v3.25.1
Term Loans (Tables)
3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Future Principal Debt Payments on Term Loan Agreement

Future principal debt payments on the Trinity Term Loan Agreement as of March 31, 2025 are as follows (in thousands):

 

Year Ending December 31,

 

 

 

2024

 

$

 

2025

 

 

 

2026

 

 

 

2027

 

 

18,709

 

2028

 

 

21,291

 

Total principal payments

 

$

40,000

 

Schedule of Reconcile of Change in Fair Value of Debt

The following table reconciles the change in fair value of the Trinity Term Loans during the three months ended March 31, 2025 (in thousands):

Trinity Term Loans

 

 

 

Beginning fair value balance as of January 1, 2025

 

$

43,942

 

Principal payments

 

 

 

Change in fair value reported in statements of operations

 

 

256

 

Change in fair value reported in comprehensive loss

 

 

(1,745

)

Ending fair value balance as of March 31, 2025

 

$

42,453

 

The following table reconciles the change in fair value of the Success Fee liability during the three months ended March 31, 2025 (in thousands):

 

Success Fee

 

 

 

Beginning fair value balance as of January 1, 2025

 

$

930

 

Change in fair value of Success Fee

 

 

(5

)

Ending fair value balance as of March 31, 2025

 

$

925