9. LOAN PAYABLE

In October 2012, the Company entered into a loan agreement with the Massachusetts Development Finance Agency ("MassDev"). The loan agreement provided the Company with a $2,000 line of credit from the Commonwealth of Massachusetts's Emerging Technology fund, with $200 to be used for working capital purposes and the remainder to be used for the purchase of capital equipment. The annual interest rate is fixed at 6.5% with interest-only payments for the first thirty months, commencing on November 1, 2012, and then equal interest and principal payments over the next fifty-four months, with the final maturity of the loan on October 5, 2019. Based on the $1,920 balance outstanding as of December 31, 2014, equal monthly principal payments of $36 will be due commencing on May 1, 2015. Therefore, for the years ending December 31, 2015, 2016, 2017, 2018, and 2019, principal payments of $320, $427, $426, $427, and $320, respectively, will be due. In September 2012, the Company was assessed commitment fees totaling $15, which was charged to the Company as interest expense. In October 2012, as part of the commitment fee, the Company issued MassDev a warrant for the purchase of 36,145 shares of its Common Stock. The warrant has a seven-year term and is exercisable at $1.66 per share. The fair value of the warrant was determined to be $32 and was recorded as a deferred financing cost, and is being amortized to interest expense over a seven-year period commencing in October 2012. Amortization of the deferred financing cost for the years ended December 31, 2014 and 2013 was $5, and was included in interest expense in the Company's consolidated statements of operations. The equipment line of credit is secured by substantially all the assets of the Company, excluding intellectual property. During 2013, the Company drew on the line and received proceeds of $342, for capital equipment. Interest expense related to this loan was $127 for the year ended December 31, 2014 and $120 for the year ended December 31, 2013.

In June 2011, the Company entered into a loan agreement with a bank for a $1,000 line of credit used for the purchase of certain capital equipment. The annual interest rate was the greater of 6.75% or 3.50% above the prime rate as set forth in the agreement. Borrowings were repayable in equal monthly installments over a thirty-six month period. The Company was assessed commitment fees totaling $10 and issued the bank a warrant for the purchase of 16,071 shares of Common Stock. The warrant has a seven-year term and is exercisable at $1.40 per share. The fair value of the warrant was determined to be $10, and was recorded as a deferred financing cost that was being amortized to interest expense over the life of the loan. Under the terms of the MassDev loan disclosed above, in October 2012, the Company repaid the outstanding balance of $134 due to the bank and wrote off the remaining deferred financing costs. Amortization of deferred financing costs on this loan for the year ended December 31, 2012 was $6, and was included in interest expense. Interest expense related to the loan payable to the bank was $16 for the year ended December 31, 2012.

At December 31, loans payable consisted of the following:

	December 31,
	2014		2013
Equipment Loan	$	1,920	$	1,920
Less: current portion		320		—

	$	1,600	$	1,920