Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events [Text Block] | Subsequent events Financing waiver As of March 31, 2026, the Company was not in compliance with the minimum asset coverage ratio of 1.05x under the 2025 Credit Agreement. On May 8, 2026, the Company received a waiver from the Lender under the 2025 Credit Agreement waiving the asset coverage ratio non-compliance as of March 31, 2026. No fees or consideration were paid in connection with the waiver. Second quarter 2026 restructuring In April 2026, the Company approved a restructuring plan to reduce its global workforce by approximately 23% compared to its headcount ending Q1 2026. The restructuring plan is being implemented in the second quarter of 2026 and is expected to be substantially complete by the end of 2026. The Company expects to incur an aggregate severance charge in a range of $11.5 million and $15.0 million, with expected cash expenditures of approximately $1.5 million in the second quarter of 2026, approximately $5.5 million to $8.0 million in the third quarter of 2026, and approximately $4.5 million to $5.5 million in the fourth quarter of 2026. Engagement of strategic advisor In May 2026, the Company received approval from its Board of Directors to engage a financial advisor to assist in actively considering strategic alternatives, which may include, among other things, a sale or merger of the Company, a sale or license of certain assets or intellectual property, strategic investments, partnerships, or other transactions.
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