Ann: MSB Enters Into $75 Million Non-Dilutive Credit Facility, page-126

Then I would imagine the loan may have been secured against the company's receivables and IP

Receivables?
What receivables?

Imagine Hercules being asked by its auditors, "We see you say this particular loan is secured against the receivables held by the borrower. Can we see some documentation which ascribes a value to those Receivables?"


As for the IP acting as loan security, this is a binary situation.
Either:

MSB becomes commercially successful and is able repay the loans plus capitalised interest out of the cash flows it generates, in which case the IP would not be needed as security.

Or MSB fails commercially, in which case it can't repay its debt.
But in that case the IP would be almost worthless, anyway, rendering it ineffective as a form of security.