TELA Bio, Inc. Enters Limited Consent to Credit Agreement

What Happened

• On September 28, 2026, TELA Bio, Inc. announced it entered into a Limited Consent to its Credit Agreement with Perceptive Credit Holdings V, LP (as Administrative Agent) and the consenting lenders.
• The Limited Consent provides that the minimum Revenue covenant in Section 10.02 of the Credit Agreement (originally dated November 13, 2025) will not be tested for the fiscal quarters ending on or about September 30, 2026 and December 31, 2026.
• The Company said the full text of the Limited Consent will be filed as an exhibit to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Key Details

• Agreement date: Limited Consent executed September 28, 2026.
• Original Credit Agreement date: November 13, 2025 (as previously disclosed).
• Covenant impact: Minimum Revenue covenant in Section 10.02 is not tested for Q3 2026 and Q4 2026 (quarters ending ~Sept 30 and Dec 31, 2026).
• Parties: Perceptive Credit Holdings V, LP as Administrative and Collateral Agent and the lenders constituting the Required Lenders.

Why It Matters

• For investors, this is a lender-approved temporary relief on a revenue-based loan covenant, so TELA will not be measured against that specific revenue test for two upcoming quarters.
• The consent can provide short-term flexibility in financial reporting periods and reduce the near-term risk of a covenant breach related to that revenue test; the details of any broader covenant relief or other terms will be available when the Limited Consent is filed with the Company’s 10-Q.