In a regulatory filing, Axsome Therapeutics (AXSM) provided the following update regarding its liquidity position and relationship with Silicon Valley Bank (SIVB). The company has material cash deposits with both SVB and Citibank (C). Notwithstanding, the company believes that its current cash held at Citibank, along with the remaining committed capital from its $350M term loan facility with Hercules Capital, is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan. Additionally, the FDIC has announced that it will pay SVB depositors an advance dividend within the next week; this forecast does not take into account such funds.
Published first on TheFly
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