Apollomics Raises $2M 0% Convertible Note With 20% Discount Terms
Apollomics has raised $2.0 million through an unsecured convertible promissory note from its CEO carrying 0% interest to fund clinical development programs and general corporate operations. The principal will convert at a 20% discount upon a subsequent financing of at least $10 million, as approved by the independent audit committee.
1. Bridge Financing Agreement
Apollomics entered a $2.0 million unsecured convertible promissory note with Chairman and CEO Hung-Wen (Howard) Chen on March 30, 2026 to provide immediate working capital.
2. Intended Use of Funds
Proceeds are earmarked for clinical development of vebreltinib (APL-101) and general corporate operations, bolstering resources for its Phase 2 multicohort trial in non-small cell lung cancer and other programs.
3. Conversion Terms
The note bears 0% interest and will automatically convert into equity at a 20% discount upon a financing round of at least $10.0 million, aligning investor and management interests.
4. Governance Approval
The independent audit committee and board approved the related-party transaction following a benchmarking analysis of comparable biotech bridge financings, with the CEO abstaining from the vote.