AG˹ٷ

STOCK TITAN

[8-K] Clene Inc. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Clene Inc. amended its December 2024 senior secured convertible notes and sold a new series of senior secured convertible notes totaling $1,500,000. The amendment extends the maturity window to the earlier of 18 months following the amendment or February 13, 2027, and postpones $1,000,000 monthly principal repayments so they begin on the 13-month anniversary of the amendment (commencing September 13, 2026). Interest from August 1, 2025 through maturity will be capitalized and added to principal, and holders may elect to convert up to 65% of capitalized interest into common stock at $4.44 per share.

The new August 2025 notes bear 12% annual interest, require monthly principal repayments of $150,000 beginning 13 months after issuance, allow conversion of up to 65% of initial principal (subject to an aggregate conversion cap of $975,000), and provide holders in a change-in-control scenario options to convert, receive 115% cash, or a combination. Kensington is the collateral agent and several note purchasers have pre-existing relationships with the company, including board-affiliated parties. A press release with second quarter 2025 results is furnished as an exhibit.

Clene Inc. ha modificato le note convertibili senior garantite di dicembre 2024 e ha emesso una nuova serie di note convertibili senior garantite per un totale di $1,500,000. L'emendamento estende la scadenza al primo evento tra 18 mesi dall'emendamento o il 13 febbraio 2027, e rinvia i rimborsi mensili di capitale di $1,000,000, facendo iniziare i pagamenti dal tredicesimo mese dall'emendamento (a partire dal 13 settembre 2026). Gli interessi maturati dal 1 agosto 2025 fino alla scadenza saranno capitalizzati e aggiunti al capitale, e i detentori possono scegliere di convertire fino al 65% degli interessi capitalizzati in azioni ordinarie a $4.44 per azione.

Le nuove note di agosto 2025 prevedono un tasso annuo del 12%, rimborsi mensili di capitale di $150,000 a partire dal tredicesimo mese dall'emissione, consentono la conversione fino al 65% del capitale iniziale (con un limite aggregato di conversione di $975,000) e, in caso di cambio di controllo, offrono ai detentori l'opzione di convertire, ricevere il 115% in contanti o una combinazione delle due. Kensington è l'agente per le garanzie e diversi acquirenti delle note hanno rapporti preesistenti con la società, inclusi soggetti legati al consiglio di amministrazione. Un comunicato con i risultati del secondo trimestre 2025 è fornito come allegato.

Clene Inc. modificó sus notas convertibles senior garantizadas de diciembre de 2024 y vendió una nueva serie de notas convertibles senior garantizadas por un total de $1,500,000. La enmienda extiende el vencimiento al primero de: 18 meses desde la enmienda o el 13 de febrero de 2027, y aplaza los pagos mensuales de principal de $1,000,000 para que comiencen en el décimo tercer mes desde la enmienda (a partir del 13 de septiembre de 2026). Los intereses desde el 1 de agosto de 2025 hasta el vencimiento se capitalizarán y se añadirán al principal, y los tenedores pueden optar por convertir hasta el 65% de los intereses capitalizados en acciones ordinarias a $4.44 por acción.

Las nuevas notas de agosto de 2025 devengan un interés anual del 12%, exigen pagos mensuales de principal de $150,000 a partir del mes 13 tras la emisión, permiten la conversión de hasta el 65% del principal inicial (con un tope agregado de conversión de $975,000) y otorgan a los tenedores, en caso de cambio de control, la opción de convertir, recibir el 115% en efectivo o una combinación de ambos. Kensington actúa como agente de garantía y varios compradores de las notas tenían relaciones preexistentes con la compañía, incluidas partes vinculadas al consejo. Se adjunta un comunicado con los resultados del segundo trimestre de 2025 como anexo.

