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Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt

8. Debt

 

On April 8, 2021, the Company entered into a loan and security agreement (the “Loan Agreement”) with Innovatus Life Sciences Lending Fund I, LP, a Delaware limited partnership (“Innovatus”) in its capacity as Collateral Agent and sole Lender. On August 9, 2022, the Company amended the Loan Agreement. Under the amended Loan Agreement, Innovatus, as Lender, has agreed to loan up to $75 million, a $50 million increase from the original Loan Amount. As of March 31, 2024, term loans totaling $35 million are outstanding under the Loan Agreement, including the initial Term A loan of $15 million which was funded on April 8, 2021, and a $20 million Term B loan which was funded on December 22, 2022. On March 29, 2024, the Company entered into a second amendment to its existing Loan Agreement to extend the date through which the Company may draw on the Term C Loan from April 1, 2024 to June 1, 2024. Other than as set forth in the second amendment, the amended Loan Agreement shall continue in full force and effect without alteration or amendment.

 

Long-term debt consisted of the following at March 31, 2024 and December 31, 2023:

 

   March 31,
2024		   December 31,
2023		 
Note payable  $35,000,000   $35,000,000 
Add: PIK interest (added to principal)   3,031,170    2,565,660 
Less: unamortized debt issuance costs   (419,921)   (480,810)
Less: unamortized debt discount   (45,019)   (49,439)
Total long-term debt  $37,566,230   $37,035,411 

 

Future principal payments, including the incurred PIK interest, are as follows:

 

  

Years Ending

December 31,

 
     
2025  $14,261,689 
2026   19,015,585 
2027   4,753,896 
Total  $38,031,170