Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 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 January 1, 2023. 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 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 each of the years ended December 31, 2025 and 2024, the Company paid Genesis Software $1,641 and $1,169, respectively, pursuant to the license agreement. Amounts owed under the agreement of $575 and $344 are included in accrued liabilities on the Balance Sheets at December 31, 2025, and 2024, respectively. For the years ended December 31, 2025 and 2024, the Company paid $1,997 and $1,925, respectively, for software development to Genesis Software. Amounts payable of $863 and $276 are included in accounts payable on the Balance Sheets at December 31, 2025, and 2024, respectively. The Company has entered into a consulting agreement with 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 years ended December 31, 2025 and 2024, the Company paid $4,821 and $3,589, respectively. Amounts payable of $357 and $537 are included in accounts payable on the balance sheets at December 31, 2025, and 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 year ended December 31, 2024, the Company paid RMD $859.
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