| Summary of Debt Arrangements |
The Company’s debt arrangements consist of the following as of the periods presented:
|
|
|
|
|
|
|
|
|
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March 31,
2025 |
|
|
December 31,
2024 |
|
Structural Capital term loan with an interest rate at the greater of 13.5% or the prime rate plus 7.0%, maturing on February 28, 2025 |
|
$ |
— |
|
|
$ |
10,000 |
|
Highbridge Capital term loan with an interest rate of 16% or 13% per annum, subject to certain conditions, maturing on July 31, 2026 |
|
|
41,600 |
|
|
|
40,000 |
|
MidCap Financial revolving credit facility with an interest rate of Term SOFR plus 4.5%, maturing on the earlier of (a) February 26, 2028 or (b) 120 days prior to the maturity of the Highbridge Capital term loan, or April 2, 2026 |
|
|
10,892 |
|
|
|
— |
|
2022 convertible promissory notes with an interest rate of 15% per annum, which matured on June 30, 2024 |
|
|
4,257 |
|
|
|
4,257 |
|
Total principal debt |
|
|
56,749 |
|
|
|
54,257 |
|
Less: current portion (1) |
|
|
(15,149 |
) |
|
|
(14,257 |
) |
Less: debt issuance costs and discounts, long-term |
|
|
(1,219 |
) |
|
|
(117 |
) |
Total long-term debt, net |
|
$ |
40,381 |
|
|
$ |
39,883 |
|
(1) Excludes debt issuance costs and discounts of $1,951 and $1,064 as of March 31, 2025 and December 31, 2024, respectively.
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