BioXcel Therapeutics Inc.
08/25/2026 | Press release | Distributed by Public on 08/25/2026 05:16
Material Agreement (Form 8-K)
| Item 1.01 | Entry into a Material Definitive Agreement. |
On August 24, 2026, BioXcel Therapeutics, Inc. (the "Company") entered into the Fourteenth Amendment to Credit Agreement and Guaranty (the "Fourteenth Amendment"), which amended the Credit Agreement and Guaranty, dated April 19, 2022, as amended (the "Credit Agreement"), by and among the Company, as the borrower, certain subsidiaries of the Company from time to time party thereto as subsidiary guarantors, the lenders party thereto (the "Lenders"), and Oaktree Fund Administration LLC, as administrative agent.
Pursuant to the Fourteenth Amendment, the Lenders made additional loans to the Company in an aggregate principal amount of $1,250,000 (the "Amendment No. 14 Term Loans"). The Company paid an upfront fee of $250,000, or 20% of the aggregate principal amount, in respect of the Amendment No. 14 Term Loans. Other than the upfront fee, the Amendment No. 14 Term Loans are subject to identical economic and other terms as the preexisting loans under the Credit Agreement.
In addition, pursuant to the Fourteenth Amendment, among other things:
| · | The Lenders agreed to reduce the Credit Agreement's minimum liquidity covenant to require minimum cash liquidity of $250,000 (instead of $3.0 million). | |
| · | The Company is required to, on or prior to August 31, 2026 (extended from August 28, 2026, as was required under the Thirteenth Amendment), enter into definitive agreements with respect to one or more transactions acceptable to Lenders that (A) would result in the repayment of all loan and other obligations under the Credit Agreement or (B) is an alternative capital solutions transaction on terms and conditions acceptable to the Lenders. | |
| · | Certain covenants and thresholds under the Credit Agreement were amended to remove flexibility the Company and its subsidiaries previously had thereunder to undertake certain transactions, including, without limitation, with respect to out-licensing of intellectual property and sales of assets. |
The foregoing summary of the Fourteenth Amendment is qualified in its entirety by the complete text of such agreement, a form of which is filed hereto as Exhibit 10.1.
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