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Notes Payable
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Notes Payable Notes payable:
On May 23, 2019, the Company entered into a Loan Agreement with BPCR LIMITED PARTNERSHIP (the successor-in-interest to Biopharma Credit PLC), 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, with a floor of 2% for the LIBOR rate (LIBOR effective rate as of July 1, 2021 was 0.14%.) The Term Loan is subject to mandatory prepayment provisions that require prepayment upon change of control.
On September 23, 2021, the Company elected to repay $20 million plus accrued interest of $1.5 million, representing a portion of the first tranche. The Term loan includes the option for the Company to paydown up to $20 million of tranche A without incurring any prepayment penalties after the 24 month anniversary of the loan. As a result, no prepayment penalty was incurred in connection with this prepayment.
The debt balance has been categorized within Level 2 of the fair value hierarchy. The notes payable debt balance as of September 30, 2021 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 September 30, 2021:
2021— 
20224,615 
202318,462 
202424,615 
202512,308 
Total maturities$60,000 
Unamortized discount and loan costs(1,285)
Total notes payable obligation$58,715