Section 1.01 Entering into a Material Definitive Agreement.
March 21, 2022, Selecta Biosciences, Inc.(the "Company") entered into a Second Amendment to Loan and Security Agreement (the "Second Amendment"),which amended that certain Loan and Security Agreement, dated August 31, 2020, between the Company, Oxford Finance LLC, as collateral agent and as a lender, and Silicon Valley Bank, as a lender (as amended by that certain First Amendment to Loan and Security Agreement, dated September 7, 2021, and as further amended by the Second Amendment, the "Loan Agreement"). The Second Amendment, among other things, extends the date on which amortization payments in respect of the term loan borrowed under the Loan Agreement (the "Term Loan") will commence by twelve months to April 1, 2023. Thereafter, amortization payments will be paid monthly in equal installments of principal and interest to fully amortize the outstanding principal over the remaining term of the Term Loan, subject to recalculation upon a change in the prime rate. The foregoing description of the Second Amendment is a summary, and is qualified in its entirety by reference to the Second Amendment which is filed herewith as Exhibit 10.1, and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information regarding the Term Loan set forth in Section 1.01 of this Current Report on Form 8-K is incorporated by reference into this Section 2.03.
Section 8.01 Other Events.
The Company believes that its current cash, cash equivalents, and restricted cash as of the date of this filing will enable it to fund its current planned operations into the fourth quarter of 2023.
Item 9.01 Financial statements and supporting documents.
(d) Exhibits Exhibit No. Exhibit Description 10.1 Second Amendment to Loan and Security Agreement, dated
March 21, 2022, between Selecta Biosciences, Inc., Oxford Finance
LLC, as warranty agent and
as a lender, and
Silicon Valley Bank, as a lender. 104 Cover Page Interactive Data File (embedded within
the Inline XBRL document)
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