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Debt
 12 Months Ended
Dec. 31, 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 amounts 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.
In December 2023, the Company entered into a fourth amendment related to the RCA. Under this amendment, the maximum borrowing available was reduced from $30 million to $20 million. Furthermore, advances on the line of credit will bear monthly interest at a variable rate equal to, at the Company’s discretion, (a) the average SOFR plus 2.75%, or (b) the base rate described above. The RCA has an unused line fee equal to 0.3% of the difference between the maximum balance available under the RCA and the average daily balance outstanding during the quarter, payable within ten days of the last day of each quarter. The RCA provides for an annual commitment fee equal to 0.5% on the amount available to be borrowed, payable annually on December 29th. The Company incurred annual commitment fees on the unused balance of the RCA of $0.1 million for the year ended December 31, 2023. In connection with the RCA, the Company incurred an additional $5 thousand of additional debt issuance costs which, together with the $0.1 million of commitment fees and $0.1 million of the then unamortized debt issuance costs, will be amortized over the remaining term of the facility.

As of December 31, 2023, the Company had an outstanding balance of $4.1 million and the total amount available to the Company to be borrowed was $15.9 million. The outstanding balance of $4.1 million as of December 31, 2023 was collateralized by cash held by the Company. As such, the Company held $4.1 million in cash that it deemed to be restricted and is included in restricted cash, non-current on the Company’s consolidated balance sheets as of December 31, 2023. With prior written notice to the Lender, the Company has the right, at any time prior to the maturity date in December 2025, 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.

As of December 31, 2023, the interest rate associated with the outstanding balance under the RCA was 8.1%, 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 and amortization of debt issuance costs related to the RCA was $0.6 million and $0.2 million for the years ended December 31, 2023 and 2022, respectively.

Advances under the RCA are due in full in December 2025. As the RCA is a multi-year revolving credit agreement, the Company classifies the facility as long-term debt on its consolidated balance sheets as it has the intent and ability to maintain the facility outstanding for longer than 12 months. The Company classifies the facility as a debt facility, non-current on its consolidated balance sheets as of December 31, 2023.
Insurance Premium Financing Agreements
In November 2022, the Company entered into an additional insurance policy with annual premiums totaling $2.1 million. The Company executed an additional finance agreement with AFCO Premium Credit LLC over a term of twelve months, with an annual interest rate and weighted average interest rate for the periods presented 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 December 31, 2023, the balance of this finance agreement was fully paid. Total interest expense related to this agreement was less than $0.1 million for both the years ended December 31, 2023 and 2022, respectively.

In November 2023, the Company entered into an insurance policy with annual premiums totaling $1.2 million. The Company has executed a finance agreement with AFCO Premium Credit LLC over a term of twelve months, with an annual interest rate and weighted average interest rate for the year ended December 31, 2023 of 7.0%, that finances the payment of the total premiums owed. The agreement requires a $0.3 million down payment, with the remaining $0.9 million plus interest paid over three quarterly installments. These quarterly payments start February 10, 2024. As of December 31, 2023, the unpaid balance is $0.9 million, reported as a component of accrued expenses and other current liabilities on the consolidated balance sheets. Total interest expense related to this agreement was less than $0.1 million for the year ended December 31, 2023.