XML 25 R15.htm IDEA: XBRL DOCUMENT v3.21.2
Term Loan
6 Months Ended
Jun. 30, 2021
Term Loan [Abstract]  
Term Loan

9. Term Loan

The Company has a Loan and Security Agreement with Pacific Western Bank for a term loan not exceeding $12.0 million (the Loan Agreement) to finance leasehold improvements for the facilities in Redwood City, CA and other purposes permitted under the Loan Agreement, with an interest rate equal to the greater of 0.25% above the Prime Rate (as defined in the Loan Agreement) or 5.00%. As of June 30, 2021, no amounts had been drown under the Loan Agreement and the deferred debt issuance costs were $0.1 million and are included in other noncurrent assets on the Company’s consolidated balance sheets. There has been no material changes in the Loan Agreement from those disclosed in Note 9 to consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.