The repayment of the loans under the OrbiMed Credit Agreement as aforementioned, is referred to as the “revenue base redemption liability.” The OrbiMed Fifth Amendment modified the Product Revenue Base thresholds to the following: | | | | | | | | | | Test Dates (fiscal Quarter Ending) | | Product Revenue Base for 12 Month Period | | | | | June 30, 2026 | | $44,250 | | September 30, 2026 | | $48,750 | | December 31, 2026 and Each Fiscal Quarter ending thereafter | | $50,000 |
As of June 30, 2026, we were in compliance with the Product Revenue Base requirement and no repayments were required. Repayment Premium All repayments and prepayments of the loans under the OrbiMed Credit Agreement (other than on Maturity Date) shall be accompanied by the payment of the premium, which shall be determined based on the timing of the repayment as follows (the “Repayment Premium”): | | | | | | | | | | Time of Repayment | | Premium Rate | | Within the first 12 months from the funding date of each respective loan. | | 3.0% plus the Make-Whole Amount (1) | | After the first 12 months but before the 24-month anniversary of the funding date of each respective loan. | | 3.0% | | After the 24-month anniversary but before the 36-month anniversary of the funding date of each respective loan. | | 2.0% | | After the 36-month anniversary but before the 48-month anniversary of the funding date of each respective loan. | | 1.0% | | After the 48-month anniversary of the funding date of each respective loan. | | 0.0% |
(1) “Make-Whole Amount” is equal to the sum of the remaining scheduled interest payments through the 12-month anniversary of the closing date of each respective loan. The following table summarizes activity within the Term Loan for the six months ended June 30, 2026 and for the year ended December 31, 2025: | | | | | | | OrbiMed Debt | | Balance at December 31, 2024 | $ | 22,084 | | First Delayed Draw Term Loan Commitment | 10,000 | | | Debt issuance costs | | | Cash issuance costs | (521) | | | Noncash issuance costs: | | | Warrant liability | (366) | | | Amortization of debt issuance costs | 766 | | | PIK interest | 800 | | | Accretion of exit fee liability | 283 | | | Balance at December 31, 2025 | $ | 33,046 | | | Debt issuance costs (cash) | (613) | | | Amortization of debt issuance costs | 478 | | | Accretion of exit fee liability | 154 | | | Balance at June 30, 2026 | $ | 33,065 | |
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