BioXcel Therapeutics, Inc. has entered into a fourteenth amendment to its credit agreement, securing an additional $1.25 million in term loans. The amendment, dated August 24, 2026, also modifies key covenants, notably reducing the minimum liquidity requirement and extending the deadline for the company to secure a definitive strategic transaction.
Key Details
- Additional Financing: The company received an additional loan of $1,250,000 and paid an upfront fee of $250,000, or 20% of the principal amount.
- Covenant Changes: The minimum cash liquidity covenant was significantly reduced from $3.0 million to $250,000.
- Strategic Deadline: The deadline to enter into a definitive agreement for a transaction to repay all loan obligations or find an alternative capital solution was extended to August 31, 2026.
- New Restrictions: The amendment removes certain flexibilities the company previously had regarding out-licensing of intellectual property and sales of assets.