Term Loan

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Term Loan

7. Term Loan

Term loan consists of the following (in thousands):

	June 30,			December 31,
	2022			2021
Principal of term loan	$	30,000		$	30,000
Unamortized debt discount		(194	)		(238	)
Term loan, current and noncurrent		29,806			29,762
Less: term loan, current		(1,000	)		—
Total term loan, noncurrent	$	28,806		$	29,762

SVB Loan and Security Agreement

On July 2, 2020, the Company entered into a senior secured term loan facility with Silicon Valley Bank (SVB) (the SVB Loan and Security Agreement), which provides for a $30.0 million term loan (the SVB Term Loan).

The SVB Term Loan matures on November 1, 2025. Payments under the SVB Term Loan are for interest only through May 2023, and then 30 monthly principal and interest payments from June 2023 until maturity. The SVB Term Loan bears interest at the greater of (A) 0.5% above the Prime Rate as reported in the Wall Street Journal and (B) 3.75% (5.25% as of June 30, 2022). The Company is obligated to maintain a restricted cash balance greater or equal to the outstanding principal balance of $30.0 million of the SVB Term Loan.