Insurance Financing Note Payable

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Insurance Financing Note Payable

Insurance Financing Note Payable

On June 4, 2024, the Company entered into a short-term note payable with a principal amount of $0.7 million, bearing interest at a rate of 7.89% per annum to finance various insurance policies, which required an upfront payment of $0.2 million. Principal and interest payments related to this note began on July 3, 2024 and are being paid in 10 equal monthly payments of $0.1 million, with the final payment due on April 3, 2025. As of March 31, 2025, the balance of the insurance financing note payable was $0.1 million.

On June 3, 2023, the Company entered into a short-term note payable for $0.7 million, bearing interest at a rate of 9.59% per annum to finance various insurance policies. Principal and interest payments related to this note began on July 3, 2023 and were paid on a straight-line amortization over nine months with the final payment due on March 3, 2024. During the three months ended March 31, 2024, the Company's insurance financing note payable balance was paid in full.