Long-term Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt

The following table summarizes our borrowings (in millions):

	March 31, 2025		December 31, 2024
Long-term debt, non-current (Contractual maturity 2029)	$	50	$	50
Unamortized discounts and issuance costs	(2)		(2)
Total long-term debt	$	48	$	48

On August 27, 2024, we and Hercules Capital, Inc. ("Hercules") entered into a loan and security agreement (the "Hercules Agreement"), under which Hercules agreed to lend us up to $250 million in term loans in various tranches subject to minimum draw requirements for each tranche. Under the terms of this agreement, $50 million was drawn at closing and an additional $100 million is committed and fully available at our sole option in minimum increments of $25 million. A second tranche of $100 million will be available subject to future approval by Hercules.

As of March 31, 2025 and December 31, 2024, we had borrowed $50 million and had $200 million of additional borrowing capacity, of which $100 million is subject to additional approval by Hercules. During the three months ended March 31, 2025, we recognized $2 million of interest expense at an effective interest rate of 13.39%, including amortization of the debt discount and issuance costs.