RELATED PARTY TRANSACTIONS |
3 Months Ended |
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Mar. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | 13) RELATED PARTY TRANSACTIONS
September 2024 and March 2025 Financings
Investors who (i) entered into an exchange agreement for the exchange of convertible notes and warrants for shares of common stock and the private placement of convertible notes in September 2024 and (ii) entered into a securities purchase agreement for the private placement of common stock in March 2025 included Charles Cherington. Mr. Cherington participated in the applicable financing under the same terms and subject to the same conditions as all the other investors. Mr. Cherington served on the Company’s board of directors from March 2021 to July 6, 2023 and owns approximately 33% of the Company’s outstanding common stock.
March 2025 Promissory Notes
On March 11, 2025, the Company received $1.5 million for the issuance of a promissory note in the principal amount of $1.5 million to Mr. Cherington, and on March 21, 2025 the Company received $0.8 million for the issuance of a second promissory note in the principal amount of $0.8 million to Mr. Cherington. The promissory notes mature on the earlier of (i) June 15, 2025 or (ii) upon us receiving $5 million in gross proceeds from a subsequent capital raise. Each of the promissory notes accrues interest at a rate of 5.0% per annum, payable at maturity. Upon issuance of the notes, Mr. Cherington owned approximately 32% of our outstanding common stock.
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