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Debt | 6 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
Debt | Note 7. Debt Debt at June 30, 2017, consisted of the following (in thousands):
|  | June 30, 2017 |
|  | Principal |  |  | Unamortized Discount |  |  | Total |
Loan and Security Agreement |  | $ | 17,631 |  |  | $ | (169 | ) |  | $ | 17,462 |
Less: debt - current |  |  | (5,674 | ) |  |  | 126 |  |  |  | (5,548 | )
Debt - non-current |  | $ | 11,957 |  |  | $ | (43 | ) |  | $ | 11,914 |
Debt at December 31, 2016, consisted of the following (in thousands):
|  | December 31, 2016 |
|  | Principal |  |  | Unamortized Discount |  |  | Net Carrying Value |
Loan and Security Agreement |  | $ | 19,499 |  |  | $ | (124 | ) |  | $ | 19,375 |
Less: debt - current |  |  | (7,013 | ) |  |  | 79 |  |  |  | (6,934 | )
Debt - non-current |  | $ | 12,486 |  |  | $ | (45 | ) |  | $ | 12,441 |
Principal and interest payments on debt at June 30, 2017, are expected to be as follows (in thousands):
Year ended December 31, |  | Principal |  |  | Interest |  |  | Total |
2017 |  | $ | — |  |  | $ | 615 |  |  | $ | 615 |
2018 |  |  | 11,548 |  |  |  | 866 |  |  |  | 12,414 |
2019 |  |  | 6,083 |  |  |  | 1,524 |  |  |  | 7,607 |
Total |  | $ | 17,631 |  |  | $ | 3,005 |  |  | $ | 20,636 |
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. Term Loan A bore an interest rate of 6.95%. Term Loan B bore an interest rate of 7.01%. Term Loans A and B were set to mature on June 1, 2019. On September 29, 2015, the Term Loan Agreement was amended to extend (i) the period in which the third tranche could have been drawn and (ii) the interest-only period for all advances under the Term Loan Agreement. The Company was required to make interest only payments through June 2016, followed by thirty-six months of equal principal and interest payments thereafter. On July 28, 2016, the Term Loan Agreement was amended to include an additional interest-only period for all advances under the Term Loan Agreement. As amended, the Company was required to make interest only payments from August 2016 through January 2017, followed by twenty-nine months of equal principal and interest payments thereafter. On April 27, 2017, the Term Loan Agreement was amended to include an additional interest-only period for all advances under the Term Loan Agreement. As amended, the Company was required to make interest only payments from May 2017 through December 2017, followed by eighteen months of equal principal and interest payments thereafter. The Company determined that these amendments to the Term Loan Agreement resulted in debt modifications. As a result, the accounting treatment for the Term Loan continues under the interest method, with a new effective interest rate based on revised cash flows calculated on a prospective basis upon the execution of each of these amendments to the Term Loan Agreement. The Company was 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 could 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 contained certain nonfinancial covenants, with which the Company was in compliance at June 30, 2017. As discussed in Note 14, on July 31, 2017, the Company entered into the five year Amended and Restated Loan and Security Agreement with Oxford Finance LLC to borrow up to $40.0 million in term loans in two tranches.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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