v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt

7. Debt

 

On July 1, 2024, the Company entered into a Loan Agreement with a third-party lender (the “Lender”). Under the Loan Agreement, the Lender agreed to loan the Company the principal amount of $0.6 million pursuant to the terms of the promissory note dated July 1, 2024 (the “Promissory Note”), which bears a simple interest rate at 15% per annum and matures on the third calendar year from July 1, 2024 (the “Maturity Date”) unless due earlier due to an event of a default. The Company agreed to pay annual payments of accrued interest after each calendar year from the Payment Date until any remaining interest is paid in full on the Maturity Date.

 

The Company’s outstanding debt obligations as of June 30, 2026 and December 31, 2025 are as follows (in thousands):

   

   June 30, 2026 
  

Unpaid

Balance

  

Accrued

Interest

  

Net Carrying

Value

 
Promissory note  $600   $45   $645 
Less: current portion of long-term debt             (45)
Long-term debt, net of current portion            $600 

 

   December 31, 2025 
  

Unpaid

Balance

  

Accrued

Interest

  

Net Carrying

Value

 
Promissory note  $600   $90   $690 
Less: current portion of long-term debt             (90)
Long-term debt, net of current portion            $600 

 

Scheduled maturities of outstanding debt, net of discounts, as of June 30, 2026 are as follows (in thousands):

   

Year Ending December 31:    
2026 (July — December)  $— 
2027   600 
Plus: accrued interest   45 
Total debt  $645 

 

The weighted average interest rate related to the Company’s outstanding debt was approximately 15% as of June 30, 2026 and December 31, 2025. Interest expense related to the Company’s outstanding debt totaled approximately $22,500 and $40,000 for the three months ended June 30, 2026 and 2025, respectively, and approximately $45,000 and $0.1 million for the six months ended June 30, 2026 and 2025, respectively, which is reported within other income (expense), net, in the unaudited condensed consolidated statements of operations.