GRTS - Gritstone bio closes down 8%; has small cash position loan agreement with SVB Financial
2023-03-10 16:10:04 ET
- Gritstone bio ( NASDAQ: GRTS ) closed down ~8% after disclosing Friday afternoon it holds "less than $500K" in cash at FDIC-closed Silicon Valley Bank ( SIVB ) as well as a loan and security agreement with Hercules Capital and SVB.
- Under the agreement, Gritstone ( GRTS ) is eligible for term loans in multiple tranches up to an aggregate amount of $80M. So far, the Company has drawn $20M.
- Hercules and its affiliates hold 75% and SVB holds 25% of the remainder.
- Gritstone ( GRTS ) said that if SVB is unable to fund its commitments, it does not believe it would have a material impact on its finances or operations.
- The company said that its cash, cash equivalents, available for sale securities, and committed loan facilities will be enough to fund operations through Q2 2024.
- Gritstone ( GRTS ) reported its latest earnings on Thursday, beating on the top and bottom lines .
For further details see:
Gritstone bio closes down 8%; has small cash position, loan agreement with SVB Financial