DEBT

9 Months Ended

Sep. 30, 2025

10.Debt

The following table summarizes loans payable, net (in thousands):


	As of
	September 30, 2025		December 31, 2024
Principal outstanding	$	60,000	$	60,000
Unamortized debt issuance costs		(270)		(320)
Principal outstanding, net of unamortized debt issuance costs	$	59,730	$	59,680

Reported as:
Loans payable, net, current portion	$	29,761	$	7,272
Long-term portion of loans payable, net		29,969		52,408
	$	59,730	$	59,680

The outstanding loans payable as of the periods presented was related to our Credit and Security Agreement (Credit Agreement) with MidCap Financial Trust (MidCap) entered into on September 27, 2019 (Closing Date) and amended on March 29, 2021 (First Amendment), February 11, 2022 (Second Amendment), July 27, 2022 (Third Amendment), and on April 11, 2024 (Fourth Amendment). The Credit Agreement provides for a $60.0 million term loan credit facility, which was fully funded as of September 30, 2025 and December 31, 2024.

Under the Credit Agreement, as amended, the term loans mature on September 1, 2027, and the interest-only period is through October 1, 2025. The term loans bear interest equal to the sum of one-month Secured Overnight Financing Rate (SOFR) plus an adjustment of 0.11448%, subject to a 4.00% applicable floor, plus applicable margin of 6.50%. A final payment fee of 4.25% of principal is due at maturity date.

We may make voluntary prepayments, in whole or in part, subject to certain prepayment premiums and additional interest payments. The Credit Agreement also contains certain provisions, such as event of default and change in control provisions, which, if triggered, would require us to make mandatory prepayments on the term loan, which are subject to certain prepayment premiums and additional interest payments. The obligations under the amended Credit Agreement are secured by a perfected security interest in all of our assets including our intellectual property.

Interest expense, including amortization of the debt discount and accretion of the final fees related to the Credit Agreement for the three months ended September 30, 2025 and 2024 was $1.9 million and $2.1 million, respectively, and for the nine months ended September 30, 2025 and 2024 was $5.6 million and $6.0 million, respectively. Accrued interest of $2.6 million was included within other accrued liabilities in the condensed balance sheet as of September 30, 2025.

The following table presents the future minimum principal payments of the outstanding loan as of September 30, 2025 (in thousands):


Remainder of 2025	$	7,500
2026		30,000
2027		22,500
Principal amount (Tranches 1, 2, 3 and 4)	$	60,000

The amended Credit Agreement contains certain covenants which, among others, require us to deliver financial reports at designated times of the year and maintain minimum unrestricted cash and trailing net revenues. As of September 30, 2025, we were not in violation of any covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

RIGEL PHARMACEUTICALS INC 10-Q