Cerenome Secures Up to $21.3M Convertible Note Financing
Cerenome, Inc. has entered into a securities purchase agreement for a senior secured convertible note financing facility of up to $21,276,596. The initial closing is expected around September 10, 2026, with an initial tranche of $3,191,489. Future tranches, including $2,127,660 in Second Notes and up to $15,957,447 in Additional Notes, are contingent on certain conditions, including the effectiveness of a resale registration statement. The notes will bear 8.0% annual interest with a 6.0% original issue discount and mature one year from issuance, secured by all assets of Cerenome and its subsidiary CNSide. Additionally, a royalty agreement mandates quarterly payments of 2.5% of CNSide's gross revenues to the investor. The company anticipates using the net proceeds for working capital and general corporate purposes, projecting a cash runway into 2028.
Key Highlights
- Cerenome, Inc. secured a senior secured convertible note financing facility of up to $21.3 million.
- Initial closing expected around September 10, 2026, with $3.2 million in initial notes.
- Future tranches of notes are available upon satisfaction of certain conditions, including registration statement effectiveness.
- Notes accrue 8.0% annual interest, with a 6.0% original issue discount, and mature one year from issuance.
- The financing is secured by a first-priority security interest in substantially all assets of Cerenome and its subsidiary CNSide.
- A royalty agreement with the investor requires CNSide to pay 2.5% of gross revenues quarterly, capped at 2.5% of outstanding note balance.
- Net proceeds will be used for working capital and general corporate purposes, extending cash runway into 2028.
Price Impact
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