v3.25.4
PURCHASE AND SALE OF THE REVENUE PARTICIPATION RIGHT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following table summarizes the components of the amended term loan facility, on the Company’s consolidated balance sheets at December 31, 2025 and 2024:
December 31,
20252024
(in thousands)
Gross proceeds outstanding$50,000 $20,000 
Accrued end-of-term fees400 582 
Unamortized debt issuance costs(460)— 
Carrying value$49,940 $20,582 
The following table summarizes the activity of the liability related to the sale of future revenue for the year ended December 31, 2025 (in thousands):
Proceeds from the sale of future revenue$55,000 
Initial fair value of derivative liability(19,330)
Issuance costs(3,231)
Non-cash interest expense recognized1,805 
Liability related to the sale of future revenue $34,244 
Schedule of Derivative Liabilities at Fair Value
The following table presents the activity of the derivative liability for the year ended December 31, 2025 (in thousands):
Initial fair value of derivative liability$19,330 
Change in fair value700 
Carrying value as of December 31, 2025$20,030