v3.26.3
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt

11. Debt

 

The following is a summary of the Company’s indebtedness:

 

   March 31, 2026   December 31, 2025 
Short-term debt - unaffiliated:          
December 2025 Convertible Note (measured at fair value)  $2,687   $2,687 
December 2025 Promissory Note (measured at fair value)   —    6,876 
Total short-term debt - unaffiliated   2,687    9,563 
Debt - related parties:          
CEO promissory note (See Note 21)   4,606    4,440 
Total debt  $7,293   $14,003 
           
Balance sheet classification:          
Short-term debt - unaffiliated  $2,687   $9,563 
Short-term debt – related parties   4,606    4,440 
Long-term debt – related parties   —    — 
Total debt  $7,293   $14,003 

 

December 2025 Promissory Note and Convertible Note

 

As of March 31, 2026, the December 2025 Convertible Note had a fair value of $2,687 and a principal balance of $3,000 and is presented within short-term debt – unaffiliated on the consolidated balance sheets. The December 2025 Promissory Note was repaid in full in February 2026 for $7,042, using proceeds from the sale of State of New Jersey net operating loss carryforwards. During the three months ended March 31, 2026, the Company recorded a change in fair value of $166 related to the December 2025 Promissory Note, which is presented within change in fair value of debt in the consolidated statement of operations.