---
schema_version: "secwatch.filing_event.v1"
accession: "0001368148-23-000055"
form_type: "8-K"
ticker: null
cik: "0001368148"
company_name: "ATHERSYS, INC / NEW"
filed_at: "2023-05-23T23:59:59+00:00"
generated_at: "2026-06-14T17:11:31.747258+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Athersys restructures $30.7M supplier debt; issues $15M convertible note at 10%

## Summary
- Restructured $20.9M past-due and $9.8M future obligations under supplier agreements, less $3.9M in credits.
- Pays $11.8M via monthly $250K cash payments starting Oct 2023; supplier forbears from remedies.
- Issued $15M convertible note due May 2026, interest 10%, convertible at $1.30/share after 18 months.
- Supplier granted exclusive option to supply 50% of material for MultiStem for 5 years after regulatory approval.
- CEO Dan Camardo says restructuring reflects post-TREASURE trial needs and aligns with MASTERS-2 timeline after FDA Type B meeting.

## SEC filing metadata
- accession: 0001368148-23-000055
- form_type: 8-K
- cik: 0001368148
- company_name: ATHERSYS, INC / NEW
- filed_at: 2023-05-23T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 2.02, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1368148/000136814823000055/0001368148-23-000055-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1368148/000136814823000055/athx-20230517.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001368148-23-000055
- JSON: https://secwatch.observer/filing/0001368148-23-000055.json
- Plain text: https://secwatch.observer/filing/0001368148-23-000055.txt

## Key facts
- Debt Financings
  ATHERSYS, INC / NEW incurred convertible notes of $15.0 million with a supplier at 10.0% per annum maturing May 17, 2026.
  - Instrument: convertible notes
  - Principal: $15.0 million
  - Counterparty: a supplier
  - Rate: 10.0% per annum
  - Maturity: May 17, 2026
  - Event: incurrence
  source text: the Company issued a convertible promissory note to the supplier in the principal amount of $15.0 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1368148/000136814823000055/0001368148-23-000055-index.htm
- Material Agreements
  ATHERSYS, INC / NEW entered into new agreement with the supplier valued at $15 million convertible note.
  - Action: entry
  - Agreement: supply
  - Counterparty: the supplier
  - Value: $15 million convertible note
  source text: Under the new agreement, Athersys will pay the supplier $11.8 million in monthly cash payments of $250,000 each, beginning October 2023. In addition, Athersys has issued a $15 million convertible note.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1368148/000136814823000055/0001368148-23-000055-index.htm

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