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Item 2.04. | Triggering Events That Accelerate or Increases a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. |
On April 3, 2025, Elevation Oncology, Inc., a Delaware corporation (the “Company”) delivered written notice (the “Notice Letter”) of voluntary prepayment to K2 HealthVentures LLC (“K2HV”) advising K2HV of the Company’s election to prepay its Term Loan (as defined below) under that certain Loan and Security Agreement, dated as of July 27, 2022 (as amended by that certain First Amendment to Loan and Security Agreement, dated as of March 1, 2024, the “Loan Agreement”) by and among the Company, the lenders from time to time party thereto (the “Lenders”), K2HV, as administrative agent, and Ankura Trust Company, LLC, as collateral agent.
Pursuant to the Loan Agreement, the Lenders provided a term loan to the Company in the aggregate original principal amount of $30.0 million (the “Term Loan”). Under the Loan Agreement, the Company has the option to prepay all, but not less than all, of the Term Loan, provided that the Company pays on the date of such prepayment (A) the aggregate original principal amount of $30,000,000, (B) a prepayment fee of $300,000, (C) a final payment in the amount of $1,935,000 and (D) accrued interest. The Company expects to pay the approximately $32.2 million balance of the Loan Agreement, including all interest and fees payable under the Loan Agreement, on or about May 3, 2025. The final prepayment amount, including the amounts of principal, interest and other fees paid by the Company, will be reported in a filing with the U.S. Securities and Exchange Commission when the prepayment is made.
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