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Term Loan (Tables)
12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Future Principal Repayments of Term Loan

Future principal repayments and the net carrying value of the Perceptive Loan as of December 31, 2024, are as follows:

 

Principal

 

 

 

(in thousands)

 

2025

 

$

10,800

 

2026

 

 

4,300

 

Total principal payment

 

 

15,100

 

Debt discounts

 

 

(663

)

Net carrying value

 

$

14,437

 

Schedule of Future Minimum Revenue Thresholds

The Amended Perceptive Loan Agreement includes financial covenants that require the Company to (i) maintain, at all times, a minimum aggregate balance of $3.0 million in cash in one or more controlled accounts, and (ii) pursuant to the Fourth Amendment, satisfy certain minimum revenue thresholds, measured for the consecutive 12-month periods ending on each calendar quarter-end until December 31, 2026 as follows:

For 12-month Period Ending

 

Revenue

 

 

 

(in thousands)

 

December 31, 2024

 

$

31,500

 

March 31, 2025

 

$

30,028

 

June 30, 2025

 

$

28,916

 

September 30, 2025

 

$

27,858

 

December 31, 2025

 

$

27,604

 

March 31, 2026

 

$

28,261

 

June 30, 2026

 

$

28,966

 

September 30, 2026

 

$

29,660

 

December 31, 2026

 

$

30,420