Quarterly report pursuant to Section 13 or 15(d)

Facility Loans

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Facility Loans
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Facility Loans

5. Facility Loans

On September 30, 2013, the Company entered into a facility loan agreement with Silicon Valley Bank and Oxford Finance LLC (referred to herein as the lenders) whereby $5.0 million was drawn as part of the Company’s September 2013 financing, referred to herein as the 2013 Term Loan Facility.  In connection with the 2013 Term Loan Facility, the Company also issued warrants exercisable for a total of 121,739 shares of the Company’s common stock to the lenders at an exercise price of $5.00 per share with a term of seven years.

On August 7, 2015, the Company entered into a Loan and Security Agreement, pursuant to which the Company refinanced its existing 2013 Term Loan Facility with Oxford Finance LLC and Silicon Valley Bank, and borrowed an aggregate of $10.0 million, of which $5.9 million was outstanding on December 31, 2017. In connection with this 2015 Term Loan Facility, the Company issued warrants exercisable for a total of 114,436 shares of its common stock to the lenders at an exercise price of $2.84 per share, and with a term of ten years.

On June 4, 2018, the Company repaid in full the outstanding balance of the 2015 Term Loan Facility of $4.2 million plus a final fee of $0.7 million and a prepayment penalty of $0.1 million. In conjunction with this prepayment, the Company recorded a $0.4 million loss on early of extinguishment of this debt. As of June 30, 2018, the Company had no further obligations under the 2015 Term Loan Facility.