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Long-Term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
(in thousands)March 31,
2026		December 31,
2025
Principal amount of long-term debt$75,000 $75,000 
Debt discount, net of accretion(349)(412)
Cumulative accrual of end of term payments1,869 1,703 
Long-term debt$76,520 $76,291 
Hercules Loan Agreement
The Company is party to the Second Amended and Restated Loan and Security Agreement, as amended, (the “Hercules Loan Agreement”) with Hercules Capital Inc., which provides for an aggregate term loan facility of up to $107.5 million, under which the Company has borrowed an aggregate of $75.0 million of term loans, representing the maximum borrowings allowable as of March 31, 2026. The Hercules Loan Agreement is described in Note 11 to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 17, 2026.

The Company recognized interest expense under the Hercules Loan Agreement as follows:
(in thousands)Three Months Ended March 31,
20262025
Total interest expense$2,133 $2,201 
Non-cash interest expense$230 $204 
The annual effective interest rate on the Hercules Loan Agreement as of March 31, 2026 was 11.2%. There were no principal payments due or paid under the Hercules Loan Agreement during the three months ended March 31, 2026 and 2025. As of
March 31, 2026, future principal and accrued end-of-term payments of $76.9 million under the Hercules Loan Agreement are due on July 1, 2027.