STOCK TITAN

Trinity Biotech borrows $4M under credit amendment

Conversion-linked securities remain subject to a 9.9% beneficial-ownership cap, while warrants carry a 9.99% cap.

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(Moderate)

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

On November 6, 2026, Trinity Biotech plc, Perceptive Credit Holdings III, L.P. and other credit-agreement parties entered into a limited waiver and amendment. It waived compliance with the minimum liquidity covenant for June through October 2026 and any resulting Default or Event of Default, and provided an additional $4.0 million term loan borrowing.

The related note amendment reduced the Floor Price from $15.183 per ADS to $10.00 per ADS; the warrant exercise price was amended to $5.90 per ADS. The Conversion Cap remains US$72,500,000. Perceptive Advisors LLC, Perceptive Credit Advisors LLC, Joseph Edelman, and Perceptive Credit Holdings II and III reported shared beneficial ownership of 54,148,590 ordinary shares, shown as 9.99%; the reported amount includes securities issuable upon exercise or conversion and is subject to beneficial-ownership caps.

0 points · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

0 major · 1 point

How the balance works

Positive

  • None.

Negative

  • Moderate pointWaiver of minimum liquidity covenant compliance covered June through October 2026.
Additional term loan borrowing $4.0 million Provided under the November 6, 2026 credit agreement amendment
Previous Floor Price $15.183 per ADS Before the November 6, 2026 note amendment
Floor Price $10.00 per ADS For conversion of the note and payment obligations
Warrant exercise price $5.90 per ADS As amended November 6, 2026
Conversion Cap US$72,500,000 Remains in effect under the amended note terms
Reported beneficial ownership 54,148,590 ordinary shares Shared beneficial ownership reported by the reporting persons
Reported ownership percentage 9.99% Percentage shown for the reported beneficial ownership
Beneficial-ownership cap 9.9% Applies to the Convertible Note and payment obligations
minimum liquidity covenant financial
"limited waiver of compliance with the minimum liquidity covenant"
A minimum liquidity covenant is a clause in a loan or bond agreement that requires the borrower to keep a certain amount of cash or easily sold assets on hand, like an agreed emergency fund. It matters to investors because it protects lenders and other creditors by reducing the chance of missed payments; falling below the required level can trigger penalties, default, or demands for extra collateral, which can affect a company’s borrowing costs and equity value.
Floor Price financial
"reduce the Floor Price from $15.183 per ADS to $10.00 per ADS"
The floor price is the minimum price at which a security, asset, or offering will be sold or accepted, acting like a seller’s “bottom line” or a reserve in an auction. For investors it matters because it sets a visible downside limit and can influence trading, valuation, and expectations of risk—like knowing there’s a safety net that a sale won’t go below a set level.
Conversion Cap financial
"The Conversion Cap remains US$72,500,000"
A conversion cap is a limit written into a convertible security (like a note or SAFE) that fixes the maximum company valuation used when that investment converts into equity, so the investor receives shares as if the company were worth no more than that cap. It matters to investors because it protects early backers from being diluted if the company later raises money at a high valuation, effectively acting like a coupon that guarantees a better share price and a clearer sense of potential ownership and return.
Beneficial Ownership Cap financial
"would exceed the Beneficial Ownership Cap"
A beneficial ownership cap is a rule that limits how much of a company a single investor or related group can effectively control, even if legal ownership could be higher. Think of it as a speed limit for ownership that prevents any one party from accumulating a controlling stake; it matters to investors because it affects takeover risk, voting power, dilution, and potential returns by shaping who can influence corporate decisions.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much additional term debt did TRIB borrow under the November 2026 amendment?

The amendment provided an additional $4.0 million term loan borrowing.

What beneficial-ownership limits apply to TRIB securities held by the Perceptive funds?

The cap is 9.9% for the Convertible Note, Milestone Payment Obligation and Contingent Payment Obligation, and 9.99% for the warrants.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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896438603

(CUSIP Number)
Alexander Rakitin
Perceptive Advisors LLC, 51 Astor Place, 10th Floor
New York, NY, 10003
(646) 205-5340

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
11/06/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




schemaVersion:


