Arcus Biosciences secures up to $250M term loan facility from Hercules Capital; initial $50M funded

Arcus Biosciences, Inc.

Initial $50M funded; additional $50M available at company's option through Jun 2025 and another $50M through Mar 2026; final $100M at lenders' option.
Interest rate = greater of Prime Rate + 1.95% or 10.45% p.a.; interest-only payments until Sep 2028, extendable 12 months if FDA approves BLA/NDA.
Loans mature Sep 2029, extendable 12 months upon two of three milestones: phase 3 starts for casdatifan, quemliclustat, or etrumadenant.
Covenant: if mkt cap ≤ $1.2B, maintain Qualified Cash ≥ 50% of outstanding principal; threshold reduces to 40% or 35% upon milestones.
Prepayment premium 3% (yr1), 2% (yr2), 1% (thereafter); end-of-term charge 7.75%.

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