Accuray is outlining a plan toward financial restructuring and strategic partnerships designed to strengthen the company's balance sheet and promote innovation in radiation therapy.
Under agreements with TCW Asset Management Company, Accuray's primary lender and largest shareholder, TCW will exchange $40 million in term loan principal for convertible preferred stock and invest an additional $15 million in cash, according to the company. TCW has also agreed to make available a delayed draw term loan of up to $5 million, and certain financial covenants in Accuray's existing term loan will be waived through December 31, 2027, with the first covenant testing date set for March 31, 2028. Accuray also plans to implement a reverse stock split at a ratio to be determined.
Concurrent with the financial restructuring, Accuray has entered into non-binding letters of intent with Samsung HME America's NeuroLogica division for volumetric imaging technologies, and with RaySearch Laboratories for integrated online adaptive radiation therapy capabilities. Both agreements remain subject to further negotiation and execution of definitive agreements, Accuray said.
The company also said it continues to invest in its core technology differentiators, including ClearRT helical kVCT imaging, Synchrony real-time motion tracking, and its Volo treatment planning optimizer. Accuray described the announcements as the second phase of a broader transformation plan, following an initial phase focused on operational efficiency and cost reduction.
