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On July 28, 2020, Sunesis Pharmaceuticals, Inc. (the “Company”) executed a payoff letter to repay in full all outstanding indebtedness and terminate all commitments and obligations under its term loan agreement dated April 26, 2019, as amended (“Loan Agreement”), with Silicon Valley Bank (“SVB”). Under the payoff letter, the Company has agreed to pay to SVB approximately $5.7 million, which will satisfy all of the Company’s debt obligations, including a final payment equal to 4% of the original principal amount of the borrowing. The material terms of the Loan Agreement are described in the Company’s Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on May 7, 2020.
The foregoing summary of the Loan Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to the Loan Agreement, which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 29, 2019, and is incorporated herein by reference.
Item 2.02. Results of Operations and Financial Condition.
On July 28, 2020, the Company filed a preliminary prospectus supplement with the SEC in which it disclosed that on a preliminary unaudited basis, the Company, estimates that its cash and cash equivalents as of June 30, 2020 to be approximately $17.7 million, which excludes restricted cash of $5.5 million. The estimate is preliminary estimate based on currently available information and does not present all necessary information for a complete understanding of the Company’s financial condition as of June 30, 2020 or the Company’s results of operations for the three and six months ended June 30, 2020.