Clene Inc.� 2024� 12� 발행� 담보부 선순� 전환사채� 수정하고 � $1,500,000 규모� � 담보부 선순� 전환사채 시리즈를 발행했습니다. 해당 수정은 만기� 수정일로부� 18개월 � 또는 2027� 2� 13� � 빠른 시점으로 연장하며, 월별 원금 상환� $1,000,000� 상환� 연기� 수정일로부� 13개월�(시작�: 2026� 9� 13�)부� 시작하도� 했습니다. 2025� 8� 1�부� 만기까지� 이자� 자본화되� 원금� 합산되며, 보유자는 자본화된 이자� 최대 65%� 주당 $4.44� 보통주로 전환� � 있습니다.

2025� 8� 발행 신규 사채� � 12%� 이자� 부과하�, 발행 � 13개월째부� 매월 $150,000� 원금 상환� 요구합니�. 초기 원금� 최대 65%까지 전환� 허용하되, � 전환 한도� $975,000입니�. 또한 경영� 변� � 보유자는 전환, 115% 현금 수령 또는 이들� 조합 � 선택� � 있습니다. Kensington� 담보 대리인으로 지정되� 있으�, 일부 채권 매수자는 이사� 관련자� 포함� 회사와 사전 관계가 있습니다. 2025� 2분기 실적� 담은 보도자료가 전시 자료� 제공됩니�.

Clene Inc. a modifié ses billets convertibles garantis senior de décembre 2024 et a émis une nouvelle série de billets convertibles garantis senior pour un montant total de $1,500,000. L'amendement prolonge la période d'échéance jusqu'au premier terme entre 18 mois après l'amendement ou le 13 février 2027, et reporte des remboursements mensuels de capital de $1,000,000 pour qu'ils commencent au 13e mois suivant l'amendement (à compter du 13 septembre 2026). Les intérêts du 1er août 2025 jusqu'à l'échéance seront capitalisés et ajoutés au principal, et les détenteurs peuvent choisir de convertir jusqu'à 65% des intérêts capitalisés en actions ordinaires au prix de $4.44 par action.

Les nouvelles notes d'août 2025 portent un intérêt annuel de 12%, exigent des remboursements mensuels de principal de $150,000 à partir du 13e mois suivant l'émission, permettent la conversion jusqu'à 65% du principal initial (plafond global de conversion de $975,000) et offrent aux détenteurs, en cas de changement de contrôle, l'option de convertir, de recevoir 115% en espèces ou une combinaison des deux. Kensington est l'agent des garanties et plusieurs acheteurs des billets entretiennent des relations préexistantes avec la société, y compris des parties affiliées au conseil d'administration. Un communiqué présentant les résultats du deuxième trimestre 2025 est fourni en annexe.

Clene Inc. hat ihre im Dezember 2024 begebenen vorrangigen, besicherten Wandelanleihen geändert und eine neue Serie vorrangiger, besicherter Wandelanleihen in Höhe von insgesamt $1,500,000 ausgegeben. Die Änderung verlängert das Fälligkeitsfenster bis zum früheren der beiden Zeitpunkte: 18 Monate nach der Änderung oder dem 13. Februar 2027, und verschiebt monatliche Kapitalrückzahlungen in Höhe von $1,000,000, sodass diese am 13. Monatstag nach der Änderung beginnen (beginnend am 13. September 2026). Zinsen vom 1. August 2025 bis zur Fälligkeit werden kapitalisiert und dem Kapital zugeschlagen; Inhaber können bis zu 65% der kapitalisierten Zinsen in Stammaktien zu $4.44 je Aktie wandeln.

Die neuen Notes vom August 2025 tragen einen Jahreszins von 12%, sehen monatliche Kapitalrückzahlungen von $150,000 ab dem 13. Monat nach Ausgabe vor, erlauben die Wandlung von bis zu 65% des Anfangskapitals (mit einer aggregierten Wandlungsobergrenze von $975,000) und gewähren Inhabern im Fall eines Kontrollwechsels die Wahl, zu wandeln, 115% in bar zu erhalten oder beides zu kombinieren. Kensington fungiert als Sicherheitenagent, und mehrere Käufer der Anleihen hatten bereits bestehende Beziehungen zum Unternehmen, darunter dem Verwaltungsrat nahestehende Parteien. Eine Pressemitteilung mit den Ergebnissen des zweiten Quartals 2025 wird als Anlage beigefügt.

