secwatch.observer — SEC 8-K summary
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Issuer:     Phathom Pharmaceuticals, Inc. (PHAT)
CIK:        0001783183
Form:       8-K
Filed at:   2023-12-14T23:59:59+00:00
Accession:  0001193125-23-294942
Event type: debt
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

Phathom Pharma amends loan agreement, boosts facility to $300M, lowers rate
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- Fourth Amendment with Hercules Capital increases aggregate loan from $200M to $300M; $40M of Tranche 2 funded at closing.
- New tranches 2-6 total up to $160M undrawn; maturity extended from October 2026 to December 2027.
- Cash interest reduced from 10.75% to 9.85% (capped at 10.35%); PIK interest cut from 3.35% to 2.15%.
- Minimum cash covenant lowered to 20% of outstanding principal; revenue performance covenant starts September 30, 2024.
- Revenue covenant waived if cash >50% (later 35%) of outstanding or market cap exceeds $900M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1783183/000119312523294942/0001193125-23-294942-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1783183/000119312523294942/d31590d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-294942

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer