Cartesian Therapeutics, Inc. (RNAC) Form 8-K — May 26, 2026
Cartesian Therapeutics entered into a Loan and Security Agreement for senior secured term loans totaling up to $150 million, with the first $50 million tranche funded immediately. The debt carries a variable interest rate of at least 8.95% and matures in June 2030, with lenders holding the right to convert up to $15 million of principal into common stock at a fixed price of $8.2526 per share. The agreement includes strict financial covenants, requiring the company to maintain unrestricted cash equal to 80% of outstanding debt if its market cap falls below $750 million, and to achieve $40 million in trailing quarterly net product revenue by 2029.
Key figures
- Debt Amount
- 150000000
- Interest Rate
- 8.95% or Prime + 2.20%
- Maturity Date
- June 1, 2030
- Conversion cap
- 15000000
- Conversion price
- 8.2526
- First tranche amount
- 50000000
- Third tranche amount
- 25000000
- Fourth tranche amount
- 50000000
- Second tranche amount
- 25000000
- Minimum cash covenant threshold
- 750000000
- Minimum net product revenue covenant
- 40000000
Price after filing
Close on the filing date to close N calendar days later (from $6.45). Historical, not a forecast.
AI analysis
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