--- title: "Cynata takes $600,000 loan secured against R&D TI rebate" url: "https://aibio.space/news/cynata-takes-600-000-loan-secured-against-r-d-ti-rebate/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-07-06" section: "Debt Financing" tickers: "ASX:CYP" source: "https://announcements.asx.com.au/asxpdf/20260706/pdf/071dkx449bk4y8.pdf" summary: "The $600,000 loan is secured against an expected R&D tax rebate of approximately $1.7m and the company's assets, and falls due by 30 September 2026 unless" --- By the aibio.space news desk. Sources - [Cynata Therapeutics Limited release (2026-07-06)](https://announcements.asx.com.au/asxpdf/20260706/pdf/071dkx449bk4y8.pdf) [CYP](https://aibio.space/companies/cynata-therapeutics/) 2026-07-06 # Cynata takes $600,000 loan secured against R&D TI rebate Tickers [CYP](https://aibio.space/companies/cynata-therapeutics/) The $600,000 loan is secured against an expected R&D tax rebate of approximately $1.7m and the company's assets, and falls due by 30 September 2026 unless extended. ## Key facts - **Company**: Cynata Therapeutics Limited (ASX: CYP) - **News type**: Debt Financing - **Primary source**: [Cynata Therapeutics Limited release (2026-07-06)](https://announcements.asx.com.au/asxpdf/20260706/pdf/071dkx449bk4y8.pdf) *A meeting room with a long table and a screen. CC0, via rawpixel. The picture shows the field, not the companies named.* ## The loan Cynata Therapeutics Limited (ASX: [CYP](https://aibio.space/companies/cynata-therapeutics/)), an Australian clinical-stage biotechnology company, said on 6 July 2026 that it has entered into a Research and Development Tax Incentive (R&D TI) loan facility with a commercial lender. The loan is for a total of $600,000. The ASX announcement does not name the lender, and it names no placement agent, financial advisor or counsel. The loan is secured against the company's anticipated R&D TI rebate for the 2026 financial year, which the company expects to be approximately $1.7m, along with a general security interest over the company's assets. The company describes the loan as additional funding headroom pending receipt of the rebate. The loan is subject to a non-material establishment fee and interest charged at a commercial rate typical of facilities of this nature. The announcement gives neither the fee nor the rate. The loan must be repaid in full on the earlier of receipt of the rebate for the 2026 financial year or the maturity date. The initial maturity date is 30 September 2026, extendable by agreement with the lender. The announcement does not say on what terms an extension would be granted. ## Redundancies, a resignation and a terminated trial The Board has resolved to make all of the company's employee positions redundant. That includes the Chief Executive Officer and Managing Director, the Chief Medical Officer and the Chief Business Officer, effective 6 July 2026. The company will now be managed by the Board of Directors, which will reduce in number until further notice. Dr Darryl Maher resigned as a Director with immediate effect. Dr Kilian Kelly, who previously held the position of CEO and Managing Director, will remain on the Board as a Non-Executive Director, without remuneration. All other Board members have agreed to waive their Director's fees, effective 1 July 2026. As announced on 17 June 2026, the company's Phase 2 graft versus host disease (GvHD) trial has been terminated. The company served notice to terminate agreements with service providers working on the trial, most notably the Contract Research Organisation that was primarily responsible for managing it. Close-out activities are underway and are expected to be completed this quarter. Other outsourced activities have been suspended or terminated to the maximum extent possible. The announcement gives no trial results and does not state why the trial was ended. Chair Dr Geoff Brooke refers only to "disappointing clinical trial results" in his statement. ## Cash and the runway claim The company ended the 2026 financial year with about $0.9m in cash. It puts its pro forma cash balance at $1.5m following receipt of the R&D TI loan, so that figure includes borrowed money that must be repaid. The company anticipates a further payment of more than $1m, after costs, once the R&D TI rebate is paid. Anticipated cash burn has fallen to approximately $2.3m for the entire 2027 financial year, according to the company. That figure includes employee termination payments of about $700k and close-out costs for the GvHD trial of about $1.1m. The rest covers intellectual property rights, storage of product, regulatory obligations and corporate costs such as ASX listing fees. The company says its forecast cash runway now extends beyond the end of the 2027 financial year. That is the company's own forecast, and it assumes the rebate is paid and no new spending is added. ## The company and what comes next Cynata describes itself as an Australian clinical-stage stem cell and regenerative medicine company focused on Cymerus, a proprietary therapeutic stem cell platform. It says Cymerus uses induced pluripotent stem cells to make mesenchymal stem cells at commercial scale without tissue from multiple donors. With no employees, the Board says it is continuing to evaluate a number of options for further development of the Cymerus technology and for next steps for the company more broadly. It will update shareholders as soon as possible. Dr Brooke called it "an extremely difficult period for the Company and its shareholders." He thanked Dr Maher for his contribution since joining the Board in 2020 and said the Board remains committed to pursuing all available opportunities. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story CYP Cynata Therapeutics Limited ASX ยท Australia Open the starter desk ## More in Debt Financing Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 Debt Financing ### [Repligen announces $1.0 billion private convertible notes transaction](https://aibio.space/news/repligen-announces-1-0-billion-private-convertible-notes-transaction/) Oct 30, 2026 Debt Financing ### [FOXO to buy Ludwig Enterprises preferred stock with majority voting power](https://aibio.space/news/foxo-buy-ludwig-enterprises-preferred-stock-majority-voting-power/) Oct 29, 2026 --- Source page: https://aibio.space/news/cynata-takes-600-000-loan-secured-against-r-d-ti-rebate/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Cynata takes $600,000 loan secured against R&D TI rebate", 2026-07-06, https://aibio.space/news/cynata-takes-600-000-loan-secured-against-r-d-ti-rebate/