TScan Therapeutics Refinances Existing Convertible Debt Facility with Term Loan for up to $52.5 Million from Silicon Valley Bank
TScan Therapeutics (NASDAQ: TCRX) has secured a term loan facility of up to $52.5 million from Silicon Valley Bank (SVB). The first tranche of $32.5 million will retire existing convertible debt with K2 Health Ventures, with the remaining funds for general corporate purposes. A second $20.0 million tranche can be drawn through June 2026.
The loan bears interest at the greater of 7.00% or prime rate minus 0.75%, capped at 9.75%. Maturity is set for September 2029, with interest-only payments until September 2027, subject to meeting certain milestones. The company expects its cash resources to fund operations into Q4 2026.
TScan Therapeutics (NASDAQ: TCRX) ha ottenuto una linea di prestito a termine fino a 52,5 milioni di dollari dalla Silicon Valley Bank (SVB). La prima tranche di 32,5 milioni di dollari servirà a estinguere il debito convertibile esistente con K2 Health Ventures, mentre i fondi rimanenti saranno destinati a scopi aziendali generali. Una seconda tranche di 20,0 milioni di dollari potrà essere prelevata fino a giugno 2026.
Il prestito prevede un tasso d'interesse pari al maggiore tra il 7,00% o il tasso primario meno 0,75%, con un tetto fissato al 9,75%. La scadenza è prevista per settembre 2029, con pagamenti solo di interessi fino a settembre 2027, a condizione di soddisfare determinati obiettivi. La società prevede che le sue risorse liquide finanziino le operazioni fino al quarto trimestre del 2026.
TScan Therapeutics (NASDAQ: TCRX) ha asegurado una línea de crédito a plazo por hasta 52,5 millones de dólares del Silicon Valley Bank (SVB). La primera parte de 32,5 millones de dólares se destinará a liquidar la deuda convertible existente con K2 Health Ventures, mientras que los fondos restantes se utilizarán para fines corporativos generales. Una segunda tanda de 20,0 millones de dólares podrá ser retirada hasta junio de 2026.
El préstamo tiene un interés del mayor entre el 7,00% o el tipo de interés preferencial menos 0,75%, con un límite del 9,75%. El vencimiento se establece para septiembre de 2029, con pagos solo de intereses hasta septiembre de 2027, sujeto al cumplimiento de ciertos hitos. La empresa espera que sus recursos en efectivo financien las operaciones hasta el cuarto trimestre de 2026.
TScan Therapeutics (NASDAQ: TCRX)는 실리콘밸리은행(SVB)으로부터 최대 5천250만 달러의 기간 대출 시설을 확보했습니다. 첫 번째 분할금 3천250만 달러는 K2 Health Ventures와의 기존 전환사채를 상환하는 데 사용되며, 남은 자금은 일반 기업 목적에 사용됩니다. 두 번째 2천만 달러 분할금은 2026년 6월까지 인출이 가능합니다.
대출은 7.00% 또는 기준금리에서 0.75%를 뺀 금리 중 더 높은 쪽에 이자를 부과하며, 최고 한도는 9.75%입니다. 만기는 2029년 9월로 설정되어 있으며, 2027년 9월까지는 이자만 납부하게 됩니다. 이는 특정 이정표를 충족해야 합니다. 회사는 2026년 4분기까지 운영 자금이 자금 지원될 것으로 예상하고 있습니다.
TScan Therapeutics (NASDAQ: TCRX) a sécurisé une ligne de crédit à terme d'un montant maximal de 52,5 millions de dollars auprès de la Silicon Valley Bank (SVB). La première tranche de 32,5 millions de dollars servira à rembourser une dette convertible existante auprès de K2 Health Ventures, tandis que les fonds restants seront utilisés à des fins corporatives générales. Une deuxième tranche de 20,0 millions de dollars pourra être tirée jusqu'en juin 2026.
