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BORROWING
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
BORROWING BORROWING
The following table presents our long-term borrowing under the 2022 Loan Agreement:

(in thousands)March 31, 2025December 31, 2024Interest rate
Principal
Term A Loan$27,500 $27,500 
7.95% + 0.022% + SOFR (subject to a floor of 1.0%)
Term B Loan22,500 22,500 
7.95% + 0.022% + SOFR (subject to a floor of 1.0%)
Term C Loan50,000 50,000 
4.25% + 0.022% + SOFR (subject to a floor of 4.7%)
Term D Loan50,000 50,000 
4.00% + 0.022% + SOFR (subject to a floor of 4.7%)
Total principal150,000 150,000 
Adjustments to principal value
Unamortized discount and debt issuance costs(1,070)(1,136)
Accreted value of final fee2,371 1,989 
Total long-term debt
151,301 150,853 
Less: Current portion of long-term debt— — 
Long-term debt, net of current portion$151,301 $150,853 
The total unaccreted final fee was $5.1 million and $5.4 million as of March 31, 2025 and December 31, 2024, respectively.
As of March 31, 2025, our total future payment obligation related to the outstanding balance of the term loans, excluding interest payments, was $151.3 million, which is due on July 1, 2028.
There have been no changes to the principal, maturity, interest rates, interest payment terms and debt covenants since December 31, 2024. See Note 9. Borrowing of our 2024 Form 10-K for additional information regarding our 2022 Loan Agreement.