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Long-Term Debt | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Debt obligations consisted of the following:
(dollars in millions) | Maturity Date |  | Interest Rate |  | June 30, 2025 |  | December 31, 2024
2018 Assistance Agreement Debt | 09/28 |  | 3.25% |  | $ | 0.7 |  |  | $ | 0.8 |
Less: current installments |  |  |  |  | (0.2) |  |  | (0.2) |
Total long-term debt |  |  |  |  | $ | 0.5 |  |  | $ | 0.6 |
In June 2018, the Company entered into an 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 2018 Assistance 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. Minimum future principal payments on long-term debt as of June 30, 2025 are as follows:
(dollars in millions) |
Remainder of 2025 | $ | 0.1 |
2026 | 0.2 |
2027 | 0.2 |
2028 | 0.2 |
Total | $ | 0.7 |
During the three and six months ended June 30, 2025 and 2024, interest expense was immaterial.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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