Altimmune, Inc. filed a Form 8-K on October 29, 2026, disclosing that on October 27, 2026, the company drew $10.0 million in aggregate principal under Tranche Three of its Loan and Security Agreement with Hercules Capital, Inc.

Key Highlights

  • $10.0 million drawn: Altimmune drew $10.0 million in aggregate principal as Tranche Three from its existing loan facility, according to the filing.
  • Facility size: The underlying Loan and Security Agreement has a total size of $125.0 million and was originally dated May 13, 2025, as the filing states.
  • Extended interest-only period: As a result of the Tranche 3 Milestone, the Amortization Date and interest-only period has been extended to June 1, 2028, the company disclosed.
  • Minimum Cash covenant: Following the milestone, the company is required to maintain Qualified Cash greater than or equal to the outstanding principal of Term Loan Advances multiplied by 60%, per the filing.
  • Tranche Facility Charge: A Tranche Facility Charge of 1.0% was netted from the Tranche Three funding, and the end of term charge remains at 6.25% of amounts funded, according to the filing.

Altimmune's $10 Million Tranche Draw and Revised Loan Terms Under Hercules Agreement

According to the Form 8-K filed with the SEC, Altimmune, Inc. (NASDAQ:ALT) disclosed that on October 27, 2026, it drew $10.0 million in aggregate principal, designated as Tranche Three, under its Loan and Security Agreement with Hercules Capital, Inc. and other lenders. The filing states that this amount was made available "upon achievement of certain clinical and financial milestones and subject to other terms and conditions set out in the Loan Agreement," referred to in the filing as the "Tranche 3 Milestone."

The Loan Agreement was originally dated May 13, 2025, and was subsequently amended by an Amendment to Loan and Security Agreement dated November 5, 2025. The total facility size is $125.0 million. As a consequence of the Tranche 3 Milestone being met, the filing discloses two key changes to the loan structure: the Amortization Date and interest-only period have been extended to June 1, 2028, and a revised Minimum Cash covenant now requires the company to maintain Qualified Cash at or above 60% of the outstanding principal amount of the Term Loan Advances, as set forth in Section 7.19(a)(i) of the Loan Agreement.

The filing further notes that a Tranche Facility Charge of 1.0% has been netted from the Tranche Three funding amount, and that the end of term charge remains at 6.25% of the amounts funded. The 8-K was signed by Gregory Weaver, Chief Financial Officer of Altimmune, Inc., and dated October 29, 2026. The filing was made under Item 2.03, covering the creation of a direct financial obligation.

What Was Disclosed

Altimmune disclosed the draw of $10.0 million under Tranche Three of its $125.0 million Hercules Capital loan facility, the extension of its interest-only period to June 1, 2028, an updated Minimum Cash covenant, a 1.0% Tranche Facility Charge, and a 6.25% end of term charge.