Long Term Debt, Net |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Long Term Debt, Net | Long Term Debt, Net Citizens Credit Agreement On January 19, 2024, the Company entered into a Credit Agreement (the “Citizens Credit Agreement”) with Citizens Bank, N.A. and Bank of America, N.A. (collectively, the “Lenders”), which provided the Company with a $75.0 million Revolving Credit Facility and a $20.0 million Term Loan Facility. In July 2026, the Company repaid the remaining outstanding principal balance of $17.3 million under the Citizens Term Loan Facility using cash on hand. The repayment was accounted for as a debt extinguishment. The recognized loss on extinguishment of debt, consisting of unamortized deferred financing costs and issue discount, was immaterial. The Citizens Credit Agreement remained in effect as of September 30, 2026, and the Company had no amounts drawn under the Revolving Credit Facility at that date. Unamortized deferred financing costs related to the Revolving Credit Facility were $0.5 million as of September 30, 2026, reflected as a component of other assets in the unaudited condensed consolidated balance sheet as of that date. The Company was not in compliance with a certain financial covenant under the Citizens Credit Agreement as of September 30, 2026, constituting an Event of Default (as defined). The Company and the Lenders agreed to waive the default (the “Waiver”) until such time that the Company regains compliance with that financial covenant. Pursuant to the Waiver, the Company is not permitted to borrow upon the Revolving Credit Facility until such time that it regains compliance with the financial covenants. Interest expense related to the Term Loan Facility, included in interest income, net in the unaudited condensed consolidated statements of operations, was $0.2 million and $0.4 million for the three months ended September 30, 2026 and September 30, 2025, respectively. Interest expense related to the Term Loan Facility was $0.8 million and $1.2 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. The Commitment Fee on the Revolving Credit Facility, included in interest income, net in the unaudited condensed consolidated statements of operations, was $0.1 million for each of the three months ended September 30, 2026 and September 30, 2025 and $0.3 million for each of the nine months ended September 30, 2026 and September 30, 2025.
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