v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
A summary of the Company’s debt is as follows:
March 31, 2026December 31, 2025
Term loan$4,321 $4,644 
Total debt4,321 4,644 
Less: Current portion of long-term debt(1,314)(1,314)
Total long-term debt$3,007 $3,330 
On July 15, 2024, the Company entered into an Amended and Restated Loan and Security Agreement (the “Loan Agreement”) with Customers Bank. Pursuant to the Loan Agreement, Customers Bank issued a term loan in the principal amount of $6.0 million (the “Loan”). Interest is payable on the Loan at a rate equal to the greater of (a) the prime rate published in The Wall Street Journal or (b) 6.0%, and the maturity date is July 15, 2029 (the “Maturity Date”).
The fair value of the Loan was $4.3 million and $4.6 million as of March 31, 2026 and December 31, 2025, respectively. The Company is required to pay equal monthly installments of principal plus accrued interest until the Maturity Date. There is no penalty for prepayment of the Loan.
Pursuant to the Loan Agreement, Customers Bank was granted security interest in substantially all of the Company’s assets, other than intellectual property, and the Loan Agreement contains customary affirmative and negative covenants, including a requirement to maintain a liquidity ratio equal to four times the outstanding principal balance. As of March 31, 2026, the Company was in compliance with the covenants under the Loan Agreement.
The following table presents the future minimum principal payments on the total borrowings under all debt agreements as of March 31, 2026:
Remainder of 2026$1,000 
20271,333 
20281,333 
2029778 
2030— 
Total future minimum payments4,444 
Less: debt discount(123)
Total$4,321 
On May 11, 2026, the Loan Agreement was terminated. See Note 22. Subsequent Events.