aibioBioXcel takes $1,250,000 in additional term loans from its lenders
Tickers BTAI
The amendment also lowers the minimum cash liquidity covenant to $250,000 and sets an August 31, 2026 deadline for a transaction acceptable to the lenders.
Key facts
- Company
- BioXcel Therapeutics, Inc. (OTC: BTAI)
- News type
- Debt Financing
- Primary source
- BioXcel Therapeutics, Inc. 8-K (2026-08-25)
BioXcel Therapeutics, Inc. entered into a Fourteenth Amendment to its Credit Agreement and Guaranty on August 24, 2026. Under the amendment, the lenders made additional loans to the company totaling $1,250,000. The filing calls these the Amendment No. 14 Term Loans. The credit agreement is dated April 19, 2022, and Oaktree Fund Administration LLC serves as administrative agent. The filing does not name the individual lenders.
The company paid an upfront fee of $250,000, or 20% of the aggregate principal amount. Apart from the fee, the new loans carry the same economic and other terms as the existing loans under the agreement. The filing does not state an interest rate or maturity date for the new loans, and it does not say how the company will use the proceeds. It names no placement agent or financial advisor.
The amendment lowers the minimum liquidity covenant to minimum cash liquidity of $250,000, down from $3.0 million. It also requires the company to enter into definitive agreements by August 31, 2026, extended from August 28, 2026. Those agreements must either repay all loan and other obligations under the credit agreement or form an alternative capital solutions transaction acceptable to the lenders.
The amendment also removes flexibility the company and its subsidiaries had to undertake certain transactions, including out-licensing of intellectual property and sales of assets.