Related Parties |
6 Months Ended |
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Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Parties | 17. Related Parties Non-Operating Corporate As of June 30, 2026, Lancer Capital held $2.3 million of the Company's 2027 Convertible Notes, which were issued on August 4, 2025, in exchange for the $2.0 million of principal amount of the Company's 2026 Convertible Notes held by Lancer prior to the exchange. The principal amount of the 2027 Convertible Notes includes capitalized interest and extension fees. As of June 30, 2026, the $2.3 million in 2027 Convertible Notes are convertible into 54,338 shares of common stock of INNOVATE. As of December 31, 2025, Lancer Capital held the $2.2 million in 2027 Convertible Notes which were convertible into 51,874 shares of common stock of INNOVATE. For each of the six months ended June 30, 2026 and 2025, Lancer Capital earned $0.1 million in interest relating to these notes. Refer to Note 12. Debt Obligations and Note 22. Subsequent Events for additional information on the Convertible Notes. CGIC is a former significant shareholder and is the shareholder of the Company's Series A-3 Preferred Stock and Series A-4 Preferred Stock. Refer to Note 16. Temporary Equity for additional information. In addition, as of June 30, 2026 and December 31, 2025, the Company owed $49.7 million and $45.9 million, respectively, in principal amount of a promissory note owed to CGIC. Refer to Note 12. Debt Obligations for additional information. During the six months ended June 30, 2026, the Company paid $0.6 million to CGIC related to a tax refund received from the IRS. Refer to Note 22. Subsequent Events for information on the redemption notice delivered with respect to the Company’s outstanding Series A-3 and Series A-4 Preferred Stock. Life Sciences As of June 30, 2026 and December 31, 2025, R2 Technologies had $50.9 million and $47.9 million, respectively, in principal amount of a 12.0% senior secured promissory note due to Lancer Capital. Refer to Note 12. Debt Obligations and Note 22. Subsequent Events for additional information. For the three months ended June 30, 2026 and 2025, R2 Technologies recognized revenue of $0.6 million and $1.0 million, respectively from sales and profit sharing agreements with a subsidiary of Huadong, a related party of R2 Technologies and $1.1 million and $1.4 million for the six months ended June 30, 2026 and 2025. There were $0.3 million and $0.6 million of related receivables from this subsidiary of Huadong as of June 30, 2026 and December 31, 2025, respectively. Share-based compensation and royalty expenses related to Blossom Innovations, LLC ("Blossom"), an investor of R2 Technologies since 2014, totaled $0.1 million and $0.2 million, for the three months ended June 30, 2026 and 2025, respectively, and totaled $0.2 million and $0.5 million for the six months ended June 30, 2026 and 2025, respectively. The related payables, and amounts accrued due to Blossom totaled $0.6 million and $0.5 million as of June 30, 2026, and December 31, 2025, respectively. Refer to Note 7. Investments for transactions with equity method investees of the Company.
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