Positive
  • Liquidity relief: Maturity extension to the earlier of 18 months post-amendment or Feb 13, 2027 reduces near-term refinancing pressure
  • Repayment deferral: Monthly principal repayments of the December 2024 notes are postponed to begin on Sep 13, 2026, easing immediate cash outflows
  • New financing secured: Issuance of $1,500,000 in August 2025 notes provides additional cash runway
  • Flexible conversion: Holders may convert up to 65% of capitalized interest or initial principal, offering non-cash settlement options
Negative
  • Dilution risk: Conversion features priced at $4.44 per share and an aggregate conversion cap of $975,000 could materially dilute existing shareholders if exercised
  • Increased indebtedness: Capitalizing interest adds to note principal, raising effective leverage and future cash obligations
  • Related-party exposure: Key note purchasers and the collateral agent are controlled by or related to board members, creating potential conflicts of interest
  • Secured creditor protections and penalties: Notes are senior secured and permit acceleration with a 10% default penalty, which prioritizes noteholders over junior claims

Insights

TL;DR: The amendment delays cash outflows and provides $1.5M financing, but capitalized interest and conversion rights raise dilution and leverage considerations.

The amendment and new notes materially ease near-term cash requirements by deferring principal repayments and capitalizing interest, which conserves cash in the short term. The new $1.5M facility provides added liquidity. However, capitalization of interest increases the debt principal and conversion features at $4.44 per share present dilution risk if holders convert up to the stated caps. Investors should note the secured nature of the notes and acceleration remedies, which preserve creditor protections and could pressure equity in adverse scenarios.

TL;DR: Related-party involvement in the financing elevates governance scrutiny and potential conflicts of interest for shareholders.

Several note purchasers and the collateral agent have pre-existing ties to the company and board members, including control links to Kensington and La Scala and commercial ties to 4Life. These related-party relationships are disclosed and legally permissible, but they create heightened governance and conflict-of-interest considerations when assessing the fairness and negotiation of economic terms, including conversion pricing and collateral arrangements.

Clene Inc. ha modificato le note convertibili senior garantite di dicembre 2024 e ha emesso una nuova serie di note convertibili senior garantite per un totale di $1,500,000. L'emendamento estende la scadenza al primo evento tra 18 mesi dall'emendamento o il 13 febbraio 2027, e rinvia i rimborsi mensili di capitale di $1,000,000, facendo iniziare i pagamenti dal tredicesimo mese dall'emendamento (a partire dal 13 settembre 2026). Gli interessi maturati dal 1 agosto 2025 fino alla scadenza saranno capitalizzati e aggiunti al capitale, e i detentori possono scegliere di convertire fino al 65% degli interessi capitalizzati in azioni ordinarie a $4.44 per azione.

Le nuove note di agosto 2025 prevedono un tasso annuo del 12%, rimborsi mensili di capitale di $150,000 a partire dal tredicesimo mese dall'emissione, consentono la conversione fino al 65% del capitale iniziale (con un limite aggregato di conversione di $975,000) e, in caso di cambio di controllo, offrono ai detentori l'opzione di convertire, ricevere il 115% in contanti o una combinazione delle due. Kensington è l'agente per le garanzie e diversi acquirenti delle note hanno rapporti preesistenti con la società, inclusi soggetti legati al consiglio di amministrazione. Un comunicato con i risultati del secondo trimestre 2025 è fornito come allegato.

