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Debt | 3 Months Ended
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Mar. 31, 2016
Debt | Note 8. Debt Debt consisted of the following (in thousands):
|  | March 31, 2016 |
|  | Principal |  |  | Unamortized Discount |  |  | Total |
Loan and Security Agreement |  | $ | 20,000 |  |  | $ | (172 | ) |  | $ | 19,828 |
Less: debt—current |  |  | (4,615 | ) |  |  | 88 |  |  |  | (4,527 | )
Debt—non-current |  | $ | 15,385 |  |  | $ | (84 | ) |  | $ | 15,301 |
|  | December 31, 2015 |
|  | Principal |  |  | Unamortized Discount |  |  | Net Carrying Value |
Loan and Security Agreement |  | $ | 20,000 |  |  | $ | (196 | ) |  | $ | 19,804 |
Less: debt—current |  |  | (3,050 | ) |  |  | 94 |  |  |  | (2,956 | )
Debt—non-current |  | $ | 16,950 |  |  | $ | (102 | ) |  | $ | 16,848 |
Principal and interest payments on debt at March 31, 2016, are expected to be as follows * (in thousands):
Year ended December 31, |  | Principal |  |  | Interest |  |  | Total |
2016 |  | $ | 3,050 |  |  | $ | 1,003 |  |  | $ | 4,053 |
2017 |  |  | 6,428 |  |  |  | 980 |  |  |  | 7,408 |
2018 |  |  | 6,892 |  |  |  | 517 |  |  |  | 7,409 |
2019 |  |  | 3,630 |  |  |  | 1,474 |  |  |  | 5,104 |
Total |  | $ | 20,000 |  |  | $ | 3,974 |  |  | $ | 23,974 |
* | Unless interest only period extends to December 31, 2016, as described below.
Loan and Security Agreement On June 30, 2014, the Company entered into a five year loan and security agreement with Oxford Finance LLC (the “Term Loan Agreement”) to borrow up to $30.0 million in term loans in three equal tranches (the “Term Loans”). On June 30, 2014, the Company received $10.0 million from the first tranche (“Term Loan A”). The second tranche of $10.0 million (“Term Loan B”) was drawn on June 15, 2015. On September 29, 2015, the Term Loan Agreement was amended to extend (i) the period in which the third tranche of $10.0 million (“Term Loan C”) can be drawn and (ii) the interest-only period for all advances under the Term Loan Agreement. The Company determined that the amendment to the Term Loan Agreement resulted in a modification. As a result, the Term Loan will continue to be accounted for by using the effective interest method, with a new effective interest rate based on revised cash flows calculated on a prospective basis upon the execution of the amendment to the Term Loan Agreement. As amended, Term Loan C will be available, subject to the Company achieving consolidated trailing six months’ revenue at a specified threshold (the “Revenue Event”), from the date of the achievement of the Revenue Event, to the earlier of (i) June 30, 2016, and (ii) 60 days after the Revenue Event is achieved. Term Loan A bears an interest rate of 6.95%. Term Loan B bears an interest rate of 7.01%. Term Loan C would bear an interest rate calculated at the greater of 6.95%, or 6.72% plus the three month U.S. LIBOR rate in effect three business days prior to the Term Loan C funding date. All of the Term Loans mature on June 1, 2019. The Company is required to make interest only payments through June 2016, followed by thirty-six months of equal principal and interest payments thereafter; however, if the Revenue Event is achieved no later than May 31, 2016, then the interest-only period may be extended through December 31, 2016, and the amortization period will be reduced to thirty months. The Company is also required to make a final payment equal to 7% of the principal amounts of the Term Loans drawn payable on the earlier to occur of maturity or prepayment. The costs associated with the final payment are recognized as interest expense over the life of the Term Loans. The Company may prepay at any time the Term Loans subject to declining prepayment fees over the term of the Term Loan Agreement. The Company pledged all current and future assets, excluding its intellectual property and 35% of the Company’s investment in its subsidiary, Cerus Europe B.V., as security for borrowings under the Term Loan Agreement. The Term Loan Agreement contains certain nonfinancial covenants, with which the Company was in compliance at March 31, 2016.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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