In January 2026 and February 2026, the Company entered into securities purchase agreements with certain institutional investors pursuant to which the Company issued the Notes. The Notes had an aggregate principal amount of approximately $5,375 and were issued for aggregate net proceeds of $4,300, reflecting an original issue discount of approximately 20%. The Notes do not bear stated interest and mature on the earlier of (i) the closing of a qualifying financing transaction resulting in gross proceeds to the Company of at least $10,000 or (ii) June 30, 2026. The Notes are unsecured obligations of the Company.

The Company evaluated the Notes under the guidance in ASC 480 and concluded that the Notes should be classified as liabilities, as they represent unconditional obligations to deliver cash and do not meet the criteria for equity classification. The original issue discount was recorded as a debt discount and is being amortized to interest expense over the term of the Notes using the effective interest method. For the three months ended June 30, 2026, the Company recognized approximately $452 of amortization of the debt discount as interest expense.

In May 2026, upon the closing of the May 2026 Offering, the Notes matured and the Company repaid in full all outstanding amounts under the Notes.