SCHEDULE 13D




Comment for Type of Reporting Person:
The securities reported on this page consist of securities held directly by Perceptive Credit Holdings II, LP ("Credit Fund II") and Perceptive Credit Holdings III, LP ("Credit Fund III" and, together with Credit Fund II, the "Funds"). The number of Ordinary Shares reported herein consists of (i) 65,000,000 Ordinary Shares issuable upon the exercise of warrants held by the Funds; (ii) 4,331,850,242 Ordinary Shares represented by 7,219,750 American Depositary Shares ("ADSs") issuable upon conversion of the Convertible Note (as defined in Item 4 of the Schedule 13D) held by Credit Fund III; (iii) 300,000,000 Ordinary Shares represented by 500,000 ADSs issuable upon conversion of the Milestone Payment Obligation (as defined in Item 4) granted by the Issuer to Credit Fund II; and (iv) 431,850,242 Ordinary Shares represented by 719,750 ADSs issuable upon conversion of the Contingent Payment Obligation (as defined in Item 4) granted by the Issuer to Credit Fund II. The number of ADSs issuable upon conversion of each of the Convertible Note, the Milestone Payment Obligation and the Contingent Payment Obligation reflects a conversion price equal to the Floor Price (as defined in Item 6) of $10.00. The terms of each of the warrants, the Convertible Note and the Conversion Rights Agreement (as defined in Item 4) restrict the exercise of the warrants and the conversion of the Convertible Note, Milestone Payment Obligation and Contingent Payment Obligation, as applicable, into ADSs to the extent that, upon such exercise or conversion, the number of Ordinary Shares, including the Ordinary Shares underlying ADSs, then beneficially owned by the holder and its Attribution Parties (as defined in the Convertible Note and the Conversion Rights Agreement) would exceed the Beneficial Ownership Cap (as defined in Item 6). Accordingly, notwithstanding the number of Ordinary Shares reported, the Reporting Person disclaims beneficial ownership of any Ordinary Shares, including those underlying ADSs, issuable upon exercise of the warrants, conversion of the Milestone Payment Obligation, conversion of the Contingent Payment Obligation and conversion of the Convertible Note to the extent that upon such exercise or conversion the number of Ordinary Shares beneficially owned by all Reporting Persons hereunder, in the aggregate, would exceed the Beneficial Ownership Cap.


SCHEDULE 13D




Comment for Type of Reporting Person:
The securities reported on this page consist of securities held directly by Perceptive Credit Holdings II, LP ("Credit Fund II") and Perceptive Credit Holdings III, LP ("Credit Fund III" and, together with Credit Fund II, the "Funds"). The number of Ordinary Shares reported herein consists of (i) 65,000,000 Ordinary Shares issuable upon the exercise of warrants held by the Funds; (ii) 4,331,850,242 Ordinary Shares represented by 7,219,750 American Depositary Shares ("ADSs") issuable upon conversion of the Convertible Note (as defined in Item 4 of the Schedule 13D) held by Credit Fund III; (iii) 300,000,000 Ordinary Shares represented by 500,000 ADSs issuable upon conversion of the Milestone Payment Obligation (as defined in Item 4) granted by the Issuer to Credit Fund II; and (iv) 431,850,242 Ordinary Shares represented by 719,750 ADSs issuable upon conversion of the Contingent Payment Obligation (as defined in Item 4) granted by the Issuer to Credit Fund II. The number of ADSs issuable upon conversion of each of the Convertible Note, the Milestone Payment Obligation and the Contingent Payment Obligation reflects a conversion price equal to the Floor Price (as defined in Item 6) of $10.00. The terms of each of the warrants, the Convertible Note and the Conversion Rights Agreement (as defined in Item 4) restrict the exercise of the warrants and the conversion of the Convertible Note, Milestone Payment Obligation and Contingent Payment Obligation, as applicable, into ADSs to the extent that, upon such exercise or conversion, the number of Ordinary Shares, including the Ordinary Shares underlying ADSs, then beneficially owned by the holder and its Attribution Parties (as defined in the Convertible Note and the Conversion Rights Agreement) would exceed the Beneficial Ownership Cap (as defined in Item 6). Accordingly, notwithstanding the number of Ordinary Shares reported, the Reporting Person disclaims beneficial ownership of any Ordinary Shares, including those underlying ADSs, issuable upon exercise of the warrants, conversion of the Milestone Payment Obligation, conversion of the Contingent Payment Obligation and conversion of the Convertible Note to the extent that upon such exercise or conversion the number of Ordinary Shares beneficially owned by all Reporting Persons hereunder, in the aggregate, would exceed the Beneficial Ownership Cap.


SCHEDULE 13D




Comment for Type of Reporting Person:
The securities reported on this page consist of securities held directly by Perceptive Credit Holdings II, LP ("Credit Fund II") and Perceptive Credit Holdings III, LP ("Credit Fund III" and, together with Credit Fund II, the "Funds"). The number of Ordinary Shares reported herein consists of (i) 65,000,000 Ordinary Shares issuable upon the exercise of warrants held by the Funds; (ii) 4,331,850,242 Ordinary Shares represented by 7,219,750 American Depositary Shares ("ADSs") issuable upon conversion of the Convertible Note (as defined in Item 4 of the Schedule 13D) held by Credit Fund III; (iii) 300,000,000 Ordinary Shares represented by 500,000 ADSs issuable upon conversion of the Milestone Payment Obligation (as defined in Item 4) granted by the Issuer to Credit Fund II; and (iv) 431,850,242 Ordinary Shares represented by 719,750 ADSs issuable upon conversion of the Contingent Payment Obligation (as defined in Item 4) granted by the Issuer to Credit Fund II. The number of ADSs issuable upon conversion of each of the Convertible Note, the Milestone Payment Obligation and the Contingent Payment Obligation reflects a conversion price equal to the Floor Price (as defined in Item 6) of $10.00. The terms of each of the warrants, the Convertible Note and the Conversion Rights Agreement (as defined in Item 4) restrict the exercise of the warrants and the conversion of the Convertible Note, Milestone Payment Obligation and Contingent Payment Obligation, as applicable, into ADSs to the extent that, upon such exercise or conversion, the number of Ordinary Shares, including the Ordinary Shares underlying ADSs, then beneficially owned by the holder and its Attribution Parties (as defined in the Convertible Note and the Conversion Rights Agreement) would exceed the Beneficial Ownership Cap (as defined in Item 6). Accordingly, notwithstanding the number of Ordinary Shares reported, the Reporting Person disclaims beneficial ownership of any Ordinary Shares, including those underlying ADSs, issuable upon exercise of the warrants, conversion of the Milestone Payment Obligation, conversion of the Contingent Payment Obligation and conversion of the Convertible Note to the extent that upon such exercise or conversion the number of Ordinary Shares beneficially owned by all Reporting Persons hereunder, in the aggregate, would exceed the Beneficial Ownership Cap.


