Loans |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans | 6. Loans Amounts outstanding under loans are as follows (in thousands):
Equipment and Software Loans In July 2022, the Company entered into a secured payment agreement with a financing entity to finance the purchase of internal use software licenses and related ongoing support from a vendor. In January 2025, $0.4 million was outstanding and waived entirely as part of a settlement agreement with the vendor related to a service claim on the ongoing support component of the agreement. The $0.4 million settlement was recognized as a gain and presented as an offset to maintenance costs upon the settlement, included as part of selling, general and administrative in the consolidated statements of operations. In January 2025, the Company entered into another secured payment agreement to finance the purchase of $2.8 million of internal use software licenses and related ongoing support (the "January 2025 Agreement"). The Company agreed to repay the financed amount in three payments of $0.7 million in February of 2025, $1.2 million in February 2026, and $0.9 million in February 2027. The financing entity and vendor are not related. The payment agreement is noninterest bearing and the Company concluded that the stated zero interest rate did not represent fair and adequate compensation to the financing entity for the use of the related funds. Accordingly, the Company approximated the rate at which it could obtain financing of a similar nature from other sources at the date of the transaction. The resulting imputed interest rate was 8.9% and was used to establish the present value of the payment agreement. The total initial present value of the January 2025 Agreement was $2.6 million. The discount of $0.2 million is being recognized as interest expense in the consolidated statements of operations over the life of the payment agreement. The first repayment of $0.7 million was billed in March 2025 and paid in April 2025. The second repayment of $1.2 million was billed and paid in January 2026. Interest expense for the three and six months ended June 30, 2026 and 2025 were immaterial. |
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