On May 2, 2025, the Company entered into a Promissory Note (the “Note”) with the Chairman of the Board of the Company (the “Lender”) for a principal amount of $0.45 million. The Note carried a fixed interest rate of 12% per annum and was payable monthly in arrears. The principal, together with accrued interest, was due and payable in full by October 10, 2025.

In addition to the principal and interest payments, the Company was required to pay a loan origination fee of $22,000, which was due on the date of maturity. The Note permitted the Company to make prepayments without penalty, provided there is no default in payment obligations.

During the year ended December 31, 2025, the Company recognized interest expense of $0.02 million and repaid $0.30 million on the Note.

During the six months ended June 30, 2026, the Company fully settled the outstanding principal balance and the related origination fee of $0.20 million on the Note. As a result, the Note had no outstanding balance as of June 30, 2026 (December 31, 2025 – $0.2 million).