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Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Debt obligations consisted of the following:
December 31,
(dollars in millions)Maturity DateInterest Rate20252024
2018 Assistance Agreement Debt
09/283.25%$0.6 $0.8 
Less: current installments included within Accounts Payable and Accrued Liabilities
(0.2)(0.2)
Total long-term debt$0.4 $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. In September 2018, the Company borrowed $2.0 million under the 2018 Assistance Agreement, of which $1.0 million was forgiven by the State of Connecticut in April 2021 as the Company met certain employment conditions, as defined in the agreement. 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 December 31, 2025 are as follows:
(dollars in millions)
2026$0.2 
20270.2 
20280.2 
Total$0.6 
During the years ended December 31, 2025, 2024 and 2023, interest expense was immaterial.