{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-24-133298","form_type":"8-K","ticker":"MCRB","cik":"0001609809","company_name":"Seres Therapeutics, Inc.","filed_at":"2024-05-07T23:59:59+00:00","discovered_at":"2026-05-14T18:03:19.243039+00:00","generated_at":"2026-06-02T18:38:13.318730+00:00","sec_items":["2.04"],"event_type":"debt","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Seres receives Oaktree default notice over $28M Bacthera payment; $110M term loan at risk","bullets":["Received default notice from Oaktree alleging non-payment of ~$28M milestone to Bacthera; company disputes.","$110M outstanding under $250M term loan; interest at SOFR+7.875% (floor 2.5%, cap 5%), maturity April 2029.","Company believes no default occurred; intends to vigorously defend and pursue counterclaims if needed.","If default stands, debt could be accelerated and default interest rate of 2% per annum would apply.","Dispute hinges on whether Bacthera milestone is due and qualifies as 'Indebtedness' under credit agreement."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-24-133298","json":"https://secwatch.observer/filing/0001193125-24-133298.json","markdown":"https://secwatch.observer/filing/0001193125-24-133298.md","text":"https://secwatch.observer/filing/0001193125-24-133298.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1609809/000119312524133298/0001193125-24-133298-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1609809/000119312524133298/d833710d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-02T18:38:13.318730+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"7de7c4937971f7e9645030b26b6bd0e42fd0671d","claim":"Seres Therapeutics, Inc. reported a default on term loan of $110.0 million currently outstanding with Oaktree Fund Administration, LLC at three-month term Secured Overnight Financing Rate (“SOFR”) (subject to a 2.50% f maturing April 27, 2029.","evidence_excerpt":"The Oaktree Credit Agreement establishes a term loan facility (the “Term Loan”) of up to $250.0 million with a maturity date of April 27, 2029 (the “Maturity Date”), of which $110.0 million is currently outstanding. Borrowings under the Term Loan bear interest at a rate per annum equal to the three-month term Secured Overnight Financing Rate (“SOFR”) (subject to a","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1609809/000119312524133298/0001193125-24-133298-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$110.0 million currently outstanding"},{"label":"Counterparty","value":"Oaktree Fund Administration, LLC"},{"label":"Rate","value":"three-month term Secured Overnight Financing Rate (“SOFR”) (subject to a 2.50% f"},{"label":"Maturity","value":"April 27, 2029"},{"label":"Event","value":"default"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}