CVRx, Inc. 8-K

What Happened
CVRx, Inc. filed an 8-K on Jan 12, 2026 disclosing a Jan 9, 2026 amendment to its Loan and Security Agreement and preliminary financial results for the fourth quarter and full year ended Dec 31, 2025. The amendment increases available term loans by $50 million (to up to $100 million subject to milestones), adjusts interest terms, extends the interest‑only period and pushes maturity to May 9, 2031. On the amendment closing date the company borrowed an additional $10 million, bringing total outstanding term loans to $60 million. CVRx also reported preliminary revenue: Q4 2025 about $15.9M–$16.1M (+4%–5% vs. Q4 2024) and FY 2025 about $56.5M–$56.7M (+10%–11% vs. FY 2024); cash and cash equivalents were $75.7M as of Dec 31, 2025. The company reiterated the BENEFIT‑HF trial status (FDA IDE granted Nov 2025; CMS coverage application submitted).

Key Details

• Loan amendment effective Jan 9, 2026: increases term loan capacity by $50M (up to $100M total, milestone‑based); $10M drawn at closing (total outstanding $60M).
• Interest rate: floating = greater of prime rate or 6.75% plus a margin of 2.65% (margin drops to 2.00% after two consecutive quarters of positive adjusted EBITDA). Interest‑only period extended to 4 years; maturity extended to May 9, 2031. Loans remain secured by substantially all assets.
• Optional future draws: $15M available Jun–Dec 2027 if trailing 6‑month revenue ≥ $37.5M and market cap > $190M; $25M available Mar–Sep 2028 if trailing 6‑month revenue ≥ $47.5M and market cap > $300M.
• Preliminary financials and operating metrics: Q4 2025 revenue $15.9M–$16.1M; FY 2025 revenue $56.5M–$56.7M; active implanting centers = 252; U.S. sales territories = 53; cash = $75.7M. Full audited results expected February 2026.
• BENEFIT‑HF update: FDA IDE granted (Nov 2025); CMS IDE Category B coverage requested. If approved, enrollment expected to start H1 2026 across ~150 centers with ~$20M–$30M net trial costs and potential addressable U.S. market expansion from ~339K to ~983K patients.

Why It Matters
This filing is material for investors because it changes CVRx’s liquidity and debt profile (larger borrowing capacity, $60M currently outstanding, extended interest‑only period and later maturity) and signals conditional access to further funding tied to commercial performance and market cap milestones. The preliminary revenue figures show modest year‑over‑year growth and a healthy cash balance ($75.7M) at year end. The BENEFIT‑HF IDE and CMS coverage process, if successful, could broaden the company’s addressable market substantially but will require several years and additional trial funding (estimated $20M–$30M) before any commercial impact.