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Notes Payable
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Notes Payable Notes payable:
On May 23, 2019, the Company entered into a Loan Agreement (the “Loan Agreement”) with BPCR LIMITED PARTNERSHIP (the successor-in-interest to 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, which the Company drew down on May 22, 2020.
The loan 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 April 1, 2020 was 2.00%.) The Term Loan is subject to mandatory prepayment provisions that require prepayment upon change of control.
The debt balance has been categorized within Level 2 of the fair value hierarchy. The notes payable debt balance as of June 30, 2020 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 June 30, 2020:
2020—  
2021—  
202218,462  
202324,615  
202424,615  
202512,308  
Total maturities$80,000  
Unamortized discount and loan costs(1,726) 
Total notes payable obligation$78,274