v3.25.1
Accrued Expenses and Other Current Liabilities
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities

Note 9. Accrued Expenses and Other Current Liabilities

 

Accrued expenses and other current liabilities as of March 31, 2025 and December 31, 2024 consisted of the following:

 

(in thousands)  March 31, 2025   December 31, 2024 
Accrued professional fees  $700   $598 
Accrued bonuses and incentive compensation   1,373    2,886 
Accrued litigation legal fees   1,155    1,163 
Accrued insurance expense   51    205 
Accrued research and development expenses   655    655 
Accrued vacation and other employee related expenses   1,003    781 
Accrued tax expenses   407    382 
Deferred revenue   62    78 
Other   322    216 
Accrued expenses and other current liabilities  $5,728   $6,964 

 

Finance and Security Agreement

 

On July 2, 2024, the Company entered into a Commercial Insurance Premium Finance and Security Agreement (the “2024 Agreement”). The 2024 Agreement provides for a single borrowing of approximately $493,000 with a ten-month term and an annual interest rate of 8.75%. The proceeds from this transaction were used to partially fund the premiums due under certain of the Company’s insurance policies. The amounts payable are secured by the Company’s rights under such policies. Beginning July 2024, the Company began paying monthly installments of approximately $51,000.

 

During the three months ended March 31, 2025 and 2024, the Company recognized $5,000 and $4,200 in aggregate interest expense related to the Company’s finance and security agreements, respectively.