Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt

Debt consisted of the following (in thousands):

	September 30,		December 31,
	2021		2020
PPP Loan Principal	$	—	$	2,417
Less: current portion of long-term debt	—		2,014
Long-term debt, net of current portion	$	—	$	403

Paycheck Protection Program Loan

On April 10, 2020 (the “Origination Date”), the Company received $2,417,000 in aggregate loan proceeds (the “PPP Loan”) from MidFirst Bank (the “Lender”) pursuant to the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP Loan was evidenced by a Promissory Note (the “Note”), dated April 10, 2020, by and between the Company and the Lender. Subject to the terms of the Note, the PPP Loan bore interest at a fixed rate of one percent (1.0%) per annum. Payments of principal and interest were deferred for the first six months following the Origination Date. The PPP Loan was unsecured and guaranteed by the U.S. Small Business Administration (the “SBA”).

The PPP provided for forgiveness of up to the full amount borrowed as long as the Company uses the loan proceeds during the 24-week period following disbursement for eligible purposes as described in the CARES Act and related guidance. On July 28, 2021, the Company received notice that the PPP Loan had been forgiven in its entirety.

As of December 31, 2020, the Company accounted for payments that are due within 12 months of the balance sheet date as current liabilities and payments due thereafter as non-current liabilities. As of September 30, 2021, there is no remaining principal balance or accrued interest on the Note due to the forgiveness of the Note received on July 28, 2021. The Company recognized a gain on debt extinguishment of $2,448,000 during the three and nine months ended September 30, 2021, comprised of $2,417,000 of Note principal and $31,000 of accrued interest as of the date of forgiveness.