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Item 2.04. | Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. |
On May 2, 2025, Elevation Oncology, Inc. (the “Company”) voluntarily prepaid the $32.3 million aggregate principal, interest, fees and expenses due under its term loan under that certain Loan and Security Agreement, dated as of July 27, 2022 (as amended by that certain First Amendment to Loan and Security Agreement, dated as of March 1, 2024, the “Loan Agreement”) by and among the Company, the lenders from time to time party thereto (the “Lenders”), K2 HealthVentures LLC, as administrative agent, and Ankura Trust Company, LLC, as collateral agent.
The payoff amount reflects the aggregate original principal amount of $30,000,000, a prepayment fee of $300,000, a final payment in the amount of $1,935,000, accrued interest and Lenders’ expenses. As provided in the Payoff Letter between the Lenders and the Company dated May 2, 2025, the prepayment satisfies in full and discharges all obligations and liabilities of the Company under the Loan Agreement and the other documents related to the Loan Agreement, and releases and discharges all security interests and other liens granted to the Lenders on the Company’s assets and properties as security under the Loan Agreement.