Debt

9 Months Ended

Sep. 30, 2025

Debt [Abstract]

Debt

Note 8 - Debt

The Company’s outstanding debt consisted of the following at the periods indicated (in thousands):

Short-Term Debt	Maturity	September 30, 2025		December 31, 2024
Promissory Note - May 1, 20241	5/1/2025	$	—	$	1,442
Promissory Note - May 24, 20241	5/24/2025		—		1,426
Unamortized Discounts			—		(211	)
Total Short-Term Debt		$	—	$	2,657
Long-Term Debt
SBA loan2	6/3/2050	$	—	$	65
Total Long-Term Debt		$	—	$	65

¹ Promissory note paid in full during the first quarter of 2025.

² SBA loan paid in full during the third quarter of 2025.

Streeterville Debt Exchanges and Repayment

During the first quarter of 2025, the Company issued an aggregate of 240,229 shares of common stock (the “Exchange Shares”) to Streeterville Capital, LLC (“Streeterville”), the holder of that certain outstanding secured promissory note of the Company issued on May 1, 2024 (the “Original Note”), at a price between $2.48 and $4.21 per share, in each case equal to the Minimum Price as defined in Nasdaq Listing Rule 5635(d) in accordance with the terms and conditions of certain exchange agreements, pursuant to which the Company and Streeterville agreed to (i) partition new secured promissory notes in the form of the Original Note in the aggregate original principal amount of $750,000 and then cause the outstanding balance of the Original Note to be reduced by an aggregate of $750,000; and (ii) exchange the partitioned notes for the delivery of the Exchange Shares.

On March 31, 2025, using the net proceeds from the March Offering (see “March 2025 Public Offering” disclosure in Note 9), the Company repaid the remaining obligation of approximately $2.7 million (which included principal, accrued interest and monitoring fees, and a 15% prepayment penalty) in respect of the two secured promissory notes issued by the Company to Streeterville on May 1, 2024 and May 24, 2024. As a result of the repayments, Streeterville released its security interest in the stock the Company owns in Legacy XTI and the assets owned by Legacy XTI. Due to the repayment of the promissory notes occurring before the maturity date, the Company incurred a loss on extinguishment of debt of approximately $0.4 million, which is reported within other (expense) income on the condensed consolidated statements of operations.