Le prêt porte un intérêt égal à celui le plus élevé de 7,00 % ou du taux préférentiel moins 0,75 %, avec un plafond fixé à 9,75 %. L'échéance est fixée à septembre 2029, avec des paiements uniquement d'intérêts jusqu'à septembre 2027, sous réserve du respect de certains jalons. La société s'attend à ce que ses ressources en liquidités financent les opérations jusqu'au quatrième trimestre 2026.
TScan Therapeutics (NASDAQ: TCRX) hat ein Terminkreditfazilität von bis zu 52,5 Millionen Dollar von der Silicon Valley Bank (SVB) gesichert. Der erste Teil in Höhe von 32,5 Millionen Dollar wird bestehende wandelbare Schulden bei K2 Health Ventures tilgen, während die verbleibenden Mittel für allgemeine Unternehmenszwecke verwendet werden. Eine zweite Tranche in Höhe von 20,0 Millionen Dollar kann bis Juni 2026 abgerufen werden.
Der Kredit hat einen Zinssatz von dem höheren Wert zwischen 7,00% oder dem Basiszinssatz minus 0,75%, mit einer Obergrenze von 9,75%. Die Fälligkeit ist für September 2029 festgesetzt, mit nur Zinszahlungen bis September 2027, vorbehaltlich der Erfüllung bestimmter Meilensteine. Das Unternehmen erwartet, dass seine liquiden Mittel die Operationen bis ins vierte Quartal 2026 finanzieren werden.
- Secured non-dilutive financing of up to $52.5M, protecting shareholder value
- Extended debt maturity from 2026 to 2029, improving financial flexibility
- Interest-only payment period potentially extended to September 2027
- Cash runway extended into Q4 2026
- Interest rate up to 9.75% in rising rate environment
- Second tranche of $20M subject to conditions and mutual agreement
- Early maturity and shorter interest-only period if milestones not met
Insights
This debt refinancing represents a strategic financial move that strengthens TScan's balance sheet position. The new
- Extended maturity to 2029 from 2026, providing longer runway
- Non-dilutive structure protecting shareholder value
- Favorable interest rate cap of
9.75% - Extended interest-only period until September 2027 (conditional)
The deal's structure, particularly the
The refinancing timing aligns strategically with TScan's clinical development trajectory in TCR-T cell therapies. For biotech investors, the key value proposition lies in the non-dilutive nature of this financing, preserving equity value while maintaining development momentum. The involvement of Silicon Valley Bank, a major player in biotech lending, adds credibility to TScan's business model and clinical programs. The milestone-based structure of the interest-only period indicates SVB's confidence in TScan's clinical progress benchmarks. For a company with a market cap of
New non-dilutive structure replaces existing convertible facility maturing in 2026, and extends loan maturity to 2029
WALTHAM, Mass., Dec. 23, 2024 (GLOBE NEWSWIRE) -- TScan Therapeutics, Inc. (Nasdaq: TCRX), a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer, today announced that it has entered into a term loan facility with Silicon Valley Bank (SVB), a division of First Citizens Bank, for up to
TScan has the option through June 30, 2026, to draw the second
“We’re pleased to enter into this non-dilutive agreement with SVB which allows us to significantly extend the interest-only period and maturity of our debt financing, providing TScan with added financial flexibility and liquidity,” said Jason A. Amello, Chief Financial Officer. “With this refinancing, we continue to expect our cash resources to fund our current operating plan into the fourth quarter of 2026. We’re looking forward to working with SVB as we deliver on our critical milestones, advance our mission to bring our potential therapies to patients with cancer, and enhance shareholder value.”
“We’re excited to partner with TScan as they advance their innovative hematology and solid tumor programs,” said Lauren Cole, Managing Director with SVB Life Science and Healthcare Practice. “Silicon Valley Bank is thrilled to provide TScan with this refinancing to support their ongoing development efforts to positively impact patients’ lives.”
Further information with respect to the loan agreement is set forth in a Form 8-K filed by TScan with the Securities and Exchange Commission on December 23, 2024.
