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Notes Payable
 3 Months Ended
Mar. 31, 2026
Notes Payable [Abstract]  
Notes Payable

Notes 6 — Notes Payable

 

Insurance Financing

 

During the three months ended March 31, 2026, the Company obtained financing for certain Director & Officer liability insurance policy premiums. The agreement assigns the lender a first priority lien on and security interest in the financed policies and any additional premium required in the financed policies.

 

The total premiums, taxes and fees financed are approximately $0.3 million, with an annual interest rate of 8.5%. In consideration of the premium payment by the lender to the insurance companies or the agent or broker, the Company unconditionally promised to pay the lender the amount financed plus interest and other charges permitted under the agreement. At March 31, 2026, the Company recognized approximately $0.2 million as an insurance financing note payable, which is included in the current portion of notes payable in the accompanying condensed consolidated balance sheets. The Company will pay the insurance financing through monthly installment payments of approximately $25,693, with the last payment for the note due on December 17, 2026.

 

During the three months ended March 31, 2026, the Company recorded approximately $2,000 of interest expense. As of March 31, 2026 and December 31, 2025, the Company has recorded accrued interest of approximately $2,000 and $0, respectively, which is included in accrued expenses in the accompanying condensed consolidated balance sheets.