| Schedule of Debt |
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September 30, 2026 |
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December 31, 2025 |
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Journey |
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Fortress |
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Journey |
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Total |
($ in thousands) |
|
SWK Term Loan |
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|
2024 Oaktree Note |
|
SWK Term Loan |
|
Notes Payable |
Notes payable, short-term |
|
$ |
7,500 |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
Notes payable, long-term |
|
|
17,500 |
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|
|
29,494 |
|
|
25,000 |
|
|
54,494 |
Total notes payable |
|
|
25,000 |
|
|
|
29,494 |
|
|
25,000 |
|
|
54,494 |
Plus: yield protection premium/exit fee |
|
|
1,250 |
|
|
|
295 |
|
|
1,250 |
|
|
1,545 |
Less: Debt discount |
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|
(673) |
|
|
|
(2,649) |
|
|
(973) |
|
|
(3,622) |
Total notes payable, net |
|
$ |
25,577 |
|
|
$ |
27,140 |
|
$ |
25,277 |
|
$ |
52,417 |
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| Interest Expense for all Debt Arrangements |
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Three Months Ended September 30, |
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2026 |
|
2025 |
($ in thousands) |
|
Interest |
|
Fees |
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Total |
|
Interest |
|
Fees |
|
Total |
2024 Oaktree note1 |
|
$ |
436 |
|
$ |
1,126 |
|
$ |
1,562 |
|
$ |
904 |
|
$ |
204 |
|
$ |
1,108 |
Partner company notes payable |
|
|
814 |
|
|
105 |
|
|
919 |
|
|
814 |
|
|
123 |
|
|
937 |
Partner company contingent call option accretion2 |
|
|
— |
|
|
— |
|
|
— |
|
|
677 |
|
|
— |
|
|
677 |
Other |
|
|
17 |
|
|
— |
|
|
17 |
|
|
20 |
|
|
— |
|
|
20 |
Total interest expense and financing fee |
|
$ |
1,267 |
|
$ |
1,231 |
|
$ |
2,498 |
|
$ |
2,415 |
|
$ |
327 |
|
$ |
2,742 |
Note 1: |
Includes loss on extinguishment of $1.0 million related to the payoff of the 2024 Oaktree note on September 30, 2026. |
Note 2: Relates to Urica’s optional repurchase obligation to Crystalys (see Note 3), which expired in 2025.
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Nine Months Ended September 30, |
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|
2026 |
|
2025 |
($ in thousands) |
|
Interest |
|
Fees |
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Total |
|
Interest |
|
Fees |
|
Total |
2024 Oaktree note1 |
|
$ |
1,698 |
|
$ |
2,756 |
|
$ |
4,454 |
|
$ |
3,280 |
|
$ |
717 |
|
$ |
3,997 |
Partner company notes payable |
|
|
2,417 |
|
|
300 |
|
|
2,717 |
|
|
2,417 |
|
|
348 |
|
|
2,765 |
Partner company contingent call option accretion2 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,283 |
|
|
— |
|
|
1,283 |
Other |
|
|
171 |
|
|
— |
|
|
171 |
|
|
20 |
|
|
— |
|
|
20 |
Total interest expense and financing fee |
|
$ |
4,286 |
|
$ |
3,056 |
|
$ |
7,342 |
|
$ |
7,000 |
|
$ |
1,065 |
|
$ |
8,065 |
Note 1: |
Includes loss on extinguishment of $1.0 million related to the payoff of the 2024 Oaktree note on September 30, 2026. |
Note 2: Relates to Urica’s optional repurchase obligation to Crystalys (see Note 3), which expired in 2025.
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