of $22.0 million (the “Loan”). The Loan has a two-year term and is principally secured by our manufacturing facility in Berkeley, CA and parcels of land located in Vacaville, CA. In March 2025, we and the Lender agreed to increase the principal amount under the Note by $2.75 million. As part of the transaction, we reimbursed the Lender for transaction costs and paid a 1% origination fee, totaling approximately $0.3 million. These amounts are presented net of the liability in our condensed consolidated balance sheets and will be amortized to interest expense over the term of the Loan. Subordinated Notes In February 2015, we issued subordinated promissory notes in the aggregate principal amount of $14.0 million, of which $10.5 million remains outstanding (the “2015 Subordinated Notes”). In February 2025, we entered into an Amendment to Notes, Amendment of Warrants and Sale of New Warrants (the “Amendment”) with existing noteholders, pursuant to which we: • extended the maturity date of $10.5 million of the 2015 Subordinated Notes from February 20, 2025 to June 20, 2026; • increased the interest rate under the 2015 Subordinated Notes from 8% to 9% per annum; • secured the obligation to pay the 2015 Subordinated Notes by the grant of a subordinate mortgage on our manufacturing facility in Berkeley, CA and parcels of land located in Vacaville, CA; • extended the expiration date of all 2022 A warrants to purchase shares of the Company’s common stock (the “A Warrants”) and 2022 B warrants to purchase shares of the Company’s common stock (the “B Warrants”) held by such noteholders to purchase a total of 97,500 shares of the Company’s common stock previously issued in 2022 to February 20, 2030 and changed the exercise price to $3.25 per share, which represented a 60-day volume weighted average price as of February 14, 2025 (the “Amended A Warrants” and “Amended B Warrants”); • issued to certain noteholders new warrants to purchase 67,500 shares of the Company’s common stock to expire February 20, 2030, and have an exercise price of $3.25 per share, (the “C Warrants” and, together with the Amended A Warrants and the Amended B Warrants, the “New Warrants”); • committed to registering the New Warrants with the Securities and Exchange Commission within ninety (90) days after February 20, 2025; and • provided that if we conduct a financing of greater than $10.0 million at a price per share below $3.25 before February 20, 2026, the exercise price on the New Warrants will be reduced to the same price at which such financing was conducted. This Amendment was accounted for as a debt modification. As part of the Amendment, we recorded debt discount of approximately $0.4 million, representing the fair value of the new and modified warrants. This amount is presented net of the liability in our condensed consolidated balance sheets and will be amortized to interest expense over the term of the 2015 Subordinated Notes.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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