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Subsequent Events
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

15. SUBSEQUENT EVENTS 

 

On March 24, 2025, the Company completed an equity financing and entered into a long-term debt financing agreement with Avenue Venture Opportunities Fund II, L.P., a fund of Avenue Capital Group, with an initial draw-down of $8.5 million. In connection with the debt financing, the Company also raised approximately $2.7 million of equity financing from institutional investors, as well as existing UK investors. The financing includes the potential for up to almost $25.0 million with the completion of the milestones for the second tranche of debt financing.

 

The term of the financing agreement is for three years, with an interest-only payment period of no less than 15 months, which can be extended to 24 months upon achieving the milestones for the second financing tranche. The second financing tranche, which includes an additional $6.5 million in debt financing from Avenue Capital Group is contingent upon; (i) FDA clearance of the DeepView System and (ii) the Company completing a $7.0 million equity raise. The Company also issued 768,072 warrants to Avenue Capital Group which was equal to 8.5% of the total funding commitment, with an exercise price of $1.66 per share as part of the debt financing.