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Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt

Note 5. Debt

The Company currently has two credit and security agreements with MidCap Financial Services (the "Lender"), which provide for a maximum $40.0 million credit facility, consisting of a $35.0 million senior secured term loan (the "Term Loan") and a $5.0 million revolving loan (the "Revolver" and collectively with the Term Loan, the “MidCap Credit Facility”).

The obligations under the MidCap Credit Facility are guaranteed by the Company's current and future subsidiaries, subject to exceptions for certain foreign subsidiaries. Obligations under the agreements are secured by substantially all assets of the Company, including material intellectual property. Additionally, the Company is subject to customary affirmative and negative covenants as defined in the credit agreements, including covenants that limit or restrict the ability to, among other things, incur indebtedness, grant liens, merge or consolidate, make investments, dispose of assets, make acquisitions, pay dividends or make distributions, repurchase stock and enter into certain transactions with affiliates, in each case subject to certain exceptions. As of March 31, 2023, the Company was in compliance with all financial and non-financial covenants.

The MidCap Credit Facility agreements each contain events of default that include, among others, non-payment of principal, interest or fees, breach of covenants, inaccuracy of representations and warranties, cross-defaults and bankruptcy and insolvency events.

As of March 31, 2023 and December 31, 2022, $5.0 million was available to be drawn under the Revolver, respectively. The Revolver had not been drawn upon as of March 31, 2023 and December 31, 2022. Long-term and short-term debt was as follows (in thousands):

 

 

 

As of March 31,

 

 

As of December 31,

 

 

 

2023

 

 

2022

 

Term Loan

 

$

35,000

 

 

$

35,000

 

Total principal payments due

 

 

35,000

 

 

 

35,000

 

Less: debt discount related to warrant liability and issuance costs

 

 

(1,543

)

 

 

(1,687

)

Total amounts outstanding

 

 

33,457

 

 

 

33,313

 

Less: Current portion

 

 

—

 

 

 

—

 

Total accrued and other current liabilities

 

$

33,457

 

 

$

33,313

 

 

The repayment schedule relating to the Company’s debt as of March 31, 2023, is as follows (in thousands):

 

 

 

Amount

 

2023 (remainder)

 

 

—

 

2024

 

 

2,917

 

2025

 

 

32,083

 

Thereafter

 

 

—

 

Total repayments

 

$

35,000