MiNK Therapeutics, Inc. entered into a convertible promissory note purchase agreement with returning investor Agenus Inc. in the principal amount of up to $5 million on February 12, 2024. The note carries an annual rate of interest rate of 2% that accrues from the date funds are paid or advanced to the company. interest shall accrue and not be payable until converted or paid in connection with the repayment in full of the principal amount of the note.

The note provides that the company will pay on demand the principal amount outstanding, together with any unpaid interest, on or after January 1, 2026.