Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

NOTE 8. DEBT

Long-term debt as of December 31, 2021 and December 31, 2020 consists of the following:

	December 31,
	2021			2020
Equipment note payable, due July 2021	$	—		$	72
New 2020 Term Loan		—			5,814
Bank of Ireland Note Payable		245			427
MidCap Term Loan		10,000			—
	$	10,245		$	6,313
Less: deferred issuance costs		(2,616	)		(52	)
Total debt, net of issuance costs		7,629			6,261
Less: current portion		(153	)		(2,231	)
Long-term debt, net, less current maturities	$	7,476		$	4,030

MidCap Credit Agreements

On May 6, 2021, the Company entered into a new credit agreement with MidCap Financial Trust to provide a total of $70,000 including up to a $30,000 revolving loan (“MidCap Revolving Loan”) and up to a $40,000 term loan (“MidCap Term Loan”), secured by substantially all the Company’s assets (“MidCap Credit Agreements”). The MidCap Term Loan is comprised of two tranches, the first of which provides a commitment amount of $10,000, and the second a commitment of $30,000. The MidCap Term Loan and Midcap Revolving Loan bear a variable interest rate of LIBOR plus 6% and LIBOR plus 3%, respectively, and mature on the earlier of May 1, 2026 or a change in control event (the "Termination Date"). The entire principal balances of the MidCap Revolving Loan and MidCap Term Loan are due on the Termination Date. Interest payments are payable monthly, with optional principal prepayments allowed under the MidCap Credit Agreements. The Midcap Loan Agreements require us to maintain minimum net product sales and minimum consolidated EBITDA, (each term as defined in the Midcap Loan Agreements), for the preceding twelve month period. As of December 31, 2021, we were in compliance with all financial covenants under the Midcap Loan Agreements. Total debt issuance costs associated with the MidCap Credit Agreements was $3,139. Amortization expense associated with such debt issuance costs totaled $576 for the year ended December 31, 2021, and is included in Interest expense on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Vectra Bank Colorado Loan Agreements

On March 27, 2020, the Company entered into an Amended and Restated Loan Agreement (the “New Loan Agreement”) with Vectra Bank Colorado. The New Loan Agreement refinanced the Company's existing Term Loan and existing Buyout Loan into a single term loan in the aggregate principal amount of $6,802 (the “New 2020 Term Loan”) and increased the maximum principal amount of the existing Revolving Loan to $15,000 (the “New 2020 Revolving Loan”). The maturity date for both loans was

September 30, 2020 and was subsequently extended to October 5, 2023. The New Loan Agreement is secured by substantially all the Company’s assets. The New Loan Agreement contains financial and other customary covenants and bears an interest rate of 3%. The Company repaid the New 2020 Loans in 2021 in connection with entering into the Midcap Term Loan Agreement.

Bank of Ireland Note Payable

On June 12, 2020, the Company entered a term loan with Bank of Ireland in a principal amount of $474 (the “Bank of Ireland Note Payable”). The Bank of Ireland Note Payable bears an annual interest rate of 4% and is due in equal monthly installments over a 36-month period, including interest. The Bank of Ireland Note Payable contains financial and other customary covenants.

Debt Maturities Schedule

The required principle payments for the Bank of Ireland Note Payable and the Midcap Term Loan following the Consolidated Balance Sheet dates are as follows:

2022	$	153
2023		92
2024		—
2025		—
2026		10,000
Total	$	10,245