The repayment of the Term Loans as aforementioned, is referred to as the “Revenue Base Redemption Feature.” | | | | | | | Test Dates (fiscal Quarter Ending) | Product Revenue Base for 12 months Period | | September 30, 2024 | $ | 22,300 | | | December 31, 2024 | 26,200 | | | March 31, 2025 | 29,600 | | | June 30, 2025 | 33,400 | | | September 30, 2025 | 37,800 | | | December 31, 2025 | 42,700 | | | March 31, 2026 | 46,400 | | | June 30, 2026 and each Fiscal Quarter ending thereafter | 50,000 | |
Repayment Premium All repayments and prepayments of the Term Loans (other than on Maturity Date) shall be accompanied by the payment of the premium, which shall be determined based on the timing of the repayment as follows (the “Repayment Premium”): | | | | | | | Time of Repayment | Premium Rate | | Within the first 12 months from the funding date of each respective loan. | 3.0% plus the Make-Whole Amount (defined below) (1) | | After the first 12 months but before the 24-month anniversary of the funding date of each respective loan. | 3.0% | | After the 24-month anniversary but before the 36-month anniversary of the funding date of each respective loan. | 2.0% | | After the 36-month anniversary but before the 48-month anniversary of the funding date of each respective loan. | 1.0% | | After the 48-month anniversary of the funding date of each respective loan. | 0.0% |
(1) “Make-Whole Amount” is equal to the sum of the remaining scheduled interest payments through the 12-month anniversary of the closing date of each respective loan. The following table summarizes activity within the Initial Term Loan for the nine months ended September 30, 2024. There was no activity in the nine months ended September 30, 2023. | | | | | | | OrbiMed Debt | | Initial draw | $ | 25,000 | | | Debt issuance costs | | | Cash issuance costs | (2,593) | | | Noncash issuance costs: | | | Revenue base redemption liability | (729) | | | Warrant liability | (811) | | | Balance at April 30, 2024 | $ | 20,867 | | | Amortization of debt issuance costs | 356 | | | PIK interest | 377 | | | Accretion of exit fee liability | 78 | | | Balance at September 30, 2024 | $ | 21,678 | |
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