| Schedule of Debt |
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March 31, 2026 |
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December 31, 2025 |
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Fortress |
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Journey |
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Total |
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Fortress |
|
Journey |
|
Total |
($ in thousands) |
|
2024 Oaktree Note |
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SWK Term Loan |
|
Notes Payable |
|
2024 Oaktree Note |
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SWK Term Loan |
|
Notes Payable |
Notes payable, short-term |
|
$ |
— |
|
$ |
2,500 |
|
$ |
2,500 |
|
$ |
— |
|
$ |
— |
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$ |
— |
Notes payable, long-term |
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|
15,000 |
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|
22,500 |
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|
37,500 |
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29,494 |
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|
25,000 |
|
|
54,494 |
Total Notes Payable |
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15,000 |
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25,000 |
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40,000 |
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29,494 |
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25,000 |
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|
54,494 |
Plus: Yield Protection Premium/Exit fee |
|
|
150 |
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|
1,250 |
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1,400 |
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|
295 |
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1,250 |
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|
1,545 |
Less: Debt discount |
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(1,145) |
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(877) |
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(2,022) |
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(2,649) |
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(973) |
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(3,622) |
Total Notes Payable, net |
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$ |
14,005 |
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$ |
25,373 |
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$ |
39,378 |
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$ |
27,140 |
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$ |
25,277 |
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$ |
52,417 |
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| Interest Expense for all Debt Arrangements |
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Three Months Ended March 31, |
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2026 |
|
2025 |
($ in thousands) |
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Interest |
|
Fees |
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Total |
|
Interest |
|
Fees |
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Total |
2024 Oaktree Note |
|
$ |
833 |
|
$ |
1,506 |
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$ |
2,339 |
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$ |
1,046 |
|
|
193 |
|
|
1,239 |
Partner company notes payable |
|
|
797 |
|
|
95 |
|
|
892 |
|
|
789 |
|
|
102 |
|
|
891 |
Partner company contingent call option accretion1 |
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— |
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— |
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— |
|
|
677 |
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— |
|
|
677 |
Other |
|
|
137 |
|
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— |
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137 |
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(2) |
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— |
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(2) |
Total Interest Expense and Financing Fee |
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$ |
1,767 |
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$ |
1,601 |
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$ |
3,368 |
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$ |
2,510 |
|
$ |
295 |
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$ |
2,805 |
Note 1: Relates to Urica’s optional repurchase obligation to Crystalys (see Note 3), which expired in 2025.
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