Related Party Transactions

12 Months Ended

Dec. 31, 2024

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 $300, $269 and $249 for the years ended December 31, 2024, 2023 and 2022, respectively. Amounts payable to this entity as of December 31, 2024 and 2023 were $92 and $155, respectively.

The Company paid professional services fees to a related party totaling $27, $327 and $405 for the years ended December 31, 2024, 2023 and 2022, 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, 2024 and 2023 to this related party were $14 and $16, respectively.