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Subsequent Events
3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Endospan Loan
On September 11, 2019 Artivion and Endospan Ltd. (“Endospan”), an Israeli corporation, entered into a loan agreement (“Endospan Loan”), in which Artivion agreed to provide Endospan a secured loan of up to $15.0 million to be funded in three tranches of $5.0 million each. The first tranche of the Endospan Loan was funded upon execution of the agreement in September 2019. In September 2020 we funded the second tranche payment of $5.0 million upon the certification of the NEXUS IDE from the US Food and Drug Administration (the “FDA”).
On April 16, 2023 Endospan completed an enrollment certification of 50% of the required number of patients in the primary arm of the FDA approved clinical trial for NEXUS, which, assuming compliance with other requirements under the Endospan Loan, may trigger a third tranche payment of $5.0 million. We expect to fund the $5.0 million payment during the second quarter of fiscal year 2023.
We elected the fair value option for recording the Endospan Loan and are evaluating the fair value impact of the anticipated funding of the third tranche payment.