Annual report pursuant to Section 13 and 15(d)

Borrowings

v3.24.1
Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Borrowings

NOTE 7—Borrowings

 

Long-Term Debt

 

Promissory Notes Payable—In 2014 and 2017, the Company entered into agreements with one of its vendors, whereby certain of its trade payables for royalties and royalty up-front payments were converted to payment plans. In December 2018, the Company amended its accounts payable financing agreements, effective January 1, 2019, which provides for the $736 then-outstanding balance to be paid in twenty equal quarterly installments. The amounts due under these agreements were paid in quarterly installments over periods from two to four years, with interest ranging up to 8%. The entire balance was short term as of December 31, 2022 and was paid in full during the year ended December 31, 2023.

 

The components of the long-term debt balance were as follows as of December 31:

 

    2023     2022  
Promissory note payable   $ —     $ 147  
Less current portion     —       (147 )
Total long-term debt   $ —     $ —