aibioBioRestorative sets up $1,000,000 revolving loan from Bowery Group
BioRestorative Therapies can borrow up to $1,000,000 from Bowery Group LLC at 12%, and the same agreement brought three director resignations and three new directors designated by the lender. Its cash use in 2025 was $10.8 million.
Key facts
- Companies
- BioRestorative Therapies, Inc. (NASDAQ: BRTX), Nuwellis, Inc. (NASDAQ: NUWE), iSpecimen Inc. (NASDAQ: ISPC)
- News type
- Debt Financing
- Primary source
- SEC Form 8-K
The revolving loan
BioRestorative Therapies, Inc. (Nasdaq: BRTX) entered into a Revolving Loan Agreement on June 10, 2026 with Bowery Group LLC. At its sole discretion, the company may request loans of up to $1,000,000 in aggregate principal for general corporate purposes. Each borrowing is evidenced by a revolving promissory note that bears interest at 12% a year.
Each loan falls due on the first anniversary of its closing, when principal and accrued interest are payable in full. The company may prepay and borrow again, but no loan may be requested after the tenth business day before the maturity date. After an event of default, principal bears default interest at 16% a year, and the lender may declare all amounts due.
The board changes
The agreement also brought changes to the board. Directors Francisco Silva, Nickolay Kukekov and Patrick F. Williams resigned effective June 11, 2026, pursuant to the agreement. On June 12, 2026, the remaining directors appointed Mika Grasso, Katharyn Field and Jatinder Dhaliwal. The 8-K describes all three as designees of the lender.
Grasso chairs the audit committee and is an audit committee financial expert. Field chairs the nominating committee, and Dhaliwal sits on three committees. The board determined that each of the three is independent under Nasdaq listing standards. Mr. Grasso, who is 28, is an investment director at a family office and was a director of Nuwellis, Inc. (Nasdaq: NUWE) from January 2026 to March 2026. Ms. Field is chief executive officer of iSpecimen Inc. (Nasdaq: ISPC). Chairman Lance Alstodt stays on the board, as does David Rosa, who now chairs the compensation committee. The agreement sets out circumstances in which the new directors are deemed to have resigned; the 8-K does not list them.
Who is named
Bowery Group LLC is the lender. The 8-K names no placement agent or financial advisor for the loan and does not name legal counsel to either side. The full terms are in the agreement and the form of promissory note, filed as Exhibits 10.1 and 10.2 to the 8-K.
Losses and cash
The annual report, filed March 26, 2026, shows research and development expense of $10.1 million in 2025, up from $6.7 million in 2024. The net loss widened to $14.2 million from $9.0 million. Cash used in operations rose to $10.8 million from $8.2 million.
At the end of 2024 the company held $547,890 in cash and cash equivalents and $10.2 million in short-term investments. At March 31, 2026, cash and cash equivalents were $3.1 million and short-term investments were $479,351. The 8-K does not say how much of the facility has been requested. The company used $10.8 million in operations in 2025, and the facility is $1,000,000.
Earlier financings
In February 2026 the company completed a public offering. It issued 12,560,715 shares, pre-funded warrants for up to 1,725,000 shares and warrants for up to 14,285,715 shares, for gross proceeds of $5,000,000. The warrants carry an exercise price of $0.35 a share and expire five years after issue. The annual report passage on that offering does not name the placement agent.
In October 2025 the company raised gross proceeds of $1,085,000 by issuing 678,125 shares in a registered direct offering, with warrants for 508,592 shares at $2.75.
The lead program
The company's lead program, BRTX-100, is in a Phase 2 trial for chronic lumbar disc disease and holds FDA Fast Track designation. Preliminary blinded data from the first 15 patients, at 26 and 52 weeks, reported no serious adverse events. A later update from 36 patients said over 74% of subjects showed greater than 50% improvement in function by 52 weeks. Those figures are preliminary, blinded and drawn from small groups, and the annual report gives no comparison group.
The annual report says the company discussed a possible accelerated biologics license application pathway with the FDA at a Type B meeting in December 2025. The company calls the official summary of that meeting positive and says it aims to submit a Phase 3 IND in 2026. The annual report does not reproduce the FDA summary, so the basis for that description cannot be checked.