Long-Term Debt (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

At September 30, 2025 and December 31, 2024, long-term debt consisted of the following (in thousands):

	September 30, 2025		December 31, 2024
2021 Credit Facility (1)	$	16,166	$	37,362
Credit Agreement	—		3,700
Economic Injury Disaster Loan	150		150
Total long-term debt	16,316		41,212
Add: debt premium	3,151		—
Less: deferred financing cost (1)	(3,626)		(4,238)
Less: debt discount	(93)		(1,671)
Total long-term debt, net of deferred financing cost and debt discount	15,748		35,303
Less: current portion	(4,931)		(3,700)
Total long-term debt, including debt premium, net of current portion, deferred financing cost and debt discount	$	10,817	$	31,603

_________________

(1)As of September 30, 2025 and December 31, 2024, amount includes an exit fee of $3.0 million, which due at maturity or prepayment.

At December 31, 2024 and 2023, long-term debt consisted of the following (in thousands):

	December 31,
	2024		2023
2021 Credit Facility (1)	$	37,362	$	28,594
Credit Agreement	3,700		3,000
Economic Injury Disaster Loan	150		150
Total long-term debt	41,212		31,744
Less: deferred financing cost (1)	(4,238)		(1,688)
Less: debt discount (2)	(1,671)		—
Total long-term debt, net of deferred financing cost and debt discount	35,303		30,056
Less: current portion	(3,700)		(1,478)
Total long-term debt, net of current portion, deferred financing cost and debt discount	$	31,603	$	28,578

__________________

(1)As of 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 December 31, 2024, amount includes $1.7 million 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest expense – 2021 Credit Facility (1)	$	769	$	1,020	$	3,025	$	2,975
Interest expense – Credit Agreement	81		206		222		531
Interest expense – other	5		1		14		4
Amortization of deferred financing cost and debt discount	699		186		1,928		558
Amortization of debt premium	(450)		—		(450)		—
Total interest expense and amortization of deferred financing cost and debt discount (premium), net	$	1,104	$	1,413	$	4,739	$	4,068

_________________

(1)For the three and nine months ended September 30, 2025, a portion of 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 (premium), net in the condensed consolidated statement of cash flows.

Schedule of Future Minimum Payments Related to Long-Term Debt

As of September 30, 2025, future minimum payments related to long-term debt are as follows (in thousands):

Remaining 2025	$	3,804
2026	12,366
2027	3
2028	3
2029	4
Thereafter	136
Total	16,316
Add debt premium	3,151
Less current portion	(4,931)
Less deferred financing cost	(3,626)
Less debt discount	(93)
Total long-term debt, including debt premium, net of current portion, deferred financing cost and debt discount	$	10,817

As of December 31, 2024, future minimum payments related to long-term debt are as follows (in thousands):

2025	$	3,700
2026	37,366
2027	3
2028	3
2029	4
Thereafter	136
Total	41,212
Less current portion	(3,700)
Less deferred financing cost	(4,238)
Less debt discount	(1,671)
Long-term debt, net of current portion, deferred financing cost and debt discount	$	31,603