Venture Loan and Security Agreement

3 Months Ended

Mar. 31, 2025

Venture Loan and Security Agreement [Abstract]

Venture Loan and Security Agreement

Note 10 – Venture Loan and Security Agreement

In August 2022, the Company entered into a Venture Loan and Security Agreement (the “Loan and Security Agreement”) with Horizon Technology Finance Corporation, as a lender and collateral agent for itself and the other Lenders (in such capacity, the “Collateral Agent”), and the other persons party thereto from time to time as lenders (“Lenders”). The Company’s indebtedness under the Loan and Security Agreement was retired and satisfied in full with a portion of the proceeds received from the Securities Purchase Agreement, as discussed above.

For the three months ended March 31, 2025 and 2024, the Company recognized interest expense of $928,177 and $1,170,758, respectively, in connection with the Loan and Security Agreement of which $272,578 and $270,236, respectively, was related to the amortization of the debt discount.