Clene Inc. modificó sus notas convertibles senior garantizadas de diciembre de 2024 y vendió una nueva serie de notas convertibles senior garantizadas por un total de $1,500,000. La enmienda extiende el vencimiento al primero de: 18 meses desde la enmienda o el 13 de febrero de 2027, y aplaza los pagos mensuales de principal de $1,000,000 para que comiencen en el décimo tercer mes desde la enmienda (a partir del 13 de septiembre de 2026). Los intereses desde el 1 de agosto de 2025 hasta el vencimiento se capitalizarán y se añadirán al principal, y los tenedores pueden optar por convertir hasta el 65% de los intereses capitalizados en acciones ordinarias a $4.44 por acción.

Las nuevas notas de agosto de 2025 devengan un interés anual del 12%, exigen pagos mensuales de principal de $150,000 a partir del mes 13 tras la emisión, permiten la conversión de hasta el 65% del principal inicial (con un tope agregado de conversión de $975,000) y otorgan a los tenedores, en caso de cambio de control, la opción de convertir, recibir el 115% en efectivo o una combinación de ambos. Kensington actúa como agente de garantía y varios compradores de las notas tenían relaciones preexistentes con la compañía, incluidas partes vinculadas al consejo. Se adjunta un comunicado con los resultados del segundo trimestre de 2025 como anexo.

Clene Inc.� 2024� 12� 발행� 담보부 선순� 전환사채� 수정하고 � $1,500,000 규모� � 담보부 선순� 전환사채 시리즈를 발행했습니다. 해당 수정은 만기� 수정일로부� 18개월 � 또는 2027� 2� 13� � 빠른 시점으로 연장하며, 월별 원금 상환� $1,000,000� 상환� 연기� 수정일로부� 13개월�(시작�: 2026� 9� 13�)부� 시작하도� 했습니다. 2025� 8� 1�부� 만기까지� 이자� 자본화되� 원금� 합산되며, 보유자는 자본화된 이자� 최대 65%� 주당 $4.44� 보통주로 전환� � 있습니다.

2025� 8� 발행 신규 사채� � 12%� 이자� 부과하�, 발행 � 13개월째부� 매월 $150,000� 원금 상환� 요구합니�. 초기 원금� 최대 65%까지 전환� 허용하되, � 전환 한도� $975,000입니�. 또한 경영� 변� � 보유자는 전환, 115% 현금 수령 또는 이들� 조합 � 선택� � 있습니다. Kensington� 담보 대리인으로 지정되� 있으�, 일부 채권 매수자는 이사� 관련자� 포함� 회사와 사전 관계가 있습니다. 2025� 2분기 실적� 담은 보도자료가 전시 자료� 제공됩니�.

Clene Inc. a modifié ses billets convertibles garantis senior de décembre 2024 et a émis une nouvelle série de billets convertibles garantis senior pour un montant total de $1,500,000. L'amendement prolonge la période d'échéance jusqu'au premier terme entre 18 mois après l'amendement ou le 13 février 2027, et reporte des remboursements mensuels de capital de $1,000,000 pour qu'ils commencent au 13e mois suivant l'amendement (à compter du 13 septembre 2026). Les intérêts du 1er août 2025 jusqu'à l'échéance seront capitalisés et ajoutés au principal, et les détenteurs peuvent choisir de convertir jusqu'à 65% des intérêts capitalisés en actions ordinaires au prix de $4.44 par action.

Les nouvelles notes d'août 2025 portent un intérêt annuel de 12%, exigent des remboursements mensuels de principal de $150,000 à partir du 13e mois suivant l'émission, permettent la conversion jusqu'à 65% du principal initial (plafond global de conversion de $975,000) et offrent aux détenteurs, en cas de changement de contrôle, l'option de convertir, de recevoir 115% en espèces ou une combinaison des deux. Kensington est l'agent des garanties et plusieurs acheteurs des billets entretiennent des relations préexistantes avec la société, y compris des parties affiliées au conseil d'administration. Un communiqué présentant les résultats du deuxième trimestre 2025 est fourni en annexe.

