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Long-term debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
2022 term loan 3
On September 20, 2022, the Company and certain of its subsidiaries entered into a term loan agreement, which provided for up to $50 million in aggregate principal to be drawn. The term loan matures on June 1, 2026. The agreement provided for borrowings of up to $30 million upon closing and options to borrow up to $10 million between closing and June 30, 2023, up to $10 million upon the achievement of certain revenue milestones, and an additional $10 million at the discretion of the lender. The Company borrowed $20 million upon closing. As of June 30, 2023, the Company had not drawn additional funding nor had it met the revenue milestones outlined within the term loan agreement. The Company has until December 31, 2023 to draw and additional $10 million, subject to approval from the lender. Payments on the borrowing are interest-only through June 2024, with additional criteria allowing for interest-only payments to continue through June 2025. Tranches borrowed under the term loan agreement bear interest at the Wall Street Journal prime rate plus 0.5%. The interest rate is subject to a ceiling that restricts the interest rate for each tranche from exceeding 1.0% above the overall rate applicable to each tranche at their respective funding dates. The term loan agreement contains customary representations and warranties as well as customary affirmative and negative covenants. As of the date of this filing, the Company is in compliance with the covenants set forth in the 2022 term loan 3 agreement. In the event that borrowings under 2022 term loan 3 exceed $20 million, the Company will become subject to financial covenants.
Long-term debt consisted of the following as of June 30, 2023 and December 31, 2022:
(In thousands)Maturity DateInterest RateJune 30,
2023		December 31,
2022
2022 term loan 2Various4.0 %2,896 2,896 
2022 term loan 3Jun-267.0 %20,000 20,000 
Insurance premium financingApr-248.0 %1,184 1,074 
Freezer equipment loanDec-255.7 %393 466 
Manufacturing equipment loansOct-255.7 %218 266 
Freezer installation loanVarious6.3 %944 1,078 
Other loansVariousVarious4 6 
Total debt, excluding unamortized debt issuance costs25,639 25,786 
Less: unamortized debt issuance costs(132)(179)
Total debt25,507 25,607 
Less: current portion(1,935)(1,814)
Total long-term debt$23,572 $23,793 
2022 term loan 3 is secured by substantially all assets of BioLife, SAVSU, CBS, SciSafe, Global Cooling and Sexton, other than intellectual property. 2022 term loan 2 is secured by substantially all assets of Global Cooling and is effectively subordinated to the security interest established by the lenders of 2022 term loan 3. Equipment loans are secured by the financed equipment.
As of June 30, 2023, the scheduled maturities of loans payable for each of the next five years and thereafter were as follows:
(In thousands)Amount
2023 (6 months remaining)$1,217 
20245,965 
202510,511 
20265,218 
20272,596 
Thereafter- 
Total debt25,507