Venture Loan and Security Agreement

12 Months Ended

Dec. 31, 2025

Venture Loan and Security Agreement [Abstract]

Venture Loan and Security Agreement

Note 12 – 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 throughout the notes to the consolidated financial statements. This was recorded as a debt extinguishment and resulted in a loss on retirement of debt of $1,107,004 which was included as a component of interest expense on the consolidated statements of operations and comprehensive loss.

For the years ended December 31, 2025 and 2024, the Company recognized interest expense of $2,313,040 and $4,659,118, respectively, of which $354,907 and $1,156,905, respectively was related to the amortization of the debt discount for each of the years.