Clene Inc. hat ihre im Dezember 2024 begebenen vorrangigen, besicherten Wandelanleihen geändert und eine neue Serie vorrangiger, besicherter Wandelanleihen in Höhe von insgesamt $1,500,000 ausgegeben. Die Änderung verlängert das Fälligkeitsfenster bis zum früheren der beiden Zeitpunkte: 18 Monate nach der Änderung oder dem 13. Februar 2027, und verschiebt monatliche Kapitalrückzahlungen in Höhe von $1,000,000, sodass diese am 13. Monatstag nach der Änderung beginnen (beginnend am 13. September 2026). Zinsen vom 1. August 2025 bis zur Fälligkeit werden kapitalisiert und dem Kapital zugeschlagen; Inhaber können bis zu 65% der kapitalisierten Zinsen in Stammaktien zu $4.44 je Aktie wandeln.

Die neuen Notes vom August 2025 tragen einen Jahreszins von 12%, sehen monatliche Kapitalrückzahlungen von $150,000 ab dem 13. Monat nach Ausgabe vor, erlauben die Wandlung von bis zu 65% des Anfangskapitals (mit einer aggregierten Wandlungsobergrenze von $975,000) und gewähren Inhabern im Fall eines Kontrollwechsels die Wahl, zu wandeln, 115% in bar zu erhalten oder beides zu kombinieren. Kensington fungiert als Sicherheitenagent, und mehrere Käufer der Anleihen hatten bereits bestehende Beziehungen zum Unternehmen, darunter dem Verwaltungsrat nahestehende Parteien. Eine Pressemitteilung mit den Ergebnissen des zweiten Quartals 2025 wird als Anlage beigefügt.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 13, 2025

CLENE INC.
(Exact name of registrant as specified in its charter)

 
Delaware
001-39834
85-2828339
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of incorporation)
 
Identification No.)
     
6550 South Millrock Drive, Suite G50
Salt Lake City, Utah
 
84121
(Address of principal executive offices)
 
(Zip Code)
(801) 676-9695
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.0001 par value
 
CLNN
 
The Nasdaq Capital Market
Warrants, to acquire one-fortieth of one share of Common Stock for $230.00 per share
  CLNNW  
The Nasdaq Capital Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 

 
Item 1.01 Entry into a Material Definitive Agreement.
 
Amendment to December 2024 Senior Secured Convertible Promissory Notes
 
On August 13, 2025, Clene Inc. (the “Company”) entered into the first amendment (the “Amendment”) to the senior secured convertible promissory notes (collectively, the “December 2024 Notes”) which were issued by the Company on December 17, 2024 to Kensington Clene 2024, LLC (“Kensington”), 4Life Research, LLC (“4Life”) and La Scala Investments, LLC (“La Scala,” and collectively with Kensington and 4Life, the “December 2024 Note Purchasers”). Pursuant to the Amendment, the following changes were made to the December 2024 Notes:
 
 
(i)
The original maturity date of the December 2024 Notes was the earlier of (i) the date that is 18 months following the closing date, or June 20, 2026, or (ii) a “Change in Control,” as defined in the December 2024 Notes (the “Maturity Date”). Pursuant to the Amendment, the Maturity Date was extended to the earlier of (i) the date that is 18 months following the Amendment date, or February 13, 2027, or (ii) a Change in Control.
 
 
(ii)
Monthly principal repayments of $1,000,000 per month, made pro rata to the holders of the December 2024 Notes, were originally scheduled to commence on the 13-month anniversary of issuance, or January 17, 2026, and continue to the Maturity Date, upon which date the remaining unpaid balance of principal together with any accrued and unpaid interest shall be due. Pursuant to the Amendment, the commencement of monthly principal repayments of $1,000,000 per month was postponed to the 13-month anniversary of the Amendment, or September 13, 2026.
 
