SS, the company does not have to pay back debt to Orbimed until 2020.
The revenue covenants are simply revenue milestones that the company has to hit. Technically speaking if the company misses these milestones they are in breach and Orbimed may ask for its debt to be paid back in full. However, they would take into account all the contracts (signed and unsigned) in the company's pipeline so I think they would give the company plenty benefit of the doubt. However, the more important covenant is the liquidity covenant (minimum $5M in bank). This measures the company's ability to pay interest to Orbimed as and when it becomes due. Orbimed would be more ruthless if the company went below $5M in the bank.
To give them more comfort Orbimed are well within their rights to "ask" the company to raise further capital to give themselves more of a cash buffer. They don't seem to have insisted on the company doing this at this time.
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