Line of Credit Agreement with Ionis

6 Months Ended

Jun. 30, 2017

Line of Credit Agreement with Ionis [Abstract]

6.	Line of Credit Agreement with Ionis

In January 2017, we entered into a line of credit agreement with Ionis for up to $150.0 million. We had $106.0 million outstanding as of June 30, 2017. We used a portion of the $106.0 million to pay our intercompany expenses. The amounts we borrowed under the line of credit bore interest at an annual interest rate of 4%, compounded monthly. At June 30, 2017, the outstanding balance on the line of credit with Ionis, including principal and interest, was $107.5 million. For the three and six months ended June 30, 2017, interest expense was $1.0 million and $1.5 million.

The outstanding principal and accrued interest under our line of credit converted into 13,438,339 shares of our common stock in connection with the closing of our IPO.

Additionally, we no longer have access to this line of credit following the closing of our IPO. Our IPO is discussed in note 9, Subsequent Events.