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

Debt (Tables)

v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The table below presents details of the Company’s debt as of the following periods and the effective interest rate as of December 31, 2025:
  Effective interest rate December 31, 2025 December 31, 2024
Adams Street Term Loan
 —  % $ —  $ 30,212 
Adams Street Delayed Draw Term Loan
 —  —  14,619 
Adams Street Incremental Term Loan
 —  —  31,268 
Adams Street Revolving Credit Facility
 —  —  50,000 
JPMorgan Term Loan
 13.31  87,750  — 
Other financing loans
 3.43  662  486 
Total debt
 88,412  126,585 
Less: unamortized discounts and issuance costs
 3,214  855 
Total debt, net
 85,198  125,730 
Less: Short-term debt, including current portion of long-term debt
 5,162  1,266 
Total long-term debt, net
 $ 80,036  $ 124,464 
As of December 31, 2025, the outstanding principal under the Adams Street Credit Agreement incurs cash interest in accordance with the base rate plus the applicable rates as set forth in the table below:

 
Term SOFR Rate
 Base Rate
Term loans
 6.00  % 5.00  %
Revolving credit facility:
Aggregate principal of $5.0 million or less
6.00  5.00 
Aggregate principal in excess of $5.0 million
 7.50  6.50 
Schedule of Maturities of Long-Term Debt
The maturities of the Company’s long-term debt outstanding as of December 31, 2025 are as follows:

2026 2027 2028 2029 2030 Thereafter Total
JPMorgan Term Loan
 $ 4,500  $ 83,250  $ —  $ —  $ —  $ —  $ 87,750 
Other Financing Loan
 662  —  —  —  —  —  662 
Total long-term debt maturities
 $ 5,162  $ 83,250  $ —  $ —  $ —  $ —  $ 88,412 
Interest Income and Interest Expense Disclosure
The table below presents the interest expense on debt, including the amortization of discounts and issuance costs for the following periods:
Year Ended
December 31, 2025 December 31, 2024 December 31, 2023
Interest expense on debt $ 39,766  $ 13,484  $ 10,702