On March 8, 2024, the Company entered into limited waivers and amendments (collectively Amendment No. 5) to (i) the May 10, 2022, Amended and Restated Credit and Security Agreement (Term Loan), as amended on November 8, 2022, March 28, 2023, July 13, 2023, and September 19, 2023 and (ii) the May 10, 2022, Amended and Restated Credit and Security Agreement (Revolving Loan) as amended on November 8, 2022, March 28, 2023, July 13, 2023 and September 19, 2023 (together, the Amended and Restated Credit Agreement), in each case with the Company as borrower and with MidCap Financial Trust (MidCap) as agent and lender, and the additional lenders from time to time party thereto.

Amendment No. 5 modified the credit facility established under the Amended and Restated Credit Agreement, which provided for a $57.1 million credit facility (the Credit Facility) and consisted of a $52.1 million senior secured term loan (the Term Loan) and a $5.0 million working capital facility (the Revolver).

The interest on the Term Loan was based on the forward-looking one-month term Secured Overnight Financing Rate adjusted upward by 0.10% (Term SOFR) plus an applicable margin of 7.00%, subject to a Term SOFR floor of 4.50%. If any advance under the Term Loan was prepaid at any time, a prepayment fee would be charged based on the amount prepaid and an applicable percentage amount, such as 4%, 3%, or 1%, based on the date the prepayment was made. Interest on an outstanding balance under the Revolver was payable monthly in

arrears at an annual rate of Term SOFR plus an applicable margin of 4.00%, subject to a Term SOFR floor of 4.50%.

The Credit Facility included minimum net revenue requirements that were measured on a trailing twelve-month basis and a minimum cash requirement. Amendment No. 5 reduced the minimum net revenue requirements for future periods up to and including for the twelve months ending December 31, 2024—for example, the Company’s minimum net revenue requirement was reduced for the twelve months ending December 31, 2024, from $42.0 million to $34.0 million. Amendment No. 5 also removed those requirements for the periods ending January 31, 2025 through December 31, 2025, instead requiring that for each applicable twelve-month period ending after December 31, 2024, the Company’s minimum net revenue requirement would be determined by MidCap in its reasonable discretion in consultation with the Company’s senior management and based on financial statements and projections delivered to MidCap in accordance with the financial reporting requirements in the Credit Facility, so long as the minimum net revenue requirements for those periods shall not be less than the greater of (x) the applicable minimum net revenue requirement for the twelve-month period ending on the last day of the immediately preceding month and (y) $34.0 million. In addition, Amendment No. 5 also removed the advance rate for finished goods inventory in the determination of the borrowing base for the Revolver and increased the minimum cash requirement from $9.0 million to $10.0 million. Under the terms of the Credit Facility, cash and cash equivalents as well as short-term investments in U.S. Treasuries were included in the determination of the minimum cash covenant. Finally, Amendment No. 5 conditioned the next borrowing under the Revolver on the Company achieving net revenue for the preceding twelve-month period of at least $38.0 million down from $45.0 million. As a condition to the effectiveness of Amendment No. 5, the Company also issued an equity-classified warrant with a fair value of $0.1 million as described further in “Note 11. Stockholder’s Equity.” This warrant was recorded as additional debt issuance costs, which was being amortized to interest expense over the term of the Credit Facility using the effective interest method.

The maturity date of the Credit Facility was May 1, 2027. On the date of termination of the Term Loan or the date on which the obligations under the Term Loan became due and payable in full, the Company would pay an exit fee in an amount equal to 9.00% of the total aggregate principal amount of term loans made pursuant to the Term Loan (including amendments thereto) as of such date. All loans issued under the Credit Facility were collateralized by the Company’s assets.

Long-term debt, net consisted of the following (in thousands):


	As of December 31,
	2024			2023
Long-term debt	$	12,135		$	12,135
Cumulative accretion of exit fee		1,544			1,261
Unamortized debt discount and debt issuance costs		(191	)		(145	)
Total debt		13,488			13,251
Less: current portion		(4,045	)		—
Long-term debt, net	$	9,443		$	13,251

At December 31, 2024, the scheduled maturities of the Company’s debt obligations were as follows (in thousands):


	Amount
2025	$	4,045
2026		6,068
2027		2,022
Total	$	12,135

As of December 31, 2024, the fair value of the Company’s long-term debt approximated its carrying value. The fair value of the Company’s long-term debt was based on observable market inputs (Level 2).

On March 3, 2025, the Company entered into the Second Amended and Restated Credit Agreement (defined in Note 17 below), which amends and restates the Amended and Restated Credit Agreement referred to above.