Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Our financial instruments as of December 31, 2025 consisted primarily of cash. Due to the short-term maturities of our cash, an immediate 10% change in interest rates would not have an effect on the fair market value of our cash.
As of December 31, 2025 and 2024, the aggregate principal amount outstanding under the Loan Agreement was $0 million and $29.3 million, respectively. The aggregate principal amount outstanding under the Loan Agreement bore interest through June 30, 2023 at a floating rate equal to the greater of (i) 30-day LIBOR and (ii) 0.11%, plus 7.89%. Effective July 1, 2023, the aggregate principal amount outstanding under the Loan Agreement bears interest at a floating rate equal to the greater of (i) 8.00% and (ii) the sum of (a) the 1-Month CME Term SOFR, (b) 0.10% and (c) 7.89% per annum. An immediate 10% change in the 1-Month CME Term SOFR rate would not have a material impact on our operating results or cash flows. In December 2025, pursuant to the terms of the Settlement Agreement with Oxford, we made a payment of $2 million and effective immediately upon such payment, settled all Oxford debt obligations.
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