Adaptimmune Therapeutics plc announced it has entered into loan and security agreement with a lender for a gross proceeds of up to $125,000,000 on May 14, 2024. The transaction included participation from new lender, Hercules Capital, Inc. The loan agreement provides for a five-year loan facility in an aggregate principal amount of up to $125,000,000, consisting of a term loan advance in the aggregate principal amount equal to $25,000,000 on the Closing Date for tranche 1 advance, a term loan advance available to the company subject to certain terms and conditions in the aggregate principal amount of $25,000,000 for tranche 1 advance, a term loan advance available subject to certain terms and conditions in the aggregate amount of $5,000,000 for tranche 3 advance, a term loan advance available subject to certain terms and conditions in the aggregate principal amount of $30,000,000 for tranche 4 advance, and a term loan advance available in the sole discretion of the Lenders and subject to certain terms and conditions in the aggregate principal amount of $40,000,000 for tranche 5 advance. The term loan will mature on June 1, 2029. The loan agreement bear interest at an annual rate equal to the greater of (i) 9.65% or (ii) 1.15% plus the Wall Street Journal prime rate. Accrued interest on the Term Loan is payable monthly in arrears. Additionally, the principal balance of each Term Loan Advance shall bear interest from the date advanced to one year from the date thereof, in an amount equal to 2%, which shall be added to the outstanding principal balance so as to increase the outstanding principal balance. There will be a tranche facility charge on any Term Loan Advance, except for the tranche 1 advance or tranche 2 advance, of 1% of such advance. Upon the occurrence and continuance of an event of default, a default interest rate of an additional 4% may be applied to any outstanding secured obligations, and the Agent may declare all outstanding obligations immediately due and payable and take such other actions as set forth in the loan agreement. Upon closing of the transaction, the first tranche of $25 million can be drawn. Under the terms of the agreement, company will be eligible to draw an additional tranche of $25 million upon afami-cel approval, and three additional tranches totaling $75 million over the medium-term subject to certain conditions.

On the same date, the company has received $25,000,000 in its first tranche.