Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions On October 22, 2020, the Company entered into a software license agreement with Genesis Software which was amended and restated on June 10, 2025. Robert Ball, the Company’s Chief Executive Officer and Executive Chairman, is a co-founder and director of Genesis Software. Mr. Ball and Matthew Ahearn, the Company’s Chief Operating Officer and a director, are directors of Genesis Investment Holdings, LLC, which has an ownership interest in Genesis Software. In addition, cultivate(MD) Capital Accelerator Fund L.P. and Genesis Investment Holdings, LLC, each beneficial owners of more than 5% of our capital stock, are investors in Genesis Software. The software licensing agreement is a 5-year term. The agreement required an upfront payment of $1,000, an incremental $500 payment when FDA clearance was obtained, and quarterly payments of royalties equal to 4% of the net sales price of each licensed product sold, until such time we have paid Genesis Software an aggregate of $7,000 under the software license agreement. For the three and six months ended June 30, 2025, the Company paid Genesis Software $398 and $741, respectively, pursuant to the license agreement. For the three and six months ended June 30, 2024, the Company paid Genesis Software $282 and $552, respectively, pursuant to the license agreement. For the three and six months ended June 30, 2025, the Company paid $453 and $1,024, respectively, for software development to Genesis Software. For the three and six months ended June 30, 2024, the Company paid $689 and $1,143, respectively, for software development to Genesis Software. Amounts payable of $151 and $276 are included in accounts payable on the balance sheets at June 30, 2025 and December 31, 2024, respectively. The Company has entered into a consulting agreement with Genesis Innovation Group, an entity under common ownership. The consulting agreement is currently on a year-to-year basis. The agreement requires compensation for services performed. If services performed are on an hourly basis, the Company shall be responsible to pay for hours actually worked by the consultant’s employees. The Company will reimburse the consultant for all reasonable expenses incurred in connection with performing services for the Company. For the three and six months ended June 30, 2025, the Company paid Genesis Innovation Group $1,060 and $2,295, respectively. For the three and six months ended June 30, 2024, the Company paid Genesis Innovation Group $905 and $1,847, respectively. Amounts payable of $522 and $537 are included in accounts payable on the balance sheets at June 30, 2025 and December 31, 2024, respectively. During the first quarter of 2024, Robert Ball, the Company’s Chief Executive Officer and Executive Chairman, was an investor in Revelation Medical Devices (“RMD”), which manufactures surgical instruments used during procedures involving our systems. After the first quarter of 2024, Mr. Ball is no longer an investor in RMD. For the six months ended June 30, 2024, the Company paid RMD $859.
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