Warrants

12 Months Ended

Dec. 31, 2020

Warrants and Rights Note Disclosure [Abstract]

Warrants

Warrants

In June 2014, the Company entered into a loan and security agreement (the "Credit Facility") with Oxford Finance LLC which provided for borrowings of $5.0 million under the term loan (the "Term A Loan"). On June 30, 2014, the Company received proceeds of $5.0 million from the issuance of secured promissory notes under the Term A Loan, which were collateralized by substantially all of the Company's personal property, other than its intellectual property. The Term A Loan was fully repaid in July 2018. In connection with the Credit Facility entered into in June 2014, the Company issued a warrant to purchase 8,230 shares of common stock at an exercise price of $15.19. The warrant was recorded at fair value of $0.1 million to additional-paid-in-capital.

During the year ended December 31, 2019, 8,230 warrants were net exercised for 5,813 shares of the Company's common stock. During the year ended December 31, 2018, 177,123 warrants were net exercised for 159,944 shares of the Company's common stock.

As of December 31, 2020 and December 31, 2019, the Company had no warrants outstanding.