In August 2018, the Company entered into an Amended and Restated Loan and Security Agreement (the “Amended and Restated Loan Agreement”) with Silicon Valley Bank (the “Bank”), pursuant to which the Bank agreed to extend a term loan to the Company with a principal amount of $15,500.

At September 30, 2019, the Company determined the effective interest rate on the Amended and Restated Loan Agreement to be 9.06% (December 31, 2018 – 9.53%). Interest expense was $363 and $1,086 for the three and nine months ended September 30, 2019, respectively (three and nine months ended September 30, 2018 - $678 and $1,037, respectively). Included within interest expense, are amortization of the debt discount and accretion of the final payment fee of $133 and $389 for the three and nine months ended September 30, 2019, respectively (three and nine months ended September 30, 2018 - $(8) and $156, respectively). Interest payments are made monthly.

The outstanding loan and unamortized debt discount balances as of September 30, 2019 in accordance with the repayment terms under the Amended and Restated Loan Agreement are as follows:

	September 30,			December 31,
	2019			2018
Term loan	$	15,500		$	15,500
Less: unamortized discount on loan		(430	)		(600	)
Less: current portion		(3,616	)		—
Accrued portion of final payment fee		332			114
Term loan, long-term	$	11,786		$	15,014

Scheduled principal payments on outstanding debt as of September 30, 2019 by calendar year, excluding the final payment fee of $1,008, are as follows:

2019	$	—
2020		5,167
2021		6,200
2022		4,133
Total	$	15,500

The Amended and Restated Loan Agreement contains customary representations and warranties, events of default (including an event of default upon the occurrence of a material impairment on the Bank’s security interest over the collateral, and a material adverse change of the Company) and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into certain transactions with affiliates, engage in any new line of business, pay dividends or make distributions, or repurchase stock, in each case subject to certain exceptions. The Company is in compliance with these covenants at September 30, 2019.

At September 30, 2019, the Company has a warrant outstanding to the Bank to purchase 40,000 of the Company’s common shares at a price per share of $9.79.