LOAN PAYABLE	12 Months Ended
Dec. 31, 2019
LOAN PAYABLE
LOAN PAYABLE	7. 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 $2.0 million line of credit from the Commonwealth of Massachusetts’s Emerging Technology fund, with $200 thousand designated to be used for working capital purposes and the remainder to be used for the purchase of capital equipment. The annual interest rate on the loan was fixed at 6.5% with interest-only payments for the first 30 months, commencing on November 1, 2012, and then equal interest and principal payments over the next 54 months, until the final maturity of the loan in March 2019. Commencing on May 1, 2015, equal monthly payments of $41 thousand were due until loan maturity. In May 2018, in order to obtain the consent of MassDev for facility changes, including the assignment of the Cambridge Lease, and the sale of certain assets, the Company paid down $300 thousand of principal on the MassDev loan. During the year ended December 31, 2019 the Company made principal loan payments of $100 thousand. As of December 31, 2019, there was no outstanding loan payable balance. In October 2012, as part of the agreement, the Company issued MassDev a 7-year warrant for the purchase of 13 shares of the Company’s Common Stock with an exercise price of $4,980 per share. The fair value of the warrant was determined to be $32 thousand and was amortized through interest expense over the life of the note. For the years ended December 31, 2019 and 2018, the amortization expense was $1 thousand and $7 thousand respectively, and was included in interest expense in the Company’s consolidated statements of operations. The equipment line of credit was secured by substantially all the assets of the Company, excluding intellectual property. Interest expense related to this loan was $1 thousand and $43 thousand for the years ended December 31, 2019 and 2018, respectively.

7. 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 $2.0 million line of credit from the Commonwealth of Massachusetts’s Emerging Technology fund, with $200 thousand designated to be used for working capital purposes and the remainder to be used for the purchase of capital equipment. The annual interest rate on the loan was fixed at 6.5% with interest-only payments for the first 30 months, commencing on November 1, 2012, and then equal interest and principal payments over the next 54 months, until the final maturity of the loan in March 2019. Commencing on May 1, 2015, equal monthly payments of $41 thousand were due until loan maturity.

In May 2018, in order to obtain the consent of MassDev for facility changes, including the assignment of the Cambridge Lease, and the sale of certain assets, the Company paid down $300 thousand of principal on the MassDev loan. During the year ended December 31, 2019 the Company made principal loan payments of $100 thousand. As of December 31, 2019, there was no outstanding loan payable balance.

In October 2012, as part of the agreement, the Company issued MassDev a 7-year warrant for the purchase of 13 shares of the Company’s Common Stock with an exercise price of $4,980 per share. The fair value of the warrant was determined to be $32 thousand and was amortized through interest expense over the life of the note. For the years ended December 31, 2019 and 2018, the amortization expense was $1 thousand and $7 thousand respectively, and was included in interest expense in the Company’s consolidated statements of operations.

The equipment line of credit was secured by substantially all the assets of the Company, excluding intellectual property. Interest expense related to this loan was $1 thousand and $43 thousand for the years ended December 31, 2019 and 2018, respectively.