| Schedule of debt |
Total debt consists of the following as of December 31, 2019 and December 31, 2018:
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December 31,
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($ in thousands)
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2019
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2018
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Interest rate
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Maturity
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IDB Note
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$
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14,929
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$
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14,929
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2.25
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%
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Aug - 20215
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2017 Subordinated Note Financing
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3,254
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3,254
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8.00
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%
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March - 2021
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2017 Subordinated Note Financing
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13,893
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13,893
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8.00
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% 3
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May - 2021
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2017 Subordinated Note Financing
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1,820
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1,820
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8.00
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% 3
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June - 2021
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2017 Subordinated Note Financing
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3,018
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3,018
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8.00
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% 3
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August - 2021
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2017 Subordinated Note Financing
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6,371
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6,371
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8.00
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% 3
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September - 2021
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2018 Venture Notes
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6,517
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6,517
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8.00
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%
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August - 2021
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2018 Venture Notes
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15,190
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15,190
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8.00
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%
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September - 2021
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Opus Credit Facility1
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9,000
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9,500
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12.00
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%
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September - 2021
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Mustang Horizon Notes2
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15,750
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—
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9.00
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%
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October - 2022
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Caelum Convertible Note, at fair value4
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—
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1,000
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8.00
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%
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January - 2019
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Caelum Convertible Note, at fair value4
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—
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6,800
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8.00
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%
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February - 2019
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Caelum Convertible Note, at fair value4
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—
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2,114
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8.00
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%
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March - 2019
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Total notes payable
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89,742
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84,406
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Less: Discount on notes payable
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5,086
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4,903
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Total notes payable
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$
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84,656
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$
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79,503
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Note 1: Classified as short-term on the Company's Consolidated Balance Sheet as of December 31, 2018. Classified as long-term on the Company's Consolidated Balance Sheet as of December 31, 2019.
Note 2: Interest rate is 9.0% plus one-month LIBOR Rate in excess of 2.5%.
Note 3: As a result of a one year maturity date extension, the interest rate of 9.0% takes effect in year 4 of the note.
Note 4: These notes converted in January 2019 with Caelum's execution of the DOSPA with Alexion (see Note 4).
Note 5: Maturity was extended into 2021 in January 2020.
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| Schedule of interest expense for all debt arrangements |
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For the Years Ended December 31,
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2019
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2018
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($ in thousands)
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Interest
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Fees1
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Total
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Interest
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Fees1
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Total
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IDB Note
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$
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356
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$
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—
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$
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356
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$
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341
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$
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—
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$
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341
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2017 Subordinated Note Financing
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4,220
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1,381
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5,601
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4,217
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1,363
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5,580
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Opus Credit Facility
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1,113
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336
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1,449
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1,141
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636
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1,777
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2018 Venture Notes
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1,737
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639
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2,376
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1,364
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420
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1,784
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LOC Fees
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60
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—
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60
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30
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—
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30
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Helocyte Convertible Note
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—
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—
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—
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94
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—
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94
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Caelum Convertible Note
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—
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—
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—
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787
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—
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787
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Mustang Horizon Notes
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1,042
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710
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1,752
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—
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—
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—
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Note Payable2
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—
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255
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255
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—
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—
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—
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Other
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—
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—
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—
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(53)
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—
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(53)
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Total Interest Expense and Financing Fee
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$
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8,528
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$
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3,321
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$
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11,849
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$
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7,921
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$
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2,419
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$
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10,340
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Note 1: Amortization of fees.
Note 2: Imputed interest expense related to Ximino purchase (see Note 9).
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