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Term Loan | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Term Loan | 6. Term Loan On February 24, 2022, the Company entered into a four-year loan and security agreement (the Loan Agreement) with Silicon Valley Bank (SVB) pursuant to which SVB has agreed to provide term loans to the Company in an aggregate principal amount of up to $25.0 million. The Company borrowed $20.0 million upon entering into the Loan Agreement. The Company could have borrowed up to an additional aggregate principal amount not to exceed $5.0 million, at any time on or prior to December 31, 2022, upon achievement of all of the following milestones, inclusively: (a) positive phase 2 clinical activity data from the Company’s CAN-2409 NSCLC clinical trial, (b) dosing of its first patient in its phase 3 CAN-2409 high-grade glioma clinical trial, and (c) receipt on or prior to December 31, 2022, of net cash proceeds in an amount equal to at least $75.0 million from the issuance and sale of equity securities to investors acceptable to SVB. The Company did not borrow any of the additional aggregate principal amount on or prior to December 31, 2022. The term loan is secured by substantially all of the Company’s properties, rights and assets, except for its intellectual property, which is subject to a negative pledge under the Loan Agreement. The term loans bear interest at a floating rate per annum equal to the greater of (A) 5.75% and (B) the prime rate (as published in the money rates section of The Wall Street Journal) plus 2.50%. The Company is required to make monthly interest payments, and commencing on February 1, 2024, 24 consecutive installments of principal plus monthly payments of accrued interest. The term loans mature on January 1, 2026. Upon repayment in full of the term loans, the Company will be required to pay a final payment fee equal to 4.50% of the original principal amount of any funded term loan being repaid. The Loan Agreement permits voluntary prepayment of all, but not less than all, of the SVB term loans, subject to a prepayment premium of 1% to 3% based upon the timing of the repayment. During the three and nine months ended September 30, 2024, the Company recorded interest expense relating to the Loan Agreement of $0.5 million and $1.6 million, respectively. During the three and nine months ended September 30, 2023, the Company recorded interest expense relating to the Loan Agreement of $0.6 million and $1.8 million, respectively. The weighted average effective interest rate as of September 30, 2024 was 11.69%. The Company incurred $89,000 of debt issuance costs and will incur a $0.9 million final payment fee, which were recorded as debt discount and are being amortized over the term of the Loan Agreement. The scheduled principal payments and net carrying amount of the term loan are as follows (in thousands):
YEAR ENDING DECEMBER 31, |  |  |
2024 (remaining three months) |  | $ | 2,500 |
2025 |  |  | 10,000 |
2026 |  |  | 833 |
Total principal |  |  | 13,333 |
Final payment fee |  |  | 900 |
Less: debt discount |  |  | (989 | )
Accretion of debt discount |  |  | 832 |
Net carrying amount |  |  | 14,076 |
Less current portion |  |  | (9,851 | )
Long-term portion |  | $ | 4,225 |
The carrying value of the Company's term loan approximates fair value.

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