Term Loan (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Future Principal Repayments of Term Loan

Future principal repayments on the Perceptive loan as of March 31, 2023, are as follows:

	Principal
	(in thousands)
2026	$	40,000
Total	$	40,000

The Perceptive Loan Agreement, as amended, includes financial covenants that require the Company to (i) maintain, at all times, a minimum aggregate balance of $3.0 million in cash in one or more controlled accounts, and (ii) satisfy certain minimum revenue thresholds, measured for the 12 consecutive month period on each calendar quarter-end until June 30, 2026. These thresholds increase over time and range from $26.4 million for the twelve-month period ended September 30, 2021 to $95.3 million for the twelve month period ended June 30, 2026. Failure to satisfy these financial covenants would constitute an event of default under the agreement. For the three months ended March 31, 2023, the Company was in compliance with all financial covenants and conditions required by the outstanding Perceptive Loan Agreement, as amended.