Debt

9 Months Ended

Sep. 30, 2022

Debt

Debt

6. Debt

The following discussion of the Company’s debt should be read in conjunction with Note 8 to the Notes to the Consolidated Financial Statements in the 2021 Form 10-K.

As of September 30, 2022 and December 31, 2021, long-term debt consisted of the following (in thousands):

	September 30,		December 31,
	2022		2021
Principal amount of long‑term debt	$	20,000	$	20,000
Less: Current portion of long‑term debt		(6,667)		(1,667)
Long‑term debt, net of current portion		13,333		18,333
Final debt payment liability		700		700
Debt discount, net of accretion		(412)		(622)
Long‑term debt, net of discount and current portion	$	13,621	$	18,411

As of September 30, 2022 and December 31, 2021, the interest rate applicable to borrowings under the loan and security agreement with Oxford Finance LLC (the “2020 Credit Facility”) was 10.80% and 8.40%, respectively.

The estimated future principal payments due were as follows (in thousands):

	September 30,
	2022
2022 (Remaining three months)	$	1,666
2023		6,667
2024		6,667
2025		5,000
2026		—
	$	20,000

As of September 30, 2022, the Company was in full compliance with all financial covenants of the Loan Agreement.