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Loan and Security Agreement (Tables)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]    
Schedule of Outstanding Debt and Unamortized Debt Discount Balances

Long-term debt and unamortized debt discount balances are as follows:

 

 

December 31,
2022

 

 

December 31,
2021

 

Total Outstanding Debt

 

$

95,000,000

 

 

$

50,000,000

 

Add: accreted liability of final payment fee

 

 

1,362,733

 

 

 

706,407

 

Less: unamortized debt discount, long-term

 

 

(2,103,845

)

 

 

(1,616,885

)

Less: current portion of long-term debt

 

 

 

 

 

 

Loan payable, long-term

 

$

94,258,888

 

 

$

49,089,522

 

 
Schedule of debt approximates its fair value given its variable interest rate

The book value of debt approximates its fair value given its variable interest rate.

 

 

 

Year ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Interest Expense

 

$

8,176,264

 

 

$

4,616,597

 

 

$

2,362,083

 

Amortization of final payment fee

 

 

668,051

 

 

 

554,493

 

 

 

469,676

 

Amortization of debt discount related issuance costs and warrants

 

 

814,627

 

 

 

522,522

 

 

 

317,074

 

 
Schedule of Principal Payments  

Scheduled Principal Payments on Outstanding Debt, as of December 31, 2022, are as follows:

 

2022

 

 

 

2023

 

 

 

2024

 

 

 

2025

 

 

15,202,884

 

2026

 

 

79,797,116

 

Total principal payments outstanding

 

$

95,000,000