8. Debt

On May 8, 2019, the Company entered into a loan and security agreement (the Credit Facility) with Silicon Valley Bank (SVB) pursuant to which the Company can borrow, at its option, up to $20,000, in up to four principal advances of at least $5,000 each (each, a Term Loan or collectively, the Term Loans) through August 31, 2020. The Company drew $5,000 on the Term Loan upon execution of the Credit Facility.

In the event the Company has not borrowed a total of $20,000 upon the earlier of August 21, 2020, acceleration of the Company’s payment obligations or Company’s prepayment of the then extended Term Loans, the Company is required to pay an additional fee equal to 3.0% of any unborrowed portion of the committed funding (the Unused Term Loan Commitment Fee).

As of March 31, 2020, the Company was in compliance with all covenants under the Credit Facility. As such, as of March 31, 2020, the classification of the loan balance as stated on the balance sheet was based on the timing of defined future payment obligations.

As of March 31, 2020, the Company had drawn a Term Loan of $5,000.

As of March 31, 2020, debt consisted of the following:


	March 31,
	2020
Total debt	$	5,000
Less: Current portion of long-term-debt		(1,167)
Total debt, net of current portion		3,833
Debt financing costs, net of accretion		(163)
Accretion related to final payment		62
Long-term debt, net	$	3,732

As of March 31, 2020, the estimated future principal payments due are as follows:


2020 (excluding the three months ended March 31, 2020)	$	667
2021		2,000
2022		2,000
2023		333
Total debt	$	5,000

During the three months ended March 31, 2020, the Company recognized $51 of interest expense related to the Credit Facility.