Verastem (VSTM) amended its debt deal with Oberland Capital on Aug. 6, 2026, splitting the facility into $75 million of existing Initial Notes and a new Revenue Notes series that can fund up to another $75 million, replacing earlier conditional loan tranches. Instead of fixed interest, the Revenue Notes carry quarterly payments equal to 4.50% of net sales of any product combining avutometinib and defactinib; the rate falls to 1.75% after Dec. 31, 2031 if cumulative payments have reached 100% of the funded amount, otherwise a one-time make-whole payment is owed. The notes mature June 30, 2033, and early redemption triggers repayment amounts from 135% to 185% of the funded amount depending on timing and reason, with the obligations secured by substantially all of the company's assets including related IP. The excerpt cuts off mid-sentence, so any remaining terms in the filing are not reflected here.
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