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Subsequent Events | 12 Months Ended
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Dec. 31, 2022
Subsequent Events [Abstract] |
Subsequent Events | 11. Subsequent Events 2023 Loan Agreement In January 2023, the Company executed the 2023 Loan Agreement with the new lenders named therein. The 2023 Loan Agreement provides up to $100.0 million in aggregate principal in term loans, consisting of a first tranche of $25.0 million that was funded at closing, two subsequent tranches totaling $25.0 million that may be funded upon the achievement of certain time-based, clinical and regulatory milestones, and a fourth tranche of up to $50.0 million that may be funded upon discretionary approval by the lenders. The term loans under the 2023 Loan Agreement mature on January 1, 2027. The maturity date may be extended to July 1, 2027, provided that the second and third tranches are funded and the Company achieves certain other financing milestones. The term loans bear interest equal to the greater of (i) 8.45% and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal plus (b) 2.25%. Consecutive monthly payments of interest commence in February 2023 and consecutive monthly payments of principal commence in February 2025, or February 2026 provided that certain extension milestones are achieved. 2021 Loan Agreement In January 2023, the first tranche of $25.0 million that was funded pursuant to the 2023 Loan Agreement was primarily used to repay the Company’s outstanding obligations under the 2021 Loan Agreement, including the total principal amount outstanding as of December 31, 2022 of $20.0 million, the final payment fee of $1.0 million and an early prepayment fee of $0.4 million (see Note 6). ATM Facility In January and February 2023, the Company received aggregate proceeds of $13.4 million, net of commissions from sales of 968,000 shares of its common stock pursuant to the ATM Facility (see Note 7). On February 15, 2023, the Company entered into Amendment No. 1 to the Sales Agreement with the Sales Agent, pursuant to which the Company may offer and sell up to $150.0 million shares of its common stock, from time to time, through the ATM Facility (see Note 7). Banking Relationship with SVB The Company has a banking relationship with SVB. On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation ("FDIC") as receiver. On March 12, 2023, the Federal Reserve Board approved actions enabling the FDIC to complete its resolution of SVB in a manner that fully protects all depositors. Based on the foregoing and the Company’s analysis of the components of its relationship with SVB, the Company does not expect these events to have a material impact on the Company’s consolidated financial statements.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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