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Term Loan | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
TERM LOAN | (7) TERM LOAN Oxford Finance and Silicon Valley Bank Loan In October 2022, the Company entered into a loan and security agreement, as amended, the Loan Agreement, with Oxford Finance LLC, Oxford Finance Credit Fund II LP, and Silicon Valley Bank, or SVB, collectively the Lenders, for a secured term loan facility of up to $100.0 million. Pursuant to the Loan Agreement, the Company drew an initial loan of $10.0 million. Under the original terms of the Loan Agreement, the Company had the right to draw an additional $40.0 million through the end of December 2023. In December 2023, the original terms of the Loan Agreement were amended to extend the draw deadline to June 2024. The original terms of the Loan Agreement provided for an additional $50.0 million over three tranches, with $12.5 million available in each of two tranches based upon the achievement of milestones related to the development of evorpacept and one preclinical product candidate, and $25.0 million at the Lenders’ sole discretion. The Company decided not to draw down on any portion of the $40.0 million available under the Loan Agreement by the deadline of June 30, 2024 and did not achieve all of the requirements needed to gain access to each of the two tranches available upon the achievement of pre-determined development milestones by the deadline of December 31, 2024. As a result, only the $25.0 million tranche available at the Lenders’ sole discretion was available as of March 31, 2026. The proceeds of the loans may be used by the Company for working capital and to fund its general business requirements. Additional information regarding our indebtedness is included in our notes to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on March 9, 2026. During the three months ended March 31, 2026 and 2025, interest expense incurred in connection with the Loan Agreement was $0.3 million. As of March 31, 2026, the Company was in compliance with all financial reporting covenants under the Loan Agreement. As of March 31, 2026, the future maturities under the Loan Agreement are as follows (in thousands):
|  | March 31, 2026 |
2026 |  | $ | 3,913 |
2027 |  |  | 4,948 |
2028 |  |  | — |
2029 |  |  | — |
2030 |  |  | — |
Total future maturities |  |  | 8,861 |
Less: current portion of term loan |  |  | (5,217 | )
Total term loan, net of current portion |  |  | 3,644 |
Less: unamortized debt issuance costs |  |  | (269 | )
Less: unaccreted final payment costs |  |  | (80 | )
Term loan, non-current, net |  | $ | 3,295 |

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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/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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