aibioNutriband extends $5 million related-party credit line tied to Kindeva work
Tickers NTRB
Nutriband amended its $5 million credit line with TII Jet Services, a lender in Portugal. Advances carry 7% interest and may be used only for work with Kindeva toward the fentanyl NDA.
Key facts
- Company
- Nutriband Inc. (NASDAQ: NTRB)
- News type
- Debt Financing
- Primary source
- NTRB 8-K
Nutriband Inc. amended and restated a three-year, $5 million credit line on June 1, 2026, according to a Form 8-K that the company filed later in June. The new facility replaces a $5 million line the company entered into on March 19, 2023, which was scheduled to expire on July 13, 2026. Drawdowns under the amended line bear interest at 7% a year. The credit line does not allow the lender to convert amounts outstanding into common stock. The company says the facility finances AVERSA Fentanyl, its lead product, through the FDA approval process and into commercial-scale manufacturing.
The lender is TII Jet Services, LDA, with offices in Porto Santo, Portugal. The promissory note is signed for the company by Gareth Sheridan, its chief executive officer, and for the lender by Vitalie Botgros. The 8-K and the note do not say who owns or controls TII Jet Services. Nutriband's annual report for the year ended January 31, 2026 describes its credit line facility as one with a related party.
Restrictions on the money
The note limits how the money may be spent. No advance can be drawn until Nutriband has started work with Kindeva Drug Delivery directly related to filing the new drug application with the FDA. Advances must then be used only for that work. The note says the proceeds will mainly go to up-front manufacturing costs with Kindeva. Kindeva is a contract manufacturer and development partner, and the 10-K filed April 29, 2026 describes a revised agreement under which the two companies share development costs in exchange for milestone payments.
The note sets a maturity date of July 1, 2029, with the full principal and accrued interest due then unless prepaid. Interest accrues at 7% and is paid on accrued amounts at each calendar year end, starting June 1, 2026, with payments due within 30 days of the December 31 accrual. The borrower may repay and reborrow, and may prepay without penalty or premium. Events of default include failing to pay, failing to file periodic reports with the SEC on time, bankruptcy or insolvency, and an unpaid judgment of more than $50,000 left undischarged for 30 days. A material adverse change in the borrower's condition counts as a default if the lender reasonably judges that it raises its risk, and on default the lender may declare all principal and interest immediately due.
The exhibit's title refers to an amendment dated July 1, 2026, while the note itself is dated June 1, 2026 and states that it is amended and restated as of that date. The filings do not explain the mismatch.
The company's finances
Nutriband's primary business is the development of transdermal pharmaceutical products based on its AVERSA abuse-deterrent technology. The fentanyl product is not approved. The 10-K describes a planned 505(b)(2) NDA that would reference the Duragesic fentanyl transdermal system, and a human abuse potential study that the company said it was preparing for after FDA feedback on its manufacturing plans.
For the fiscal year ended January 31, 2026, the company reported revenue of $2.0 million, down from $2.1 million a year earlier. Research and development expense was $1.9 million, compared with $3.1 million. It reported a net loss of $8.2 million, against $10.5 million a year earlier, and cash used in operations of $5.1 million, against $4.6 million. Those figures come from the 10-K filed April 29, 2026.
Set against those numbers, the new line is small, and each dollar drawn becomes debt that carries 7% interest and is tied to one program.
The sources include the company's 10-K for the year ended January 31, 2026 and the exhibit, but they do not show how much of the $5 million the company had drawn by June 1, 2026. They do not give a cash balance as of June 1, 2026 either.
What comes next
The NDA-related work with Kindeva is the condition for any advance, so the timing of drawdowns depends on when that work starts. The filings do not give a start date. The note's first interest payment falls at the calendar year end. The sources name no other financing plan.