Evolus, Inc. 8-K

What Happened
Evolus, Inc. announced on March 3, 2026 that it entered into a Loan and Security Agreement with Eclipse Business Capital LLC as agent, establishing a senior secured asset-based revolving credit facility of up to $30.0 million. The company also furnished a press release disclosing its financial results for the quarter and year ended December 31, 2025 (Exhibit 99.1).

Key Details

• Loan Agreement date: March 3, 2026; Agent: Eclipse Business Capital LLC.
• Facility size: $30.0 million revolving credit facility with an uncommitted accordion option up to $10.0 million (subject to lender consent).
• Borrowing terms: Interest = adjusted term SOFR (floor 2.0%) + 4.25% margin (margin may decrease with certain coverage ratios/excess availability).
• Other economics & structure: Minimum utilization requirement of $10.0 million; maturity March 3, 2029; closing fee 1.0%; prepayment fees of 3.0% (year 1), 2.0% (year 2), then 0% (subject to exceptions).
• Security and covenants: Obligations secured by substantially all company assets; agreement requires minimum excess availability, limits capital expenditures, and contains customary reps, covenants and default events (including cross-defaults, bankruptcy, change of control).
• The company filed its FY2025/quarterly results press release the same day (Exhibit 99.1).

Why It Matters
This credit facility is a material financing arrangement that affects Evolus’s liquidity and balance sheet: it provides up to $30M of borrowing capacity (with a $10M accordion possible) but requires a minimum $10M draw and pledges substantially all assets as collateral. The cost of borrowing (SOFR floor plus margin) and covenant limits (including capital expenditure caps and minimum availability) can influence the company’s financial flexibility. Retail investors should review the company’s March 3, 2026 press release for the actual FY2025 results and monitor covenant compliance and cash availability disclosures in future filings.