Axsome increases Hercules loan to $350M, cuts rate, extends maturity to 2028/2029

Axsome Therapeutics, Inc.

Total loan commitment raised to $350M from $300M; interest rate is greater of 9.95% or prime+2.20%.
Maturity extended to Jan 1, 2028 (or Jan 1, 2029 if revenue targets met); minimum cash covenant $30M.
Company believes current cash plus remaining committed capital sufficient to fund operations to cash flow positivity.
Amended tranche structure with $95M, $55M, $30M, $35M, $35M sub-tranches for Tranche 1.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Axsome Therapeutics, Inc. amended Third Amendment with Hercules Capital, Inc. valued at $350,000,000 (effective 2023-01-09).

Action: amendment
Agreement: credit facility
Counterparty: Hercules Capital, Inc.
Value: $350,000,000
Effective: 2023-01-09

Exact text from the filing

On January 9, 2023, Axsome Therapeutics Inc., a Delaware corporation (the “Company”), entered into a Third Amendment (the “Third Amendment”) to its Loan and Security Agreement (the “Loan Agreement”) with Hercules Capital, Inc.

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Axsome Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-000427

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