Term Loans (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Future Principal Debt Payments on Term Loan Agreement

Future principal debt payments on the Trinity Term Loan Agreement as of June 30, 2025 are as follows (in thousands):

Year Ending December 31,
2024	$	—
2025		—
2026		—
2027		18,709
2028		21,291
Total principal payments	$	40,000

Schedule of Reconcile of Change in Fair Value of Debt

The following table reconciles the change in fair value of the Trinity Term Loans during the six months ended June 30, 2025 (in thousands):

Trinity Term Loans
Beginning fair value balance as of January 1, 2025	$	43,942
Principal payments		—
Change in fair value reported in statements of operations		441
Change in fair value reported in comprehensive loss		(3,332	)
Ending fair value balance as of June 30, 2025	$	41,051

The following table reconciles the change in fair value of the Trinity Term Loans during the three months ended June 30, 2025 (in thousands):

Trinity Term Loans
Beginning fair value balance as of April 1, 2025	$	42,453
Principal payments		—
Change in fair value reported in statements of operations		185
Change in fair value reported in comprehensive loss		(1,587	)
Ending fair value balance as of June 30, 2025	$	41,051

The following table reconciles the change in fair value of the Success Fee liability during the six months ended June 30, 2025 (in thousands):

Success Fee
Beginning fair value balance as of January 1, 2025	$	930
Change in fair value of Success Fee		299
Ending fair value balance as of June 30, 2025	$	1,229

The following table reconciles the change in fair value of the Success Fee liability during the three months ended June 30, 2025 (in thousands):

Success Fee
Beginning fair value balance as of April 1, 2025	$	925
Change in fair value of Success Fee		304
Ending fair value balance as of June 30, 2025	$	1,229

On August 7, 2025, the Company entered into the New Trinity Term Loan Agreement (as defined below) and terminated the existing Trinity Term Loan Agreement, as described in more detail in Note 16.