v3.26.1
Loans Payable
6 Months Ended
Jun. 30, 2026
Loans Payable  
Loans Payable

13. Loans Payable

As a result of the Acquisition of VCN, the Company acquired interest-free or below-market interest rate loans (0%-1%) extended by Spanish governmental institutions of Ministerio de Ciencia, Innovacion y Universidades (RETOS loan) and ACC10 Generalitat de Catalunya (NEBT loan). The maturities of these loans are between 2024 and 2028. As a result of the Acquisition, the Company maintains a restricted cash collateral account of $44,000 relating to the RETOS loan, which is reflected as a non-current asset on the balance sheet.

During September 2024, the Company announced that its THERICEL project had been awarded €2.28 million (approximately $2.54 million) from the National Knowledge Transfer Program of the Spanish government’s Ministry of Science, Innovation & Universities to support a collaboration between the Company and the Universitat Autònoma de Barcelona (“UAB”) to advance the Company’s THERICEL suspension cell platform for the clinical manufacture of adenovirus- and adeno-associated virus (“AAV”) therapies. Under the award, the Company (via its wholly owned subsidiary, Theriva Biologics SL) received an unsecured loan (the “Loan”) of €1.3 million (approximately $1.4 million) as a lump sum payment on January 17, 2025 which bears interest at a rate of 4.015% and is to be repaid over 7 years commencing three years from the date of award.

13. Loans Payable – (continued)

The Company incurred, and charged to interest expense, $17,000 and $33,000 during the three and six months ended June 30, 2026, respectively. During the three and six months ended June 30, 2025 the Company incurred, and charged to interest expense, $16,000 and $28,000, respectively.

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June 30, 2026

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June 30, 2026

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December 31, 2025

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December 31, 2025

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Current

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Non-current

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Current

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Non-current

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NEBT Loan

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9

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$

—

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9

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$

9

RETOS 2015

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25

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11

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48

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38

THERICEL Loan

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—

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1,609

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—

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1,624

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$

34

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$

1,620

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$

57

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$

1,671

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A maturity analysis of the debt as of June 30, 2026 is as follows (amounts in thousands of dollars):

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2027

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34

2028

 

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11

2029

 

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114

2030

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225

2031

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235

Thereafter

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1,035

Total

 

$

1,654

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