
	Rate Type	Maturity	Effective Interest Rate	June 30, 2022			December 31, 2021
Collateralized note	Variable	2026	10.53%	$	5,000		$	5,000
Less: Unamortized debt issuance costs					(48	)		(77	)
Net carrying amount of debt				$	4,952		$	4,923

The carrying amount of debt approximates fair value due to its variable interest rate.

In December 2021, the Company entered into a loan and security agreement (the Loan Agreement) for a non-revolving credit facility with borrowing capacity of up to $50.0 million. An initial $5.0 million (the Loan) was funded in December 2021, and an additional $45.0 million will be available in minimum draws of $5.0 million, at the Company’s option through the end of 2022. The Loan matures in December 2026, which may be extended by 12 months subject to certain clinical data milestones. The debt facility provides for at least 48-months of interest-only payments, which may be extended to 60 months if the final maturity date is extended. The floating interest rate of the Loan is tied to LIBOR. The Company is permitted to prepay the Loan, subject to certain conditions. Upon the maturity date or prepayment of the Loan, the Company is required to make a final payment equal to 5.0% (or 7.0% if the maturity date is extended) of the aggregate principal amount of the Loan. The Loan Agreement contains a subjective acceleration clause in the case of an event of default. If such a matter occurs and is continuing, the lender may legally demand the outstanding principal and interest immediately due and payable. There are no financial covenants associated with the credit facility and the Loan is secured by the Company’s assets.

Principal installments due on the note subsequent to June 30, 2022, are as follows (in thousands):


Remainder of 2022	$	—
2023		—
2024		—
2025		—
2026		5,000
Total long-term debt	$	5,000