(RTTNews) - Apollomics Inc. (APLM) has entered into a $2.0 million unsecured convertible promissory note with Chairman and CEO Hung-Wen (Howard) Chen, providing short-term working capital to advance its clinical development programs and support general corporate operations.
The note, executed on March 30, 2026, carries a 0% interest rate and will automatically convert into Apollomics equity upon the closing of a future financing round of at least $10 million. The conversion price will be set at a 20% discount to the lowest per-share price issued in the qualifying financing. The company's independent Audit Committee and Board approved the related-party transaction, with Chen abstaining from the vote.
Apollomics said the financing decision followed a review of available capital options and a benchmarking analysis of current market terms for similar bridge transaction in the biotech sector.
The company continues to advance its lead program, Vebreltinib (APL-101), a selective c-Met inhibitor currently in Phase 2 multicohort trial for non-small cell lung cancer and other advanced tumors with c-Met alterations across the U.S. and more than 10 additional countries.
The company implemented a 1-for-100 reverse stock split on November 25, 2024.
APLM closed Tuesday's trading at $15.85, down 5.65%.
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