XML 40 R30.htm IDEA: XBRL DOCUMENT v3.22.2
Convertible Promissory Notes and Long-Term Debt - Additional Information (Details) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Apr. 18, 2022
Aug. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Convertible Promissory Notes [Line Items]              
Change in fair value of convertible promissory notes     $ 34,396,000 $ 444,000 $ 51,469,000 $ 517,000  
Interest expense       8,000,000   17,000,000  
Convertible promissory notes, outstanding principal balance             $ 158,276,000
Debt instrument, carrying amount     5,000,000   5,000,000    
PIK interest         21,000    
Amortization of debt discount         $ 81,000    
Minimum              
Convertible Promissory Notes [Line Items]              
Notes issuance, maturity period         12 months    
Maximum              
Convertible Promissory Notes [Line Items]              
Notes issuance, maturity period         18 months    
Term Loan              
Convertible Promissory Notes [Line Items]              
Interest expense     $ 200,000   $ 200,000    
Debt instrument, accretion of final payment fee         100,000    
PIK interest         21,000    
Amortization of debt discount         11,000    
Debt instrument, coupon interest         $ 100,000    
Term Loan | Loan Agreement              
Convertible Promissory Notes [Line Items]              
Debt instrument, interest rate 4.55%   5.80%   5.80%    
Debt instrument, carrying amount $ 75,000,000.0            
Debt instrument, minimum draw amount $ 5,000,000.0            
Debt instrument, basis spread on variable rate 5.00%            
Debt instrument, interest rate per annum 2.85%            
Debt instrument, payment terms The monthly payments consist of interest-only through June 1, 2025 or, if prior to April 30, 2025, (x) the conditions to Term Loan 3 have been satisfied and (y) the Company has reasonably determined that (i) the HIL-214 Vaccine Trial has achieved the protocol-specified primary efficacy endpoint and (ii) HIL-214 has demonstrated acceptable safety results in the HIL-214 Vaccine Trial, and, as a result, the Company supports the initiation of a Phase 3 registrational trial as the next immediate step in the development of HIL-214, in each case subject to reasonable verification by Hercules, through June 1, 2026. Subsequent to the interest-only period, the Term Loans will be payable in equal monthly installments of principal, plus accrued and unpaid interest, through the maturity date of May 1, 2027.            
Debt instrument, maturity date May 01, 2027            
Debt instrument, final payment fee $ 2,100,000   $ 2,100,000   $ 2,100,000    
Percentage of original principal amount payable 7.15%            
Percentage of interest upon event of default 4.00%            
Term Loan | Loan Agreement | Maximum              
Convertible Promissory Notes [Line Items]              
Percentage of prepayment fee on outstanding principal balance 2.00%            
Term Loan | Prime Rate | Loan Agreement              
Convertible Promissory Notes [Line Items]              
Debt instrument, basis spread on variable rate 1.05%            
Term Loan 1 | Loan Agreement              
Convertible Promissory Notes [Line Items]              
Debt instrument, amount borrowed $ 5,000,000.0            
Frazier              
Convertible Promissory Notes [Line Items]              
Aggregate amount     $ 8,500,000   $ 8,500,000    
Change in fair value of convertible promissory notes       $ 400,000   $ 500,000  
Frazier | Minimum              
Convertible Promissory Notes [Line Items]              
Bearing interest     0.12%   0.12%    
Frazier | Maximum              
Convertible Promissory Notes [Line Items]              
Bearing interest     2.52%   2.52%    
2019 Frazier Notes              
Convertible Promissory Notes [Line Items]              
Aggregate amount     $ 900,000   $ 900,000    
2020 Frazier Notes              
Convertible Promissory Notes [Line Items]              
Aggregate amount     1,300,000   1,300,000    
2021 Frazier Notes              
Convertible Promissory Notes [Line Items]              
Aggregate amount     6,300,000   $ 6,300,000    
August 2021 Notes | Common Stock              
Convertible Promissory Notes [Line Items]              
Debt instrument conversion, common stock shares issued             10,672,138
August 2021 Notes | Note Purchase Agreement              
Convertible Promissory Notes [Line Items]              
Aggregate amount   $ 139,520,000          
Debt instrument, interest rate   6.00%          
Debt instrument, frequency of periodic payment         annually    
Change in fair value of convertible promissory notes     34,400,000   $ 51,500,000    
Interest expense     700,000   2,800,000    
Convertible promissory notes, outstanding principal balance             $ 139,500,000
August 2021 Notes | Note Purchase Agreement | New Investors              
Convertible Promissory Notes [Line Items]              
Aggregate amount   $ 103,750,000          
August 2021 Notes | Note Purchase Agreement | Frazier Life Sciences X, L.P.              
Convertible Promissory Notes [Line Items]              
Aggregate amount   10,770,000          
Cash proceeds from issuance of convertible notes   $ 25,000,000.0          
Term Loan 1 Borrowing through December 15, 2022 | Term Loan 1 | Loan Agreement | Maximum              
Convertible Promissory Notes [Line Items]              
Debt instrument, available credit under loan agreement     10,000,000.0   10,000,000.0    
Term Loan 1 Borrowing through June 30, 2023 | Term Loan 1 | Loan Agreement | Maximum              
Convertible Promissory Notes [Line Items]              
Debt instrument, available credit under loan agreement     15,000,000.0   15,000,000.0    
Term Loan 2 Borrowing through June 30, 2023 | Term Loan 2 | Loan Agreement | Maximum              
Convertible Promissory Notes [Line Items]              
Debt instrument, available credit under loan agreement     20,000,000.0   20,000,000.0    
Term Loan 3 Borrowing through March 31, 2024 | Term Loan 3 | Loan Agreement | Maximum              
Convertible Promissory Notes [Line Items]              
Debt instrument, available credit under loan agreement     $ 25,000,000.0   $ 25,000,000.0