---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-132060"
form_type: "8-K"
ticker: null
cik: "0001492674"
company_name: "T2 Biosystems, Inc."
filed_at: "2024-05-06T23:59:59+00:00"
generated_at: "2026-06-02T21:57:27.450947+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# T2 Biosystems Q1 sepsis revenue up 25% YoY to $2.1M; debt cut 79% to $10.5M

## Summary
- Q1 sepsis product revenue $2.1M (+25% YoY); net loss $13.5M ($2.66/sh) vs $18M loss prior year.
- Converted $30M of term loan debt for equity; total debt reduced from $50.5M to $10.5M (79% reduction).
- Reiterated FY2024 sepsis product revenue guidance of $10M-$11M (49%-64% growth).
- Cash $6.2M at March 31, 2024; raised $2.2M via ATM in Q1.
- FDA 510(k) clearance for expanded T2Bacteria Panel; T2Lyme and T2Resistance panels advancing toward 3Q 2024.

## SEC filing metadata
- accession: 0001193125-24-132060
- form_type: 8-K
- cik: 0001492674
- company_name: T2 Biosystems, Inc.
- filed_at: 2024-05-06T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.02, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1492674/000119312524132060/0001193125-24-132060-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1492674/000119312524132060/d793513d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-132060
- JSON: https://secwatch.observer/filing/0001193125-24-132060.json
- Plain text: https://secwatch.observer/filing/0001193125-24-132060.txt

## Key facts
- Earnings Releases
  T2 Biosystems, Inc. reported first quarter ended March 31, 2024 results: revenue $2.1 million, net income $13.5 million, EPS $2.66 per share. Guidance reaffirmed.
  - Period: first quarter ended March 31, 2024
  - Revenue: $2.1 million
  - Net income: $13.5 million
  - EPS: $2.66 per share
  - Guidance: reaffirmed
  - Result: reported results
  source text: financial and operational results for the first quarter ended March 31, 2024. Recent Financial and Operational Highlights • Achieved first quarter 2024 sepsis product revenue of $2.1 million, representing growth of 25% compared to the prior year period and sequential growth of 23% compared to the fourth quarter of 2023, led by T2Candida Panel sales and strong
  evidence_url: https://www.sec.gov/Archives/edgar/data/1492674/000119312524132060/0001193125-24-132060-index.htm
- Material Agreements
  T2 Biosystems, Inc. entered into Securities Purchase Agreement with CRG Partners III L.P., CRG Partners III - Parallel Fund "A" L.P., CRG Partners III (Cayman) Unlev AIV I L.P., CRG Partners III (Cayman) Lev AIV I L.P. and CRG Partners III Parallel Fund "B" (Cayman) L.P. valued at $15.0 million (effective 2024-05-03).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: CRG Partners III L.P., CRG Partners III - Parallel Fund "A" L.P., CRG Partners III (Cayman) Unlev AIV I L.P., CRG Partners III (Cayman) Lev AIV I L.P. and CRG Partners III Parallel Fund "B" (Cayman) L.P.
  - Value: $15.0 million
  - Effective: 2024-05-03
  source text: On May 3, 2024, the Company entered into a Securities Purchase Agreement (the “ SPA ”) with CRG Partners III L.P., CRG Partners III - Parallel Fund “A” L.P., CRG Partners III (Cayman) Unlev AIV I L.P., CRG Partners III (Cayman) Lev AIV I L.P. and CRG Partners III Parallel Fund “B” (Cayman) L.P. (collectively in such capacity, the “ Lenders ” or the “ Purchasers ”) pursuant to which the Company issued to the Lenders in a private placement offering 4,748,335 shares (the “ Shares ”) of the Company’s common stock in exchange for the Lenders surrendering for cancellation $15.0 million of outstanding loans
  evidence_url: https://www.sec.gov/Archives/edgar/data/1492674/000119312524132060/0001193125-24-132060-index.htm
- Material Agreements
  T2 Biosystems, Inc. entered into Consent and Amendment No. 11 to Term Loan Agreement with Administrative Agent and Lenders under the Loan Agreement (effective 2024-05-03).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Administrative Agent and Lenders under the Loan Agreement
  - Effective: 2024-05-03
  source text: On May 3, 2024, the Company entered into the Consent and Amendment No. 11 to Term Loan Agreement (“ Consent No. 11 ”) to the Loan Agreement. Consent No. 11 provides for, among other things, (i) the consent of the Administrative Agent and the Lenders (who constitute all of the lenders under the Loan Agreement) to the Exchange and (ii) an amendment to the “Change of Control” definition
  evidence_url: https://www.sec.gov/Archives/edgar/data/1492674/000119312524132060/0001193125-24-132060-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.