SCHEDULE 13D




Comment for Type of Reporting Person:
The number of Ordinary Shares reported herein consists of (i) 10,000,000 Ordinary Shares issuable upon the exercise of warrants held by Perceptive Credit Holdings II, LP ("Credit Fund II"), (ii) 300,000,000 Ordinary Shares represented by 500,000 American Depositary Shares ("ADSs") issuable upon conversion of the Milestone Payment Obligation (as defined in Item 4 of the Schedule 13D) granted by the Issuer to Credit Fund II and (iii) 431,850,242 Ordinary Shares represented by 719,750 ADSs issuable upon conversion of the Contingent Payment Obligation (as defined in Item 4) granted by the Issuer to Credit Fund II. The number of ADSs issuable upon conversion of each of the Milestone Payment Obligation and the Contingent Payment Obligation reflects a conversion price equal to the Floor Price (as defined in Item 6) of $10.00. The terms of each of the warrants and the Conversion Rights Agreement (as defined in Item 4) restrict the exercise of the warrants and the conversion of the Milestone Payment Obligation and Contingent Payment Obligation, as applicable, into ADSs to the extent that, upon such exercise or conversion, the number of Ordinary Shares, including the Ordinary Shares underlying ADSs, then beneficially owned by the holder and its Attribution Parties (as defined in the Conversion Rights Agreement) would exceed the Beneficial Ownership Cap (as defined in Item 6). Accordingly, notwithstanding the number of Ordinary Shares reported, the Reporting Person disclaims beneficial ownership of any Ordinary Shares, including those underlying ADSs, issuable upon exercise of the warrants, conversion of the Milestone Payment Obligation and conversion of the Contingent Payment Obligation to the extent that upon such exercise or conversion the number of Ordinary Shares beneficially owned by all Reporting Persons hereunder, in the aggregate, would exceed the Beneficial Ownership Cap.


SCHEDULE 13D




Comment for Type of Reporting Person:
The number of Ordinary Shares reported herein consists of (i) 55,000,000 Ordinary Shares issuable upon the exercise of warrants held by Perceptive Credit Holdings III, LP ("Credit Fund III") and (ii) 4,331,850,242 Ordinary Shares represented by 7,219,750 American Depositary Shares ("ADSs") issuable upon conversion of the Convertible Note (as defined in Item 4 of the Schedule 13D) held by Credit Fund III. The number of ADSs issuable upon conversion of the Convertible Note reflects a conversion price equal to the Floor Price (as defined in Item 6) of $10.00. The terms of each of the warrants and the Convertible Note restrict the exercise of the warrants and the conversion of the Convertible Note, as applicable, into ADSs to the extent that, upon such exercise or conversion, the number of Ordinary Shares, including the Ordinary Shares underlying ADSs, then beneficially owned by the holder and its Attribution Parties (as defined in the Convertible Note) would exceed the Beneficial Ownership Cap (as defined in Item 6). Accordingly, notwithstanding the number of Ordinary Shares reported, the Reporting Person disclaims beneficial ownership of any Ordinary Shares, including those underlying ADSs, issuable upon exercise of the warrants and conversion of the Convertible Note to the extent that upon such exercise or conversion the number of Ordinary Shares beneficially owned by all Reporting Persons hereunder, in the aggregate, would exceed the Beneficial Ownership Cap.


SCHEDULE 13D


Perceptive Advisors LLC
Signature:/s/ Joseph Edelman
Name/Title:Joseph Edelman, Managing Member
Date:11/10/2026
Perceptive Credit Advisors LLC
Signature:/s/ Joseph Edelman
Name/Title:Joseph Edelman, Managing Member
Date:11/10/2026
Joseph Edelman
Signature:/s/ Joseph Edelman
Name/Title:Joseph Edelman
Date:11/10/2026
Perceptive Credit Holdings II, L.P.
Signature:/s/ Joseph Edelman
Name/Title:Joseph Edelman, Managing Member
Date:11/10/2026
Perceptive Credit Holdings III, L.P.
Signature:/s/ Joseph Edelman
Name/Title:Joseph Edelman, Managing Member
Date:11/10/2026

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