Debt (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
May 04, 2022 |
Apr. 11, 2020 |
Mar. 25, 2021 |
May 31, 2017 |
Jun. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Apr. 30, 2021 |
|
Debt (Details) [Line Items] | ||||||||
Borrowings amount | $ 10,000,000 | |||||||
Interest rate | 0.00% | 0.00% | ||||||
Maturity date description | Pursuant to the Sub Agreement, a final payment of $0.7 million was payable at the maturity date in April 2023. | |||||||
Amortized discount of interest expense | $ 34,000 | |||||||
Interest expense | $ 100,000 | 100,000 | ||||||
Remaining unamortized debt discount | $ 200,000 | $ 200,000 | ||||||
Investment agreement, description | The Company and Lender also entered into a Co-Investment Agreement, which grants to the Lender and its affiliates a right to purchase in the Company’s future private equity financings up to a total $3.0 million (if the Company only draws the first tranche) or $3.4 million (if the Company draws the second tranche) at the same per share purchase price and terms as other investors in such private equity financings. | |||||||
Common stock shares (in Shares) | 120,000 | |||||||
Common stock, par value per share (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Loan and Security Agreement [Member] | ||||||||
Debt (Details) [Line Items] | ||||||||
Description of debt | the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Eastward Fund Management, LLC, as the lender (“Lender”) to establish a loan facility which provides for borrowings in the aggregate principal amount of up to $17.0 million, which are available to be drawn in two tranches. The first tranche of $15.0 million was funded on March 31, 2021. On May 5, 2022, the Company paid off the remaining balance of the loan. The Company recognized this transaction as a debt extinguishment and recognized a $1.1 million loss on extinguishment. | In connection with the Loan Agreement, the Company issued the Lender warrants with a fair value of $0.4 million, which was recorded as a discount to the loan, to purchase up to 346,500 shares (increasing to 392,700 shares upon funding of the second tranche) of common stock that were immediately vested upon funding with an exercise price of $3.00 per share and a term of the earlier of i) March 24, 2031 and ii) the third anniversary of the Company’s listing on Nasdaq. The warrants also provide that any shares issued pursuant to the warrants are entitled to the registration rights afforded to holders of the Company’s stock, all as set forth in those certain outstanding Registration Rights Agreement dated as of October 5, 2020. | ||||||
Sub Agreement [Member] | ||||||||
Debt (Details) [Line Items] | ||||||||
Borrowings amount | $ 10,000,000 | |||||||
Interest rate | 12.00% | |||||||
Final payment | $ 700,000 | |||||||
Legal cost | 300,000 | |||||||
Amortized discount of interest expense | $ 1,200,000 | |||||||
Interest expense | $ 200,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt (Details) [Line Items] | ||||||||
Interest rate | 0.50% | 0.50% | ||||||
PPP Loan [Member] | ||||||||
Debt (Details) [Line Items] | ||||||||
Interest rate | 1.00% | |||||||
Principal amount | $ 2,200,000 | |||||||
Description of debt | The PPP Loan was to mature in two years from the issuance date and bore interest at a rate of 1% per year, with all payments deferred through the six-month anniversary of the date of the PPP Loan. Principal plus accrued unpaid interest was to be paid in one payment two years after the date of this note and may have been prepaid by the Company at any time prior to maturity without penalty. The Company applied for forgiveness of amounts due under the PPP Loan, with the amount of potential loan forgiveness calculated in accordance with the requirements of the CARES Act based on payroll costs, any mortgage interest payments, any covered rent payments and any covered utilities payments during the 8-24 week period after the origination date of the Loan. | |||||||
SVB Loan Agreement [Member] | ||||||||
Debt (Details) [Line Items] | ||||||||
Borrowings amount | $ 30,000,000 | |||||||
Interest rate | 3.25% | 3.25% | ||||||
Interest expense | $ 1,600,000 | |||||||
Principal amount | $ 800,000 | 800,000 | ||||||
Description of debt | the Company and its subsidiary (individually and collectively, “Borrower”) entered into a loan and security agreement (the “SVB Loan Agreement”) with Silicon Valley Bank, a California corporation, as lender (“SVB”). The SVB Loan Agreement provides for a revolving credit facility in an aggregate principal amount of the lesser of (i) $5.0 million and (ii) 80% of eligible accounts (the “Revolving Credit Facility”) and two tranches of term loan advances, comprised of a term loan advance under Tranche A in an aggregate principal amount of up to $15.0 million and additional term loan advances under Tranche B in an aggregate principal amount of up to $5.0 million (the “Term Loan Facility” and, together with the Revolving Credit Facility, the “Facilities”). | |||||||
Cash and cash equivalents | $ 25,000,000 | $ 25,000,000 | ||||||
Common stock shares (in Shares) | 48,295 | 48,295 | ||||||
Common stock, par value per share (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||||||
Exercise price (in Dollars per share) | $ 2.38 | $ 2.38 | ||||||
Unamortized discount | $ 800,000 | $ 800,000 | ||||||
SVB Loan Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Debt (Details) [Line Items] | ||||||||
Interest rate | 3.75% | 3.75% |