Term Loans (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Future Principal Debt Payments on Term Loan Agreement

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

Year Ending December 31,
2025	$	—
2026		—
2027		—
2028		—
2029		11,969
2030		38,031
Total principal payments	$	50,000

Schedule of Reconcile of Change in Fair Value of Debt

The following table reconciles the change in fair value of the 2023 Trinity Term Loans and 2025 Trinity Term Loans, (the “Trinity Term Loans”), during the nine months ended September 30, 2025 (in thousands):

Trinity Term Loans
Beginning fair value balance as of January 1, 2025	$	43,942
Repayment of 2023 Term Loan		(40,612	)
Beginning fair value balance of 2025 Trinity Term Loan on August 7, 2025		49,783
Change in fair value reported in statements of operations		627
Change in fair value reported in comprehensive loss		(2,888	)
Ending fair value balance as of September 30, 2025	$	50,852

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

Trinity Term Loans
Beginning fair value balance as of July 1, 2025	$	41,051
Repayment of 2023 Term Loan		(40,612	)
Beginning fair value balance of 2025 Trinity Term Loan on August 7, 2025		49,783
Change in fair value reported in statements of operations		186
Change in fair value reported in comprehensive loss		444
Ending fair value balance as of September 30, 2025	$	50,852

The following table reconciles the change in fair value of the Success Fees liability during the nine months ended September 30, 2025 (in thousands):

Success Fees
Beginning fair value balance as of January 1, 2025	$	930
Beginning fair value balance of 2025 Success Fee on August 7, 2025		217
Change in fair value of Success Fees		372
Ending fair value balance as of September 30, 2025	$	1,519

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

Success Fees
Beginning fair value balance as of July 1, 2025	$	1,229
Beginning fair value balance of 2025 Success Fee on August 7, 2025		217
Change in fair value of Success Fees		73
Ending fair value balance as of September 30, 2025	$	1,519