Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

At March 31, 2025 and December 31, 2024, long-term debt consisted of the following (in thousands):

	March 31, 2025		December 31, 2024
2021 Credit Facility (1)	$	37,362	$	37,362
Credit Agreement	3,700		3,700
Economic Injury Disaster Loan	150		150
Total long-term debt	41,212		41,212
Less: deferred financing cost (1)	(3,718)		(4,238)
Less: debt discount (2)	(494)		(1,671)
Total long-term debt, net of deferred financing cost and debt discount	37,000		35,303
Less: current portion	(4,122)		(3,700)
Total long-term debt, net of current portion, deferred financing cost and debt discount	$	32,878	$	31,603

(1) As of March 31, 2025 and December 31, 2024, amount includes an exit fee of $3.0 million, which is non-interest bearing and due at maturity or prepayment.

(2) As of March 31, 2025 and December 31, 2024, amount includes $0.5 million and $1.7 million, respectively, for the interest reserve, pursuant to the LS Amendment, as defined below, net of amounts amortized for interest.

Schedule of Components of Interest Expense and Related Fees for Long-Term Debt

The components of interest expense and related fees for long-term debt is as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Interest expense – 2021 Credit Facility (1)	$	1,131	$	974
Interest expense – Credit Agreement	70		136
Interest expense – other	4		1
Amortization of deferred financing cost and debt discount	641		186
Total interest expense and amortization of deferred financing cost and debt discount	$	1,846	$	1,297

(1) For the three months ended March 31, 2025, the interest expense related to the 2021 Credit Facility was applied against the interest reserve, as described below, and included in amortization of deferred financing cost and debt discount in the condensed consolidated statement of cash flows.

Schedule of Future Minimum Payments Related to Long-term Debt

As of March 31, 2025, future minimum payments related to long-term debt are as follows (in thousands):

Remaining 2025	$	3,700
2026	37,366
2027	3
2028	3
2029	4
Thereafter	136
Total	41,212
Less current portion	(4,122)
Less deferred financing cost	(3,718)
Less debt discount	(494)
Long-term debt, net of current portion, deferred financing cost and debt discount	$	32,878