Note 5 - Long-term Debt |
3 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Notes to Financial Statements | |
| Long-Term Debt [Text Block] |
5. Long-Term Debt
Loan Agreement with Oxford
On May 30, 2019, the Company entered into the Loan Agreement with Oxford Finance LLC, or Oxford, as the Lender. Under the Loan Agreement, the Lender made a term loan to the Company in an aggregate principal amount of $25.0 million, or the Loan, which was funded on May 30, 2019.
As of March 31, 2023 and December 31, 2022, the accrued balance due under the Loan Agreement with Oxford was $3.3 million and $5.4 million, respectively. Interest expense related to the Loan Agreement was $0.1 million, $39,000 of which represented amortization of the debt discount, for the three months ended March 31, 2023, and was $0.4 million, $0.1 million of which represented amortization of the debt discount, for the three months ended March 31, 2022.
See Note 11, “Subsequent Events” below. |