Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt

On November 22, 2019, the Company entered into a loan and security agreement (the “Loan Agreement”) with K2HV (the “Lender”), as amended on October 1, 2021 and September 21, 2022.

In connection with the announcement of the Mergers, on June 15, 2023, the Company paid in full all outstanding loan obligations due to the Secured Parties. Pursuant to the payoff letter, dated June 15, 2023, between the Company and the Secured Parties, the Loan Agreement terminated on June 16, 2023, when the Company paid in full all outstanding loan obligations of $25,000 due to the Secured Parties, along with $3,250 in fees and expenses pertaining to the termination of the Loan Agreement. At such time, all liens securing the Company’s obligations under the Loan Agreement were released.

The Company recorded interest expense related to the loan facility of $3,108 and $4,040, and $733 and $1,415 for the three and six months ended June 30, 2023 and 2022, respectively. The Company recorded $2,456 of interest expense in the three months ended June 30, 2023 related to the termination of the Loan Agreement, of which $1,250 related to the pre-payment penalty and $1,206 related to the unamortized debt discount and final fees at the time of the termination.