Kiromic Biopharma, Inc.: debt financing — Kiromic BioPharma issues $1M 25% senior secured convertible note; corrects prior debt total to $14.2M

Kiromic Biopharma, Inc.

Issued $1M 25% senior secured convertible promissory note to accredited investor, maturing Jan 28, 2026.
Note convertible into common stock at 90% of 5-day VWAP starting Feb 28, 2025; beneficial ownership cap of 19.99%.
Note secured by all fixtures, equipment, and intellectual property of the Company.
Holder now holds aggregate principal of $14.2M across eight promissory notes plus preferred stock.
8-K/A corrects error: originally reported combined debt as $13.2M instead of $14.2M.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Kiromic Biopharma, Inc. incurred convertible notes of $1,000,000 with an accredited investor at 25% per annum maturing January 28, 2026.

Instrument: convertible notes
Principal: $1,000,000
Counterparty: an accredited investor
Rate: 25% per annum
Maturity: January 28, 2026
Event: incurrence

Exact text from the filing

On January 28, 2025, Kiromic BioPharma, Inc. (the “Company”) issued a 25% Senior Secured Convertible Promissory Note (the “Note”) to an accredited investor (the “Holder”). The Note has a principal amount of $1,000,000, bears interest at a rate of 25% per annum (the “Stated Rate”) and matures on January 28, 2026 (the “Maturity Date”)

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Source: SEC EDGAR

accession 0001437749-25-002590

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