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Debt
 9 Months Ended
Sep. 30, 2024
Debt  
Debt

6. Debt

On September 30, 2020, Bicycle Therapeutics plc and its subsidiaries (the “Borrowers”) entered into a loan and security agreement (the “Loan Agreement”) with Hercules, as amended from time to time, which provided for aggregate maximum borrowings of up to $75.0 million, of which the Company drew down an aggregate of $30.0 million in 2021 and 2020. Payments on borrowings under the Loan Agreement were interest-only until April 1, 2025 and interest was paid at an annual rate of the Wall Street Journal prime rate plus 4.55%, with a minimum annual rate of at least 8.05%, capped at a rate no greater than 9.05%, and the Loan Agreement included a 5.0% end-of-term charge payable upon maturity or repayment. The scheduled maturity date was July 1, 2025. On July 9, 2024, the Company repaid all amounts outstanding, including the outstanding borrowings of $30.0 million, accrued and unpaid interest of $0.1 million, an end-of-term charge of $1.5 million and a prepayment charge of $0.3 million, for a total aggregate payment of $31.9 million, and terminated the Loan Agreement. The Company recognized a loss on extinguishment of debt of $1.0 million during the three months ended September 30, 2024 in connection with the repayment and termination of the Loan Agreement. Interest expense associated with the Loan Agreement for the three and nine months ended September 30, 2024 was zero and $1.6 million, respectively, and for the three and nine months ended September 30, 2023, was $0.8 million and $2.3 million, respectively.

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Upon termination of the Loan Agreement, all security interests granted to the secured parties thereunder were terminated and released.

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Debt consisted of the following (in thousands):

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​

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​

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September 30, 

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December 31,

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2024

    

2023

Term loan payable

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$

—

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$

30,000

End-of-term charge

​

​

—

​

​

946

Unamortized debt issuance costs

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​

—

​

​

(248)

Carrying value of term loan

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$

—

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$

30,698

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