RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

The Company reimbursed an aggregate amount of $14,000 and $123,000 during the nine months ended September 30, 2024 and 2023, respectively, to former executive officers in connection with legal fees incurred following such officers’ respective departures from the Company.

In 2023, the Company entered into a Loan Facility ("Loan Facility") with a private portfolio company. As of September 30, 2024 and December 31, 2023, the Loan Facility balance including interest receivable was $3.1 million and $2.2 million, respectively. The Loan Facility bore an interest rate of 9.5% per annum. We recorded $75,000 and $209,000 in interest income, respectively, during the three and nine months ended September 30, 2024 and $51,000 in interest income during the three and nine months ended September 30, 2023. The receivable is included in other non-current assets in the consolidated balance sheets.

Refer to Note 10 for information about the Recapitalization Agreement and Services Agreement with Starboard.