Company: RGNX
Filing Date: 2025-05-19
Form Type: 8-K
Source: 0001193125-25-122456
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Company: REGENXBIO Inc.
Filing Date: 2025-05-19
Form: 8-K
Item: Item 2.03
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Item 2.03      Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.  

On May 16, 2025 (the “ Closing Date”), a wholly owned subsidiary of REGENXBIO Inc. (the “ Company”), REGENXBIO RS LLC (“ REGENXBIO RS”), entered into a Loan Agreement (“ Loan Agreement”) with an affiliate of HealthCare Royalty Management, LLC (“ HCRx”). Under the terms of the Loan Agreement, HCRx will provide REGENXBIO RS with an aggregate limited recourse loan of up to $250 million (the “ Royalty Bond”). The Royalty Bond will be disbursed in three tranches, with $150 million already funded on the Closing Date, $50 million available if sales of a specified product exceed a specified sales threshold in any four quarter period ending between the Closing Date and December 31, 2026, and $50 million if both parties exercise an option in 2027. The amounts are net of $1.5 million in HCRx fees and expenses and an up to $5.63 million original issue discount retained by HRCx assuming the full disbursement of the Royalty Bond, with $3.38 million retained on the Closing Date. The Royalty Bond shall mature upon the earlier of (i) 10 years after the Closing Date or (ii) the date on which the Royalty Bond has been fully repaid within ten years after the Closing Date, unless there is a patent term extension of a specified patent whereby the Royalty Bond maturity date shall be extended by two years to 12 years from the Closing Date (the “ Maturity Date”).

The Royalty Bond is collateralized by a security interest and lien on, and the sole source of repayment of the Royalty Bond is, certain anticipated royalties based on net sales due to the Company and certain milestones, as assigned to REGENXBIO RS, under existing license agreements, namely with Novartis Gene Therapies, Inc. (formerly AveXis, Inc.) (“ Novartis”) for Zolgensma®, Nippon Shinyaku Co., Ltd. for clemidsogene lanparvovec(RGX-121)andRGX-111, and Company NAV®vectors licensees Rocket Pharmaceuticals and Ultragenyx Pharmaceuticals, Inc., as well as certain potential future licensees directly related thereto (collectively, the “ Royalty Interest”). For the