Molecular Templates, Inc.: going-concern / distress — Molecular Templates files Chapter 11; debt-for-equity deal cancels all existing stock

Molecular Templates, Inc.

Filed Chapter 11 on April 20, 2025; case numbers 25-10739 and 25-10740 in Delaware Bankruptcy Court.
Restructuring Support Agreement with K2 HealthVentures: $15M prepetition claims exchanged for 100% of new equity; all existing common and preferred stock cancelled.
DIP financing from K2: up to $3M new money (initial $500K) plus $9M roll-up of prepetition obligations; interest 13.5% PIK, maturity 70 days.
Bankruptcy triggers acceleration under $1.4M Bridge Loan and $24.3M CVR Agreement; enforcement stayed by automatic stay.
Trading in MTEM securities warned as highly speculative; likely no recovery for current shareholders.

item 1.01 item 1.03 item 2.03 item 2.04 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Molecular Templates, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2025-04-20).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2025-04-20

Exact text from the filing

On April 20, 2025 (the "Petition Date"), Molecular Templates, Inc. (the "Company") and its affiliate, Molecular Templates OpCo, Inc. ("MTEM OpCo", and together with the Company, the "Debtors"), commenced chapter 11 cases (the "Chapter 11 Cases") as debtors in possession in voluntary proceedings under Chapter 11 of the United States Code, 11 U.S.C. §§ 101-1532, as amended from time to time (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). The case numbers for the Chapter 11 Cases are: 25-10739 and 25-10740.

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Source: SEC EDGAR

accession 0001641172-25-006026

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