XML 28 R11.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Debt | 6 Months Ended
--- | ---
Jun. 30, 2018
Debt Disclosure [Abstract] |
Debt | Note 5. Debt Debt at June 30, 2018, consisted of the following (in thousands):
|  | June 30, 2018 |
|  | Principal |  |  | Unamortized Discount |  |  | Total |
Loan and Security Agreement |  | $ | 30,000 |  |  | $ | (166 | ) |  | $ | 29,834 |
Less: debt - current |  |  | (3,572 | ) |  |  | — |  |  |  | (3,572 | )
Debt - non-current |  | $ | 26,428 |  |  | $ | (166 | ) |  | $ | 26,262 |
Debt at December 31, 2017, consisted of the following (in thousands):
|  | December 31, 2017 |
|  | Principal |  |  | Unamortized Discount |  |  | Net Carrying Value |
Loan and Security Agreement |  | $ | 30,000 |  |  | $ | (202 | ) |  | $ | 29,798 |
Less: debt - current |  |  | — |  |  |  | — |  |  |  | — |
Debt - non-current |  | $ | 30,000 |  |  | $ | (202 | ) |  | $ | 29,798 |
Principal and interest payments on debt at June 30, 2018, are expected to be as follows (in thousands):
Year ended December 31, |  | Principal |  |  | Interest |  |  | Total |
2018 |  | $ | — |  |  | $ | 1,381 |  |  | $ | 1,381 |
2019 |  |  | 7,857 |  |  |  | 2,453 |  |  |  | 10,310 |
2020 |  |  | 8,571 |  |  |  | 1,677 |  |  |  | 10,248 |
2021 |  |  | 8,572 |  |  |  | 885 |  |  |  | 9,457 |
2022 |  |  | 5,000 |  |  |  | 2,553 |  |  |  | 7,553 |
Total |  | $ | 30,000 |  |  | $ | 8,949 |  |  | $ | 38,949 |
Loan and Security Agreement Prior to December 31, 2016, the Company maintained a five year loan and security agreement (the “Term Loan Agreement”) with Oxford Finance LLC (“Oxford”), under which the Company borrowed $20.0 million. The Company received $10.0 million from the first tranche (“Term Loan A”) in June 2014. The second tranche of $10.0 million (“Term Loan B”) was drawn in June 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, with various interest only periods. 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 each of these amendments to the Term Loan Agreement resulted in a debt modification. As a result, the accounting treatment for the Term Loan continued 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. On July 31, 2017 (the “Closing Date”), the Company entered into an amended and restated loan and security agreement (the “Amended Credit Agreement”) with Oxford, which amends and restates the Term Loan Agreement in its entirety. The Amended Credit Agreement provided for secured growth capital term loans of up to $40.0 million (the “2017 Term Loans”). All of the Company’s current and future assets, excluding its intellectual property and 35% of the Company’s investment in Cerus Europe B.V., are secured for its borrowings under the Amended Credit Agreement. The 2017 Term Loans were available in two tranches. The first tranche of $30.0 million (“2017 Term Loan A”) was drawn by the Company on July 31, 2017, with the proceeds used in part to repay in full all of the outstanding term loans under the Term Loan Agreement of $17.6 million and the final payment of the Term Loan Agreement of $1.4 million. The availability of the second tranche of $10.0 million (“2017 Term Loan B”) expired on May 14, 2018, and the Company did not elect to draw the 2017 Term Loan B. The 2017 Term Loan A requires interest-only payments through February 1, 2019, followed by 42 monthly payments of equal principal plus declining interest payments. The 2017 Term Loan A bears interest at a rate equal to the greater of (i) 8.01% and (ii) the three-month U.S. LIBOR rate plus 6.72%. The interest rate on the 2017 Term Loan A at June 30, 2018, was approximately 9.06%. The Company will also be required to make a final payment fee of 8.00% of the principal amount of the 2017 Term Loan A. The Amended Credit Agreement contains certain nonfinancial covenants, with which the Company was in compliance at June 30, 2018.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration