Ann: Issuance of Convertible Notes & Warrants for up to $46m, page-65

ah man looks like you are jack of all

1. The 10% premium on cash instalments applies only if Imugene chooses to pay in cash rather than shares
2. In 3 years Imugene would had made significant progress in its clinical trials this will increase the company's valuation and share price
3. The "remaining sum back" clause applies only if requested, and it’s almost certain Imugene will have the flexibility to negotiate terms or utilize alternative funding sources.
4. Dilution (if and only if it happens) is just a consequence of growth funding (every clinical stage biotech has to deal with it, nobody has unlimited funding, lets see how RAC will raise fund with just one trick dead pony) . As long as the capital raised is effectively used to advance clinical programs, the long-term value can outweigh the short-term dilution
5. Warrants are not a "gift" but an incentive for taking on risk by lending to a clinical-stage biotech
6. The funding provides a crucial runway for Imugene to achieve milestones in its Azer-Cel, onCARlytics, and VAXINIA programs
7. Clinical success could exponentially increase Imugene’s valuation, benefiting shareholders despite shortterm dilution (only if it happens)

Just consider the alternate option " Equity financing" which would had caused immediate dilution, while traditional debt financing would require regular interest payments and is rarely feasible for clinicalstage companies, this is overall a better arrangement than CR, but I always say clinical stage biotech whoever they are what ever they claim will have to do CR, not once but multiple times during the course of the journey, how they navigate this scenario makes or breaks the company, I almost gave up on PH, but this time around he has done a decent job I would say and have given LC and her team all of 2025 to achieve an outcome