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Debt
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Disclosure Debt
In May 2022, as amended in October 2022, we entered into a term loan facility (the “Oxford Loan Agreement”) with Oxford Finance LLC (the "Lender") for up to $100.0 million. At closing, we entered into a term loan for $10.0 million and we decided not to draw upon the additional $65.0 million that became available to us over the course of 2023 as certain conditions related to the development of bexotegrast and one of our preclinical product candidates were satisfied. As of December 31, 2023, the time period to draw upon the additional $65.0 million had lapsed. In connection with the Oxford Loan Agreement, we granted a security interest in substantially all of our current and future assets. There are no warrants or financial covenants associated with the Oxford Loan Agreement.
Borrowings under the Oxford Loan Agreement bear interest at a rate per annum equal to 1-month term Secured Overnight Financing Rate (SOFR) plus 8.5%, subject to an agreed upon floor and cap. The Oxford Loan Agreement requires the Company to make monthly interest-only payments until July 1, 2026 with monthly interest and principal payments thereafter until the maturity date of May 1, 2027.
The estimated fair value of the term loan as of December 31, 2023 was measured using Level 3 inputs and approximates the carrying value recorded to the balance sheet. The effective interest rate for the term loan is 12.69% and interest expense during the years ended December 31, 2023 and 2022 was $1.3 million and $0.8 million, respectively.
Future maturities of debt as of December 31, 2023 are as follows (in thousands):
As of December 31, 2023
2026$5,455 
20274,545 
Thereafter— 
Total10,000 
Less: unamortized debt issuance costs(106)
Accretion of final payment160 
Total$10,054