Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

(8) Debt

Long-term debt consists of the following (in thousands):

	March 31, 2022			December 31, 2021
Amounts due under term loan	$	12,000		$	12,000
Accrued end-of-term payments		115			83
Less: unamortized debt issuance costs		(271	)		(296	)
Long-term debt, less issuance costs	$	11,844		$	11,787

On March 7, 2022, the Company’s term loan agreement and revolving credit agreement were amended to, among other things, (i) provide for a waiver of compliance with respect to the Company’s minimum adjusted EBITDA requirement if and so long as the Company’s liquidity (as specifically defined in the term loan agreement and revolving credit agreement) is in excess of $14 million and there is not otherwise an event of default under the term loan agreement and revolving credit agreement, commencing March 31, 2022, and (ii) re-set the date certain fees payable in connection with optional prepayments are determined to the date the amendment was executed and consequently extend such fees’ original expiration. In addition, the final payment fees associated with the term loan were increased by 25 basis points.

The effective rate of the term loan, inclusive of amortization of debt issuance costs and accretion of the final payment, was 9.96% as of March 31, 2022. The effective rate of the revolving credit agreement was 5.5% as of March 31, 2022. As of March 31, 2022, the Company had $3.5 million available under the revolving credit agreement.