Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt

On October 29, 2021, the Company entered into a loan and security agreement (the "New Credit Facility") with Silicon Valley Bank ("former SVB") and Oxford Finance LLC ("Oxford" and, together with former SVB and the other lenders from time to time a party thereto, the "Lenders"). In March 2023, Silicon Valley Bridge Bank, N.A ("SVBB"), as successor in interest to former SVB, replaced former SVB as a Lender, and then Silicon Valley Bank, a division of First-Citizens Bank & Trust Company ("SVB"), which assumed all deposits and loans of SVBB, subsequently replaced SVBB as a Lender. The New Credit Facility as amended on February 17, 2022, October 17, 2022, December 27, 2022, and March 23, 2023, is secured by substantially all of the Company's personal property owned or later acquired, excluding intellectual property (but including the rights to payments and proceeds from intellectual property), and a negative pledge on intellectual property. The Company has drawn $25.0 million under the New Credit Facility as of June 30, 2023. Following the Company's July 2023 announcement of top-line data from the Company's UPLIFT clinical trial, the Company does not consider any additional borrowing amounts to be available to it under the New Credit Facility, as amended.

Refer to Note 8, Debt, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for more information regarding the New Credit Facility. As of June 30, 2023, the Company was in compliance with all covenants under the New Credit Facility. There are no events of default under the New Credit Facility as of June 30, 2023.

The following is a summary of obligations under the New Credit Facility as of June 30, 2023:

(in thousands)	June 30, 2023
Total debt	$	25,000
Less: Current portion of long-term debt	—
Total debt, net of current portion	25,000
Debt financing costs, net of accretion	(280)
Accretion related to final payment	360
Long-term debt, net	$	25,080

Interest expense related to the New Credit Facility for the three months ended June 30, 2023 and 2022 and six months ended June 30, 2023 and 2022 was $1.0 million, $0.8 million, $1.9 million, and $1.5 million, respectively.