Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On April 17, 2023, the Company secured $450,000 in committed financing from funds managed by Pharmakon Advisors, LP. The Company elected to draw $300,000 of the $450,000 available under the Pharmakon Loan Agreement on the closing date of the Pharmakon Loan Agreement. The remaining $150,000 of committed capital may be drawn at the Company’s option, subject to certain borrowing conditions, if requested on or prior to September 30, 2024.

Net proceeds to the Company at closing were approximately $26,000 following the repayment of the Athyrium Credit Agreement and payment of fees and expenses associated with the transaction.

The new five-year Pharmakon Loan Agreement bears interest at the 3-month Secured Overnight Financing Rate (“SOFR”) + 7.00% (subject to a 1.75% floor). The Company has the option to pay up to 50% of the interest on the loans advanced on the closing date in-kind for the first eighteen months of the term (subject to an increase in margin from 7.00% to 7.25%), allowing the Company to defer a portion of cash interest payments until after this period. The Pharmakon Loan Agreement contains no scheduled amortization payments, with all outstanding principal due at the maturity date in 2028. There are no financial covenants associated with the financing.