What's Going On With T2 Biosystems Stock Now?

T2 Biosystems, Inc. TTOO shares are trading higher Tuesday, though the stock remains down by more than 75% over the last month.

What To Know:

On Monday, T2 Biosystems announced the successful amendment and extension to its term loan agreement with CRG Servicing LLC.

The amendment extends both the interest-only period and the maturity date by one year from Dec. 31, 2024 to Dec. 31, 2025 and permanently reduces the minimum cash covenant from $5,000,000 to $500,000.

"The amendment and extension of our term loan agreement with CRG is important, as it provides balance sheet flexibility as we advance our growth strategy," said John Sperzel, CEO of T2 Biosystems. "We value our partnership with CRG and we appreciate the continued support of our business strategy."

Luke Düster, partner at CRG, stated, "We continue to be excited by T2 Biosystems' direct-from-blood diagnostic technology and its ability to rapidly detect sepsis-causing pathogens and antibiotic resistance genes."  

"We are pleased to extend our partnership and we are encouraged by the Company's progress, including the FDA 510(k) clearance for the T2Biothreat Panel and FDA Breakthrough Device designations for the T2Lyme Panel and Candida auris test."

The company announced preliminary third-quarter financial results on Oct. 12. 

T2 Biosystems reported total revenue for the third quarter of $1.5 million, a 60% decrease compared to $3.7 million in the prior year period. 

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TTOO Price Action: According to Benzinga Pro, T2 Biosystems shares are up 2.7% at $5.35 at the time of publication.

Image: Arek Socha from Pixabay