v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt

Note G – Debt

Debt obligations consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

 

Debt instrument

 

Principal at
March 31, 2026

 

 

Unamortized
Debt Discount

 

 

Balance at
March 31, 2026

 

Current Portion:

 

 

 

 

 

 

 

 

 

2015 Subordinated Notes

 

$

5,087

 

 

$

(70

)

 

$

5,017

 

Debentures

 

 

146

 

 

 

—

 

 

 

146

 

Promissory Note

 

 

24,750

 

 

 

(268

)

 

 

24,482

 

Other

 

 

548

 

 

 

—

 

 

 

548

 

Total

 

$

30,531

 

 

$

(338

)

 

$

30,193

 

 

Debt instrument

 

Principal at
December 31, 2025

 

 

Unamortized
Debt Discount

 

 

Balance at
December 31, 2025

 

Current Portion:

 

 

 

 

 

 

 

 

 

2015 Subordinated Notes

 

$

10,500

 

 

$

(147

)

 

$

10,353

 

Zydus Promissory Note

 

 

10,000

 

 

 

-

 

 

 

10,000

 

Debentures

 

 

146

 

 

 

-

 

 

 

146

 

Promissory Note

 

 

24,750

 

 

 

(698

)

 

 

24,052

 

Other

 

 

104

 

 

 

—

 

 

 

104

 

Total

 

$

45,500

 

 

$

(845

)

 

$

44,655

 

 

As of March 31, 2026 and December 31, 2025, the principal amount of our outstanding debt balance was $30.5 million and $45.5 million, respectively.

 

Zydus Promissory Note

On January 15, 2026, in connection with the closing of the Zydus Asset Purchase Agreement, $7.0 million of the Zydus Promissory Note was forgiven and $3.0 million was repaid. In the three months ended March 31, 2026, we recognized a $7.0 million gain on debt forgiveness that is included in the gain recognized on the closing of the Zydus transactions. Refer to Note R for more detail.

Subordinated Notes

On January 15, 2026, in connection with the closing of the Zydus Asset Purchase Agreement, approximately $5.4 million of the 2015 Subordinated Notes were repaid and the lien on our former manufacturing facility in Berkeley, CA was released.