T2 Biosystems, an in vitro diagnostics company, has faced several challenges in its lease agreements and financial stability. The company experienced a lease termination for its Billerica, Massachusetts facility due to alleged non-performance and breach of good faith, leading to a legal dispute with the landlord seeking damages. T2 Biosystems responded with a counterclaim for breach of contract and unlawful security deposit draw. Despite these issues, the company continues to operate its manufacturing needs from its Massachusetts facilities. T2 Biosystems has also been involved in various financial activities, including a Term Loan Agreement with CRG, which has been amended multiple times. The company converted $15.0 million of its Term Loan Agreement into equity, issued shares of Common Stock and Series A Convertible Preferred...Show More

T2 Biosystems, an in vitro diagnostics company, has faced several challenges in its lease agreements and financial stability. The company experienced a lease termination for its Billerica, Massachusetts facility due to alleged non-performance and breach of good faith, leading to a legal dispute with the landlord seeking damages. T2 Biosystems responded with a counterclaim for breach of contract and unlawful security deposit draw. Despite these issues, the company continues to operate its manufacturing needs from its Massachusetts facilities. T2 Biosystems has also been involved in various financial activities, including a Term Loan Agreement with CRG, which has been amended multiple times. The company converted $15.0 million of its Term Loan Agreement into equity, issued shares of Common Stock and Series A Convertible Preferred Stock to CRG, and entered into a Securities Purchase Agreement for further equity issuance in exchange for loan cancellation. Additionally, T2 Biosystems is under a Nasdaq compliance watch due to its stock price and market value of listed securities. The company has taken steps to regain compliance, including a reverse stock split. As of March 31, 2024, T2 Biosystems had $6.2 million in cash and cash equivalents but anticipates the need for additional funding to continue operations beyond the first half of 2024.