About TScan Therapeutics, Inc.
TScan is a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer. The Company’s lead TCR-T therapy candidates are in development for the treatment of patients with hematologic malignancies to prevent relapse following allogeneic hematopoietic cell transplantation (the ALLOHATM Phase 1 heme trial). The Company has developed and continues to expand its ImmunoBank, the Company’s repository of therapeutic TCRs that recognize diverse targets and are associated with multiple HLA types, to provide customized multiplex TCR-T therapies for patients with a variety of cancers (the PLEXI-TTM Phase 1 solid tumor trial). The Company is currently enrolling patients into both clinical programs.
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world’s most innovative companies and investors. SVB provides commercial banking to companies in the technology, life science and healthcare, private equity and venture capital industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA ), is a top 20 U.S. financial institution with more than
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, express or implied statements regarding the Company’s plans, progress, and timing relating to the Company’s hematologic malignancies program, including clinical updates of the ALLOHA Phase 1 heme trial, presentation of data, opening of expansion cohorts, and initiation of registrational trials; the Company’s plans, progress, and timing relating to the Company’s solid tumor program, including, screening, enrolling, and dosing patients, presentation of data, and submission of additional INDs to expand the ImmunoBank; the progress of the hematologic malignancies and solid tumor programs being indicative or predictive of the success of each program; the engagement of CDMO being indicative of successful initiation or support of manufacturing activities or execution of definitive agreements; the Company’s current and future research and development plans or expectations; the structure, timing and success of the Company’s planned preclinical development, submission of INDs, and clinical trials; the potential benefits of any of the Company’s proprietary platforms, multiplexing, or current or future product candidates in treating patients; the Company’s ability to fund its operating plan with its existing cash, cash equivalents, and marketable securities; and the Company’s goals, strategy and anticipated financial performance. TScan intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “anticipate,” “project,” “target,” “design,” “estimate,” “predict,” “potential,” “plan,” “on track,” or similar expressions or the negative of those terms. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. The express or implied forward-looking statements included in this release are only predictions and are subject to a number of risks, uncertainties and assumptions, including, without limitation: the beneficial characteristics, safety, efficacy, therapeutic effects and potential advantages of TScan’s TCR-T therapy candidates; TScan’s expectations regarding its preclinical studies being predictive of clinical trial results; TScan’s recently approved INDs being indicative or predictive of bringing TScan closer to its goal of providing customized TCR-T therapies to treat patients with cancer; the timing of the launch, initiation, progress, expected results and announcements of TScan’s preclinical studies, clinical trials and its research and development programs; TScan’s ability to enroll patients for its clinical trials within its expected timeline; TScan’s plans relating to developing and commercializing its TCR-T therapy candidates, if approved, including sales strategy; estimates of the size of the addressable market for TScan’s TCR-T therapy candidates; TScan’s manufacturing capabilities and the scalable nature of its manufacturing process; TScan’s estimates regarding expenses, future milestone payments and revenue, capital requirements and needs for additional financing; TScan’s expectations regarding competition; TScan’s anticipated growth strategies; TScan’s ability to attract or retain key personnel; TScan’s ability to establish and maintain development partnerships and collaborations; TScan’s expectations regarding federal, state and foreign regulatory requirements; TScan’s ability to obtain and maintain intellectual property protection for its proprietary platform technology and our product candidates; the sufficiency of TScan’s existing capital resources to fund its future operating expenses and capital expenditure requirements; and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of TScan’s most recent Annual Report on Form 10-K and any other filings that TScan has made or may make with the SEC in the future. Any forward-looking statements contained in this release represent TScan’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, TScan explicitly disclaims any obligation to update any forward-looking statements.
Contacts
Heather Savelle
TScan Therapeutics, Inc.
VP, Investor Relations
857-399-9840
hsavelle@tscan.com
Maghan Meyers
Argot Partners
212-600-1902
TScan@argotpartners.com
FAQ
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