Equipment loan payables

9 Months Ended

Sep. 30, 2020

Equipment loan payables

Equipment loan payables

7. Equipment loan payables

During 2016 through 2018, the Company entered into various equipment financing agreements (the Agreements) to purchase laboratory equipment. The Agreements provide for 36 to 38 monthly payments ranging from $1,000 to $8,000. Interest rates for the Agreements range from 9.03% to 12.08%. Interest expense related to the equipment financing agreements was $10,000 and $11,000 for the three months ended September 30, 2020 and 2019, respectively, and $20,000 and $38,000 for the nine months ended September 30, 2020 and 2019, respectively.

Future payments for the Agreements are as follows as of September 30, 2020 (in thousands):

Years ending December 31,	Amount
2020 (represents three remaining months)	$	51
2021		117
Total		168
Less amounts representing interest		(8)
Total equipment loan payable	$	160