Term Loan

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Term Loan

7. Term Loan

In August 2018, the Company entered into a Loan and Security Agreement (Loan Agreement) with Silicon Valley Bank (SVB). Contemporaneously with executing the Loan Agreement, the Company drew down $5.0 million. On December 18, 2019, the Company repaid the $5.0 million term loan and paid the associated prepayment and final payment fees. In connection with the Loan Agreement, the Company issued a warrant to SVB to purchase 1,839 of the Company’s common stock at a price per share of $74.80. The warrant is immediately exercisable, will expire on August 21, 2028, contains a cashless exercise provision and is classified as equity.

During the three and six months ended June 30, 2019, the Company recognized interest expense of $0.1 million and $0.2 million, respectively. No interest expense was recognized for the three and six months ended June 30, 2020.