Entry into a Material Definitive Agreement.
On January 25, 2021, T2 Biosystems, Inc. (the Company) entered into Amendment No. 6 to Term Loan Agreement (the
Sixth Amendment), with CRG Servicing LLC as administrative agent and collateral agent (in such capacities, Administrative Agent) and the lenders listed on the signature pages thereto (the Lenders) to modify
certain terms of that certain Term Loan Agreement , dated as of December 30, 2016, by and among the Company, the Administrative Agent and the lenders party thereto (such Term Loan Agreement, as amended or modified prior to the Sixth Amendment,
the Loan Agreement).
The Sixth Amendment extends the interest-only payment period from December 31, 2021 to
December 31, 2022 and reduces the annual product revenue target for the twenty-four month period beginning on January 1, 2020 (the Minimum Required Revenue). In the event that the Company does not meet the Minimum Required
Revenue, the Company can satisfy such requirement by paying to the Lenders within ninety days of the end of the respective calendar year an amount equal to (x) two multiplied by the (y) Minimum Required Revenue minus the Companys
actual annual revenue, and such amount shall be used to prepay the outstanding loans.
The foregoing summary is qualified in its entirety
by reference to the Sixth Amendment, a copy of which will be attached as an exhibit to the Companys Quarterly Report on Form 10-K for the period ending December 31, 2020.
Results of Operations and Financial Condition
On January 26, 2021, T2 Biosystems, Inc. (the Company) issued a press release announcing its financial results for its fiscal
quarter and full year ended December 31, 2020. A copy of the Companys press release is furnished with this report as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibit
99.1 of this Current Report on Form 8-K is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that Section. Furthermore, such information, including Exhibit 99.1 attached hereto, shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly
stated by specific reference in such a filing.
Financial Statements and Exhibits