LONG-TERM DEBT |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM DEBT. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM DEBT | 3. LONG-TERM DEBT Long-term debt consists of the following:
Department of Economic and Community Development. On January 8, 2018, the Company entered into an agreement with the Connecticut Department of Economic and Community Development (“DECD”) by which the Company received a loan of $300,000 secured by substantially all of the Company’s assets (the “DECD 2018 Loan”). The DECD 2018 Loan is a ten-year loan due on December 31, 2027 and includes interest paid monthly at 3.25%. The maturity date of the DECD 2018 Loan was extended to May 31, 2028 and the modification did not have a material impact on the Company’s cash flows. Amortization of the debt issuance costs were less than $1 thousand for the three months ended June 30, 2026 and 2025, respectively, and $1 thousand for the six months ended June 30, 2026 and 2025, respectively. Financed equipment loan. In May 2026, the Company entered into a loan agreement to finance some laboratory equipment (the “Equipment Loan Agreement”). The total amount of the loan was $0.3 million and is secured by the equipment. The loan is a five-year loan and includes interest paid monthly at 8.9%. As of June 30, 2026 and December 31, 2025, the outstanding balance under the Equipment Loan Agreement was $0.3 million and zero, respectively, and was included in current maturities of long-term debt and long-term debt in the Company’s condensed consolidated balance sheets. |
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