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Debt
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Debt

8. Debt

Long-term Debt

There was no long-term debt as of June 30, 2018 and December 31, 2017.

 

Term Loan

In December 2015, the Company entered into a loan and security agreement (“Term Loan”) with Silicon Valley Bank (the “Bank”) providing for a senior secured term loan facility in the amount of $25.0 million, which proceeds were used to repay all existing debt.  In July 2017, the Company repaid the Term Loan with Silicon Valley Bank, along with the $625,000 end-of-term fee and $500,000 prepayment fee. The prepayment and end of term fees of $1.1 million were recorded as a loss on extinguishment of debt, along with $41,000 of deferred loan issuance fees, partially offset by $267,000 of end of term fees previously amortized, netting to a loss of $900,000. As of the payoff date, the Company was in compliance with all covenants.

 

The Company recognized interest expense of $365,000, and $704,000 for the three and six months ended June 30, 2017, respectively, of which $49,000, and $98,000 was related to the debt discount, respectively.  There was no interest expense recognized for the three and six months ended June 30, 2018.