Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 15. RELATED PARTY TRANSACTIONS

The Company has a license agreement dated July 1, 2017, for certain intellectual property with an entity that is affiliated with one of the directors of the Company, under which the Company pays a royalty of four percent (4%) of net revenue related to the licensed intellectual property for the 15 years following the date of first sale, including a minimum annual payment of $250. The term of the agreement is 20 years, and automatically renews for five-year periods thereafter. Payments to the entity under this license agreement totaled $269, $249 and $87 for the years ended December 31, 2023, 2022 and 2021, respectively. Amounts payable to this entity as of December 31, 2023 and 2022 were $ 155 and $164, respectively.

The Company paid professional services fees to a related party totaling $327, $405 and $542 for the years ended December 31, 2023, 2022 and 2021, respectively, and are included in Selling, general, and administrative expense in the Consolidated Statements of Operations and Comprehensive Loss. Amounts payable as of December 31, 2023 and 2022 to this related party were $16 and $0, respectively.