The long-term implantable continuous glucose monitor (CGM) maker entered into the agreement with Hercules Capital. It increases its maximum borrowing capacity from $100 million to $140 million.
In addition to $35 million of borrowings currently outstanding under the existing facility, the amended facility provides for $20 million in near-term loan commitments available. That consists of a $10 million advance under a second tranche to fund at the closing of this amendment. It also includes a $10 million commitment under a third tranche, with the closing earmarked for May 6, 2026.
Senseonics’ amendment also provides for up to an additional $85 million in future tranches of loan terms, subject to the satisfaction of certain terms and conditions and, with respect to the last $60 million uncommitted tranche, future lender investment committee approval.
Including the two near-term tranches, Senseonics’ total debt outstanding under the agreement totals approximately $55 million. With these funds, combined with net proceeds from a recent $80 million public offering, the company reports cash and cash equivalents balance of approximately $64.6 million as of March 31, 2026.
The company anticipates sufficient cash to fund operations into 2028. This excludes the additional $85 million in borrowing capacity under the Hercules agreement.
Rick Sullivan, Senseonics CFO, said:
“We are thrilled to expand our relationship with Hercules, who has been a terrific partner in helping us fund our commercial operations and pipeline development programs. Between this expanded agreement and the equity offering we just completed, we now have ample runway to get us to the anticipated launch of the Freedom product in 2028, while continuing to invest in the commercialization of Eversense 365 in both the US and Europe. We look forward to a continued fruitful partnership with Hercules as we achieve additional milestones, including completion of the Gemini pivotal trial and eventual commercial launch, the commencement of a Freedom pivotal trial, and the expansion of Eversense 365 compatibility with additional AID systems.”
