Annual report [Section 13 and 15(d), not S-K Item 405]

Notes Payable

v3.25.1
Notes Payable
 12 Months Ended
Dec. 31, 2024
Notes Payable  
Notes Payable

Note 9 – Notes Payable

On April 11, 2023, the Company’s long-term debt facility (the “Term Loan”) with Runway Growth Finance Corp. (“Runway”), originally entered into on March 4, 2022, was terminated upon receipt by Runway of a payoff amount of $30.4 million from the Company comprised of principal, interest and the applicable final payment amount. The loss on extinguishment of $2.8 million was recorded in interest expense in the Statements of Operations. For the years December 31, 2024, and 2023, the Company recorded the following components in interest expense:

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For the year ended December 31, 

($ in thousands)

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2024

    

2023

Interest expense

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$

—

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$

1,187

Amortization of debt discount

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—

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118

Loss on extinguishment

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—

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2,796

Other

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5

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8

Total interest expense

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$

5

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$

4,109

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