Notes Payable

12 Months Ended

Dec. 31, 2024

Notes Payable

Notes Payable

Note 9 – Notes Payable

On April 11, 2023, the Company’s long-term debt facility (the “Term Loan”) with Runway Growth Finance Corp. (“Runway”), originally entered into on March 4, 2022, was terminated upon receipt by Runway of a payoff amount of $30.4 million from the Company comprised of principal, interest and the applicable final payment amount. The loss on extinguishment of $2.8 million was recorded in interest expense in the Statements of Operations. For the years December 31, 2024, and 2023, the Company recorded the following components in interest expense:

	For the year ended December 31,
($ in thousands)	2024		2023
Interest expense	$	—	$	1,187
Amortization of debt discount		—		118
Loss on extinguishment		—		2,796
Other		5		8
Total interest expense	$	5	$	4,109