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Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Credit Facility
During April 2022, the Company entered into a second amendment to its revolving credit agreement (as amended, the “RCA”) with City National Bank (“Lender”). Under this amendment, the amount available to be borrowed was increased to $30.0 million from $9.5 million. During January 2023, the Company entered into a third amendment to the RCA. Under this amendment, advances on the line of credit will bear monthly interest at a variable rate equal to, at the Company’s discretion, (a) the average Secured Overnight Financing Rate (“SOFR”) plus 2.00%, or (b) the base rate. The base rate under the RCA is a rate equal to the greater of (i) 3.00% or (ii) the prime rate most recently announced by the Lender. There were no other material changes to the RCA as a result of the amendment. As of September 30, 2023, the Company had an outstanding balance of $6.1 million and the total amount available to the Company to be borrowed was $23.9 million.

Under the RCA, the outstanding balance of $6.1 million as of September 30, 2023 was collateralized by cash held by the Company. As such, the Company held $6.1 million in cash that it deemed to be restricted and is included in restricted cash, current on the Company’s condensed consolidated balance sheet as of September 30, 2023. With prior written notice to the Lender, the Company has the right, at any time prior to the maturity date in September 2024, to terminate the RCA. In the event of such termination, the aggregate principal of the then outstanding amounts, including any accrued interest to date, shall be repaid and the restrictions on the associated collateralized cash would be released. The Company classifies the facility as debt facility, current on its condensed consolidated balance sheet as of September 30, 2023.

As of September 30, 2023, the interest rate associated with the outstanding balance under the RCA was 7.4%, which is a per annum rate. Interest payments on outstanding borrowing are due on the last day of each monthly interest period and payments for the commitment fee are due at the end of each calendar quarter. Total interest expense related to the RCA was $0.2 million and $0.4 million for the three and nine months ended September 30, 2023, respectively. Total interest expense related to the RCA was less than $0.1 million for the three and nine months ended September 30, 2022, respectively.
Insurance Premium Financing Agreement
Effective November 2022, the Company entered into an insurance policy with annual premiums totaling $2.1 million. The Company executed a finance agreement with AFCO Premium Credit LLC over a term of twelve months, with an annual interest rate of 4.5%, that finances the payment of the total premiums owed. The finance agreement required a $0.5 million down payment, with the remaining $1.5 million plus interest paid over three quarterly installments. These quarterly payments started on February 10, 2023. As of September 30, 2023,