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v3.26.1

Debt | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | 11. Debt Venture Debt In December 2020, the Company entered into a Loan and Security Agreement, as amended in June 2022, August 2022, December 2022, April 2023, July 2023, November 2023, March 2024 and July 2024 (the “Loan Agreement”), with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (“SVB”) for a lending facility of up to $25.0 million. The Company received $5.0 million upon execution of the Loan Agreement which it repaid in July 2023, a $5.5 million term loan advance in July 2023 and a $7.0 million term loan advance in March 2024. On June 24, 2026, the Company paid off the remaining balance in the amount of approximately $6.8 million under the Loan Agreement, pursuant to a letter between the Company and SVB dated June 24, 2026 and recognized a loss on extinguishment of debt of $0.1 million in the six months ended June 30, 2026. Accordingly, the Loan Agreement has been terminated. The term loan bore interest at an annual rate equal to the greater of the prime rate minus 0.25% or 8.00%. The Loan Agreement provided for interest-only payments until July 1, 2025, followed by 24 equal monthly payments of principal plus interest. The loan was scheduled to mature on July 1, 2027. In addition, the Company paid a fee of $0.1 million upon entering into the Loan Agreement and was required to pay a fee of 3.5% of the aggregate amount of advances under the Loan Agreement at maturity. In conjunction with the Loan Agreement, in December 2020, the Company issued warrants to purchase 7,988 shares of common stock to the lender at a per share price of $6.87 with a maximum contractual term of 10 years and in July 2023, warrants to purchase 10,156 shares of common stock to the lender at a per share price of $7.50 with a maximum contractual term of 10 years. The warrants had a de minimis total relative fair value at the time of issuance. Pursuant to FASB ASC Topic 480, Distinguishing Liabilities from Equity and FASB ASC Topic 815, Derivatives and Hedging, the warrants were classified as equity and were initially measured at fair value. Subsequent changes to fair value will not be recognized so long as the instrument continues to be equity classified. Interest expense was $0.2 million and $0.4 million for the three and six months ended June 30, 2026 and $0.3 million and $0.6 million for the three and six months ended June 30, 2025. The effective rate on the Loan Agreement, including the amortization of the debt discount and issuance costs was 8.77% and 9.45%, respectively, at each of June 30, 2026 and December 31, 2025. The components of the long-term debt balance are as follows (in thousands):
|  | June 30, 2026 |  |  | December 31, 2025 |
Principal amount of term loans |  | $ | — |  |  | $ | 9,375 |
Unamortized debt discount and issuance costs |  |  | — |  |  |  | 333 |
Carrying amount |  |  | — |  |  |  | 9,708 |
Less current portion |  |  | — |  |  |  | (6,235 | )
Long-term debt, net |  | $ | — |  |  | $ | 3,473 |

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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 942 -SubTopic 210 -Name Accounting Standards Codification -Section S45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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