 
(iii)
Monthly interest payments, made pro rata to the holders of the December 2024 Notes, commenced on January 20, 2025. Pursuant to the Amendment, the remaining interest for the term of the December 2024 Notes beginning on August 1, 2025 and continuing until the Maturity Date will be capitalized and added to the balance of the December 2024 Notes. Additionally, at the sole election of the holder of a December 2024 Note, up to 65% of the amount of capitalized interest will be convertible into the number of shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”), equal to the outstanding capitalized interest balance elected by the holder to be converted divided by $4.44.
 
The other material terms of the December 2024 Notes remain effective as described in the Company’s Current Report on Form 8-K filed with the SEC on December 20, 2024.
 
The foregoing description of the Amendment and the December 2024 Notes do not purport to be complete and are qualified in their entirety by reference to the text of the Amendment and the December 2024 Notes, which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K (the “Current Report”), respectively, and are incorporated herein by reference.
 
The December 2024 Note Purchasers have pre-existing relationships with the Company. Kensington is controlled and managed by Alison Mosca, a member of the board of directors of the Company. The Company has exclusive license and supply agreements with 4Life, through which it licenses and sells supplement products. Additionally, the co-founder and chairman of the board of directors of 4Life, David Lisonbee, is a member of the board of directors of Clene Nanomedicine, Inc., a wholly-owned subsidiary of the Company. La Scala is also controlled by Mr. Lisonbee.
 
August 2025 Note Purchase Agreement
 
On August 13, 2025, the Company entered into a note purchase agreement (the “August 2025 Note Purchase Agreement”) by and among the Company and AE Capital Limited, A Global Chorus Foundation and Glenn and Shelina Way (together with AE Capital Limited and A Global Chorus Foundation, the “August 2025 Note Purchasers”), pursuant to which the Company agreed to sell, and the August 2025 Note Purchasers agreed to purchase, the Company’s senior secured convertible promissory notes (collectively, the “ August 2025 Notes”) in a principal amount totaling $1,500,000.
 
1

 
The August 2025 Notes bear interest at a per annum rate of 12% and mature on the earlier of (i) the date that is 18 months following the closing date or (ii) a “Change in Control” as described below and in the August 2025 Notes. Monthly principal repayments of $150,000 per month, made pro rata to the holders of the August 2025 Notes, will commence on the 13-month anniversary of issuance and will continue until maturity. Monthly interest payments will be capitalized and added to the principal balance of the August 2025 Notes. At the sole election of the holder of an August 2025 Note, up to 65% of the outstanding initial principal balance of $1,500,000 may be converted into the number of shares of the Company’s Common Stock, equal to the outstanding principal balance elected by the holder to be converted divided by $4.44. Notwithstanding the foregoing, in the event that the holder of an August 2025 Note declines to convert its pro rata share of outstanding principal balance, the remaining holders of the August 2025 Notes may convert additional amounts, provided that no outstanding principal balance converted among all August 2025 Notes exceeds $975,000.
 
A Change in Control means a merger or consolidation of the Company with or into any other entity in which the stockholders of the Company immediately prior to the merger or consolidation do not own more than 50% of the outstanding voting power (assuming conversion of all convertible securities and the exercise of all outstanding options and warrants) of the surviving entity or the sale, lease, licensing, transfer or other disposition of all or substantially all the assets of the Company; provided, however, that any new issuance of capital stock of the Company to one or more third parties for the sole purpose of providing new funding for the Company or solely in connection with a public offering of the Company’s stock shall not constitute a Change in Control.
 
In the event of a Change in Control or any bankruptcy, liquidation, or other restructuring process, the holder of an August 2025 Note may, at its option, (i) convert up to 65% of the outstanding principal balance of the August 2025 Notes into Common Stock, (ii) receive a total return, paid in cash, equal to 115% of the outstanding principal balance of the August 2025 Notes, or (iii) any combination thereof, prior to such monetization event, before any security or claim junior to the August 2025 Notes shall receive any proceeds from such monetization event.
 
