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Debt
3 Months Ended
Mar. 31, 2025
Debt [Abstract]  
DEBT

NOTE 8 – DEBT

 

During 2021, the Company entered into a Loan and Security Agreement (the “Term Loan”) with Silicon Valley Bank and SVB Innovation Credit Fund VIII, L.P., together (the “Lenders”) in which the Company borrowed $15 million. The Term Loan was secured by the Company’s assets. During December 2024, the Company paid off the Term Loan in full. During February 2025, the Company entered into a letter agreement with the Lenders whereby the Term Loan was terminated.

 

For the three months ended March 31, 2025 and 2024, the Company recognized interest expense of $0 and $357,000, respectively, related to the Term Loan.