Notes Payable

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Notes Payable

Notes payable:

On May 23, 2019, the Company entered into a Loan Agreement (the “Loan Agreement”) with Biopharma Credit plc (“Pharmakon”), for a senior secured credit facility consisting of a term loan of $60.0 million (the “Term Loan”), with the ability to draw an additional $20.0 million within twelve months of the closing date. The Loan Agreement replaced the Company’s previous Term Loan Agreement with CRG Servicing LLC ("CRG").

The new facility carries a 72-month term with interest only payments on the term loan for the first 36 months. The Term Loan will mature in May 2025 and bears an interest rate of 7.5% plus the LIBOR rate on the first day for the quarter (LIBOR effective rate as of January 1, 2020 was 2.00%.) The Term Loan is subject to mandatory prepayment provisions that require prepayment upon change of control.

The debt balance had been categorized within Level 2 of the fair value hierarchy. The carrying amount of the debt approximates its fair value based on prevailing interest rates as of the balance sheet date.

The following table represents future maturities of the notes payable obligation as of March 31, 2020:

2020	—
2021	—
2022	13,846
2023	18,462
2024	18,462
2025	9,230
Total maturities	$	60,000
Unamortized discount and loan costs	(1,366)
Total notes payable obligation	$	58,634