If an event of default occurs and is continuing as set forth in the August 2025 Notes, the holders of the December 2024 Notes and August 2025 Notes (together, the “Related Notes”) whose aggregate principal amounts represent a majority of all then-outstanding principal of the Related Notes may declare the Related Notes to be due and payable immediately and the Company shall pay to the holders an amount equal to the product of (i) the outstanding principal amount of the Related Notes plus all accrued and unpaid interest, and (ii) 10% on all such outstanding amounts.
 
Kensington serves as the collateral agent under the August 2025 Note Purchase Agreement. Kensington is controlled and managed by Alison Mosca, a member of the board of directors of the Company.
 
The foregoing description of the August 2025 Note Purchase Agreement and the August 2025 Notes do not purport to be complete and are qualified in their entirety by reference to the text of the August 2025 Note Purchase Agreement and the August 2025 Notes, which are filed as Exhibits 10.3 and 10.4 to this Current Report, respectively, and are incorporated herein by reference.
 
Item 2.02 Results of Operations and Financial Condition.
 
On August 14, 2025, Clene Inc. (the “Company”) issued a press release announcing its second quarter 2025 financial results and recent operating highlights for its quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference.
 
The information furnished in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in any such filings, except as shall be expressly set forth by specific reference in such a filing.
 
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
 
The information included in Item 1.01 of this Current Report is incorporated by reference into this Item 2.03 of this Current Report.
 
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Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit
Number
 
by Exhibit Description
10.1*#   First Amendment to Note Purchase Agreement, dated August 13, 2025, by and among Clene Inc., Kensington Clene 2024 LLC, 4Life Research, LLC and La Scala Investments, LLC.
10.2   Form of Amended and Restated Senior Secured Convertible Promissory Note.
10.3*#   Note Purchase Agreement, dated August 13, 2025, by and among Clene Inc., Kensington Clene 2024 LLC and the purchasers named therein.
10.4   Form of Senior Secured Convertible Promissory Note.
99.1
 
Press Release, dated August 14, 2025, announcing the Company's second quarter 2025 financial results and recent operating highlights.
104
 
Cover Page Interactive Data File (formatted as Inline XBRL).

*
Schedules and similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. We agree to furnish supplementally a copy of such omitted materials to the SEC upon request.
# Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. We agree to furnish supplementally an unredacted copy to the SEC upon request.
 
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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
     
 
CLENE INC.
   
Date: August 14, 2025
By:
/s/ Robert Etherington
   
Robert Etherington
   
President and Chief Executive Officer
 
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FAQ

What changes were made to Clene's December 2024 notes (CLNN)?

The amendment extends the maturity window to the earlier of 18 months after the amendment or Feb 13, 2027, delays $1,000,000/month principal repayments to start on Sep 13, 2026, and capitalizes interest from Aug 1, 2025 through maturity with conversion rights up to 65% at $4.44 per share.

How much financing did Clene raise under the August 2025 note purchase agreement?

Clene issued senior secured convertible notes totaling $1,500,000 bearing 12% annual interest, with monthly principal repayments of $150,000 commencing 13 months after issuance.

What conversion and change-in-control protections exist for the August 2025 notes?

Holders may convert up to 65% of initial principal into common stock at $4.44 per share (aggregate conversions capped at $975,000) and, in a change-in-control, may elect conversion, 115% cash return, or a combination.

Are any note purchasers related to Clene's management or board?

Yes. Kensington is controlled by a board member and there are commercial and board ties to 4Life and La Scala, as disclosed in the filing.

What remedies do noteholders have if Clene defaults under the Related Notes?

Holders representing a majority of outstanding Related Notes may accelerate payment, and the company would owe an additional 10% on outstanding principal plus accrued interest.
Clene

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Packaged Foods
Pharmaceutical Preparations
United States
SALT LAKE CITY