|3 Months Ended|
Mar. 31, 2022
|Subsequent Events [Abstract]|
NOTE 12 – SUBSEQUENT EVENTS
On April 4, 2022, the Company entered into a First Amendment (the “First Amendment”) to the K2 Loan and Security Agreement which (a) eliminated requirements that the Term Loans (as defined in the K2 Loan and Security Agreement) amortize prior to the Term Loan Maturity Date (as defined in the K2 Loan and Security Agreement) and (b) revised the K2 Loan and Security Agreement such that the covenant regarding minimum Liquidity (as defined in the K2 Loan and Security Agreement) shall apply for the entire term of the K2 Loan and Security Agreement. A fee of $297,500 was paid by Molecular Templates OpCo, Inc., as the Borrower to K2 HealthVentures LLC, as administrative agent for the Lenders, in connection with the First Amendment.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef