Debt (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Debt Instrument [Line Items] |
|
| Summary of Debt |
At June 30, 2026 and December 31, 2025, debt consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
Convertible Notes (in thousands) |
|
2026 |
|
|
2025 |
|
Secured convertible notes |
|
$ |
5,271 |
|
|
$ |
7,432 |
|
Discount on secured convertible notes |
|
|
(1,087 |
) |
|
|
(3,979 |
) |
June 2025 convertible preferred note |
|
|
842 |
|
|
|
788 |
|
Discount on June 2025 convertible preferred note |
|
|
(34 |
) |
|
|
(52 |
) |
Remainder notes recorded at fair value |
|
|
4,817 |
|
|
|
4,314 |
|
Related party convertible notes |
|
|
225 |
|
|
|
215 |
|
Other convertible notes recorded at fair value |
|
|
- |
|
|
|
933 |
|
Total convertible notes payable |
|
|
10,035 |
|
|
|
9,651 |
|
Less: current portion |
|
|
(10,035 |
) |
|
|
(6,913 |
) |
Convertible notes payable - long-term |
|
|
— |
|
|
$ |
2,738 |
|
|
|
|
|
|
|
|
Loans Payable (in thousands) |
|
|
|
|
|
|
Promissory notes - related parties |
|
|
1,905 |
|
|
|
2,190 |
|
Term loan, net of discount |
|
|
1,717 |
|
|
|
2,674 |
|
Working capital facility |
|
|
1,658 |
|
|
|
1,684 |
|
Other notes payable |
|
|
6,247 |
|
|
|
4,462 |
|
Discount on other notes payable |
|
|
(202 |
) |
|
|
(393 |
) |
Total loans payable |
|
|
11,325 |
|
|
|
10,617 |
|
Less: current portion |
|
|
(11,325 |
) |
|
|
(8,823 |
) |
Loans payable - long-term |
|
|
— |
|
|
$ |
1,794 |
|
|
| Summary of Fair Value for Convertible Exchangeable Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 2025 |
|
|
|
|
Convertible |
|
|
(in thousands) |
|
Exchangeable Notes |
|
|
Fair value at June 13, 2025 |
|
$ |
50,000 |
|
|
Change in estimated fair value of convertible notes |
|
|
(7,320 |
) |
|
Fair value at June 30, 2025 |
|
$ |
42,680 |
|
|
|
| Schedule of Maturities of the Company's Outstanding Indebtedness |
Scheduled maturities on the Company's outstanding indebtedness as of June 30, 2026 is as follows:
|
|
|
|
|
|
|
|
|
Fiscal Years Ending December 31, |
|
|
|
|
(in thousands) |
|
Convertible Notes |
|
|
Loans Payable |
|
2026 (remaining) |
|
$ |
7,895 |
|
|
$ |
6,940 |
|
2027 |
|
|
2,140 |
|
|
|
4,385 |
|
Total |
|
$ |
10,035 |
|
|
$ |
11,325 |
|
|
| Term Loan [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of Carrying Value of Convertible Note |
The carrying value of the Term Loan is as follows:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
Principal and interest |
|
$ |
- |
|
|
$ |
326 |
|
Guarantee fees |
|
|
1,717 |
|
|
|
2,348 |
|
Aggregate carrying value |
|
$ |
1,717 |
|
|
$ |
2,674 |
|
|
| January 2025 Convertible Notes [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of Interest Expense On Convertible Note |
Interest recognized on the Secured Convertible Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Contractual interest expense |
|
$ |
168 |
|
|
$ |
1,937 |
|
|
$ |
391 |
|
|
$ |
2,664 |
|
Amortization of debt issuance costs |
|
|
767 |
|
|
|
2,071 |
|
|
|
1,639 |
|
|
|
2,398 |
|
Total |
|
$ |
935 |
|
|
$ |
4,008 |
|
|
$ |
2,030 |
|
|
$ |
5,062 |
|
|