BioXcel Therapeutics entered into a Tenth Amendment to its Credit Agreement to preserve liquidity and extend near-term obligations. The amendment permits payment-in-kind of accrued interest through June 30, 2026, defers the June 30 principal payment to July 31, 2026 with a $9,016,914.47 payment plus accrued interest and fees, and reduces the minimum cash covenant to $7.5 million. It also imposes enhanced reporting, budget controls, and restrictions on transactions and compensation changes, and requires definitive transactions by July 31, 2026 to repay the facility or secure alternative capital. A 1.00% fee was paid in kind.
Agreement details:
- Agreement type: Tenth Amendment to Credit Agreement and Guaranty
- Counterparty: Oaktree Fund Administration, as administrative agent, and other lenders
- Signed / Effective: Jul 03 2026 / same
- Duration / Termination: Through Jul 31 2026 (amendment provisions)
- Reason: Preserve liquidity and time to pursue strategic or refinancing options
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.