INDEBTEDNESS	9 Months Ended
Sep. 30, 2026
Indebtedness
INDEBTEDNESS	NOTE 8 – INDEBTEDNESS Avenue Capital Credit Facility On March 21, 2023, the Company entered into the 2023 Avenue Credit Agreement and the 2023 Avenue Supplement. The 2023 Avenue Credit Agreement provided for a convertible senior secured credit facility of up to an aggregate amount of $40 million, comprised of the following: (1) $15 million in term loans funded at closing, (2) $5 million of additional committed term loans received on September 26, 2023 in conjunction with the Avenue First Amendment and (3) $20 million of additional uncommitted term loans, collectively referred to as the “2023 Avenue Facility”. The Company issued Avenue Warrants to purchase $1.2 million of the Company’s common stock at an exercise price of $1.24, subject to adjustments, of which $1.2 million have been exercised. The 2023 Avenue Warrants have a term of five years. The relative fair value of the 2023 Avenue Warrants upon closing was $873 thousand. On July 8, 2026, Avenue exercised 435,485 of the 2023 Avenue Warrants on a cashless basis resulting in 320,345 shares of the Company’s common stock issued. As of September 30, 2026, no 2023 Avenue Warrants remain outstanding. Total interest expense on long-term debt, inclusive of amortization of debt discounts, amounted to approximately $241 thousand and $1.5 million for the three and nine months ended September 30, 2025, respectively. On November 15, 2023 and May 29, 2025, Avenue converted $1.0 million and $1.0 million, respectively, of the term loans into shares of the Company’s common stock, at a price per share equal to $1.49. On August 5, 2025, the Company paid the remaining $14.0 million in outstanding principal payments on the 2023 Avenue Facility and the prepayment penalty as noted in the 2023 Avenue Credit Agreement. As of September 30, 2026, there is no outstanding balance on the 2023 Avenue Facility. The Company recorded a loss on debt extinguishment of approximately $1.2 million within its consolidated financial statements for the year ended December 31, 2025. Citizens Bank Credit Agreement On January 2, 2026, the Company entered into a Credit Agreement with Citizens Bank, N.A. (“Citizens”), which provided for a senior secured revolving credit facility in an aggregate principal amount of up to $30 million (the “Citizens Credit Facility”). As of September 30, 2026 and up to the date of termination, the Company did not draw any amounts under the Citizens Credit Facility. The Credit Agreement was terminated effective November 9, 2026, and the Company subsequently entered into a Loan and Security Agreement with affiliates of Avenue Capital Group (collectively, “Avenue”). See Note 16 – Subsequent Events.

INDEBTEDNESS

9 Months Ended

Sep. 30, 2026

NOTE 8 – INDEBTEDNESS

Avenue Capital Credit Facility

On March 21, 2023, the Company entered into the 2023 Avenue Credit Agreement and the 2023 Avenue Supplement. The 2023 Avenue Credit Agreement provided for a convertible senior secured credit facility of up to an aggregate amount of $40 million, comprised of the following: (1) $15 million in term loans funded at closing, (2) $5 million of additional committed term loans received on September 26, 2023 in conjunction with the Avenue First Amendment and (3) $20 million of additional uncommitted term loans, collectively referred to as the “2023 Avenue Facility”. The Company issued Avenue Warrants to purchase $1.2 million of the Company’s common stock at an exercise price of $1.24, subject to adjustments, of which $1.2 million have been exercised. The 2023 Avenue Warrants have a term of five years. The relative fair value of the 2023 Avenue Warrants upon closing was $873 thousand. On July 8, 2026, Avenue exercised 435,485 of the 2023 Avenue Warrants on a cashless basis resulting in 320,345 shares of the Company’s common stock issued. As of September 30, 2026, no 2023 Avenue Warrants remain outstanding.

Total interest expense on long-term debt, inclusive of amortization of debt discounts, amounted to approximately $241 thousand and $1.5 million for the three and nine months ended September 30, 2025, respectively.

On November 15, 2023 and May 29, 2025, Avenue converted $1.0 million and $1.0 million, respectively, of the term loans into shares of the Company’s common stock, at a price per share equal to $1.49. On August 5, 2025, the Company paid the remaining $14.0 million in outstanding principal payments on the 2023 Avenue Facility and the prepayment penalty as noted in the 2023 Avenue Credit Agreement. As of September 30, 2026, there is no outstanding balance on the 2023 Avenue Facility. The Company recorded a loss on debt extinguishment of approximately $1.2 million within its consolidated financial statements for the year ended December 31, 2025.

Citizens Bank Credit Agreement

On January 2, 2026, the Company entered into a Credit Agreement with Citizens Bank, N.A. (“Citizens”), which provided for a senior secured revolving credit facility in an aggregate principal amount of up to $30 million (the “Citizens Credit Facility”). As of September 30, 2026 and up to the date of termination, the Company did not draw any amounts under the Citizens Credit Facility. The Credit Agreement was terminated effective November 9, 2026, and the Company subsequently entered into a Loan and Security Agreement with affiliates of Avenue Capital Group (collectively, “Avenue”). See Note 16 – Subsequent Events.