v3.26.1
Long-Term Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Debt obligations consisted of the following:
(dollars in millions)Maturity DateInterest RateJune 30,
2026		December 31,
2025
2018 Assistance Agreement Debt
09/283.25%$0.5 $0.6 
Less: current installments included within Accounts payable and accrued liabilities(0.2)(0.2)
Total long-term debt$0.3 $0.4 
In June 2018, the Company entered into an assistance agreement with the State of Connecticut (the "2018 Assistance Agreement") to provide funding for the expansion and renovation of laboratory and office space. The Company borrowed $2.0 million under the 2018 Assistance Agreement in September 2018, of which $1.0 million was forgiven upon meeting certain employment conditions. Borrowings under the 2018 Assistance Agreement bear an interest rate of 3.25% per annum, with interest-only payments required for the first 60 months, and mature in September 2028. The 2018 Assistance Agreement requires that the Company be located in the State of Connecticut through September 2028, with a default penalty of repayment of the full original funding amount of $2.0 million plus liquidated damages of 7.5% of the total amount of funding received.
Minimum future principal payments on long-term debt as of June 30, 2026 are as follows:
(dollars in millions)
Remainder of 2026$0.1 
20270.2 
20280.2 
Total$0.5 
During the three and six months ended June 30, 2026 and 2025, interest expense was immaterial.