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Long-Term Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Debt obligations consisted of the following:
(dollars in millions)Maturity DateInterest RateMarch 31,
2023		December 31,
2022
2018 Assistance Agreement Debt
09/283.25%$1.0 $1.0 
Less: current installments(0.1)— 
Total long-term debt$0.9 $1.0 
In June 2018, the Company entered into an additional assistance agreement with the State of Connecticut (the "2018 Assistance Agreement") to provide funding for the expansion and renovation of laboratory and office space. The Company borrowed $2.0 million under the 2018 Assistance Agreement in September 2018, of which $1.0 million was forgiven upon meeting certain employment conditions. Borrowings under the agreement bear an interest rate of 3.25% per annum, with interest-only payments required for the first 60 months, and mature in September 2028. The 2018 Assistance Agreement requires that the Company be located in the State of Connecticut through September 2028, with a default penalty of repayment of the full original funding amount of $2.0 million plus liquidated damages of 7.5% of the total amount of funding received.
In connection with an assistance agreement with the State of Connecticut entered into in 2014 under which all the borrowings by the Company were forgiven, the Company is required to be located in the State of Connecticut through January 2024, with a default penalty of repayment of the full original funding amount of $2.5 million plus liquidated damages of 7.5%.
Minimum future principal payments on long-term debt for the years ending December 31 are as follows:
(dollars in millions)
2023$— 
20240.2 
20250.2 
20260.2 
20270.2 
20280.2 
Total$1.0 
During the three months ended March 31, 2023 and 2022, interest expense was immaterial.