Pulmonx Secures $60M Senior Secured Term Loan Facility, Issues Warrants

summarizeSummary

Pulmonx Corp secured a new $60 million senior secured term loan facility, drawing $40 million immediately, and issued warrants to the lender, replacing its previous credit agreement.

check_boxKey Events

• New $60 Million Senior Secured Term Loan Facility

  Pulmonx Corp entered into a credit agreement for a senior secured term loan facility of up to $60.0 million with Perceptive Credit Holdings V, LP.

• Initial $40 Million Loan Drawn

  The company immediately borrowed an initial $40.0 million from the new facility on March 2, 2026.

• Warrant Issuance to Lender

  Pulmonx issued a warrant to the lender to purchase up to 1,000,000 shares of common stock at an exercise price of $1.92 per share, a 25% premium to the 10-day volume weighted average price preceding the closing date. Additional warrants will be issued for delayed draws.

• Termination of Previous Credit Facility

  The company repaid and terminated its prior Amended and Restated Loan and Security Agreement with Canadian Imperial Bank of Commerce, incurring no early termination fees or penalties.

auto_awesomeAnalysis

Pulmonx Corp has entered into a new senior secured term loan facility for up to $60.0 million with Perceptive Credit Holdings V, LP. This filing provides the detailed terms of the debt financing previously announced on March 4, 2026. The company immediately drew an initial $40.0 million, with an additional $20.0 million available in two tranches upon achieving specific revenue milestones. This new facility replaces the company's prior credit agreement with Canadian Imperial Bank of Commerce, which was terminated without penalty. The financing, while providing crucial liquidity and extending the operational runway, comes with significant costs, including a high interest rate (7.00% margin plus SOFR, with a 3.75% SOFR floor), substantial prepayment premiums, and the issuance of warrants to purchase up to 1,000,000 shares of common stock at an exercise price of $1.92 per share (a premium to the current stock price). The agreement also includes financial covenants for minimum liquidity and revenue targets, indicating ongoing financial oversight.