Venture Loan and Security Agreement

6 Months Ended

Jun. 30, 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, and the other persons party thereto from time to time as 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.

The Company recognized interest expense of $277,859 and $1,206,035, and $1,184,294 and $2,355,053 for the three and six months ended June 30, 2025 and 2024, respectively and $82,329 and $354,907, and $283,774 and $554,010 was related to the amortization of the debt discount for the three and six months ended June 30, 2025 and 2024, respectively.

During the three months ended June 30, 2025, the Company recognized $1,107,005 of interest expense associated with extinguishment of debt recorded under the Loan and Security Agreement.