Debt |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt | Note 3 — Debt
In September 2023, the Company entered into a revolving credit facility (the “Credit Facility”) with Comerica Bank (“Comerica”) that originally provided for maximum borrowings of $10 million. In October 2024, the Credit Facility was amended to extend the term of the Credit Facility and to increase the maximum borrowings to $15 million. The Credit Facility may be terminated by the Company or Fifth Third Bank, N.A. (“Fifth Third”), as successor by merger to Comerica, at any time without penalty. At March 31, 2026, the available borrowings under this facility were $15 million. Any borrowings bear interest at the Secured Overnight Financing Rate plus 2.50% (or 6.18% at March 31, 2026) and would be due upon demand by Fifth Third. The Credit Facility is secured by all of the Company’s assets. The Credit Facility includes covenants requiring that the Company maintain (1) unencumbered liquid assets having a minimum value of $10.0 million in a Fifth Third account; (2) minimum profitability of $1 on a trailing 12-month basis; and (3) the contractual relationship with the manufacturer of the SRT-100 discussed in Note 6, Commitments and Contingencies – Manufacturing Agreement.
At March 31, 2026 and December 31, 2025, the Company was in default under the Credit Facility for failing to maintain the required minimum profitability covenant. There were no borrowings outstanding under the facility at March 31, 2026 and December 31, 2025.
On May 8, 2026, the Company received notice from Fifth Third that the Credit Facility will terminate effective as of May 20, 2026. |