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CODIAK BIOSCIENCES, INC.

(CDAK)
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CODIAK BIOSCIENCES, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant (form 8-K)

09/21/2021 | 04:04pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

On September 16, 2021, Codiak BioSciences, Inc. (the "Company") entered into the Second Amendment (the "Second Amendment") to Loan and Security Agreement, which amended that certain Loan and Security Agreement, dated as of September 30, 2019, as amended pursuant to that certain First Amendment to Loan and Security Agreement, dated as of April 20, 2020, by and among the Company and each of its subsidiaries, the several banks and other financial institutions or entities from time to time parties thereto (the "Lenders"), and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent for itself and the Lenders (the "Loan Agreement").

The Second Amendment makes certain changes to the Loan Agreement, including, among other things, (i) increasing the time for the Company to draw on the third and fourth loan tranche commitments under the Loan Agreement from June 30, 2021 to December 15, 2021 and from December 15, 2021 to the expiration of the period in which interest-only payments on borrowings under the Loan Agreement are required, respectively; (ii) adding a fifth loan tranche commitment under the Loan Agreement in the amount of up to $20 million through September 30, 2023, upon satisfaction of certain clinical milestones; (iii) lowering the variable per annum rate of interest on borrowings under the Loan Agreement from the greater of (a) 9.00% plus the prime rate as reported in the Wall Street Journal minus 5.25% and (b) 9.00% to the greater of (a) 8.25% plus the prime rate as reported in the Wall Street Journal minus 3.25% and (b) 8.25%; (iv) extending the expiration of the period in which interest-only payments on borrowings under the Loan Agreement are required from May 1, 2022 to October 1, 2023; (v) further extending the expiration of the period in which interest-only payments on borrowings under the Loan Agreement are required from November 1, 2022 to October 1, 2024 in the event certain conditions as set forth in the Second Amendment are satisfied; and (vi) extending the maturity date for the term loans under the Loan Agreement from October 1, 2024 to October 1, 2025. Following the effective time of the Second Amendment, an aggregate of $85 million, subject to the terms and conditions of the Loan Agreement, may be made available to the Company for borrowing, $25 million of which was funded prior to the date of the Second Amendment.

The above description of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amendment, a copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending September 30, 2021 and will be incorporated by reference herein.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 16,6 M - -
Net income 2021 -74,7 M - -
Net Debt 2021 1,13 M - -
P/E ratio 2021 -4,32x
Yield 2021 -
Capitalization 330 M 330 M -
EV / Sales 2021 20,0x
EV / Sales 2022 33,2x
Nbr of Employees 105
Free-Float 99,9%
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Number of Analysts 4
Last Close Price 14,78 $
Average target price 36,67 $
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Managers and Directors
Douglas E. Williams President, Chief Executive Officer & Director
Linda C. Bain Chief Financial Officer & Treasurer
Steven H. Gillis Chairman
Konstantin Konstantinov Chief Technology Officer
Jennifer Wheler Chief Medical Officer
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