Ligand and AvenCell Therapeutics Enter Financing Agreement to Advance Pipeline of Next-Generation CAR-T Therapies for Up to $47 Million (Form 8-K)

Ligand and AvenCell Therapeutics Enter Financing Agreement to Advance Pipeline of Next-Generation CAR-T Therapies for Up to $47 Million

JUPITER, Fla., September 24, 2026 - Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today announced that it has entered into a financing agreement with AvenCell Therapeutics, Inc., a clinical-stage cell therapy company developing controllable, allogeneic CAR-T therapies for patients with cancer, for up to $47 million. The investment will help advance AvenCell's pipeline, including AVC-201 for the treatment of relapsed/refractory acute myeloid leukemia (AML) and AVC-203 for the treatment of B-cell malignancies.

Under the terms of the agreement, Ligand has committed up to $41 million in exchange for a mid single-digit to low double-digit royalty on worldwide annual net sales of all current and future AvenCell pipeline assets, including AVC-201 and AVC-203, with the applicable rate determined based on the total amount ultimately funded. The capital will be funded in four tranches: with the first payable at closing, and the remaining three tranches payable upon achievement of certain predetermined clinical milestones and other specified financing conditions. Ligand has also committed up to $6 million in concomitant Series C financing, details of which will be announced separately.

"AvenCell has built a differentiated cell therapy platform that brings together CRISPR-engineered allogeneic CAR-T technology with a unique switchable CAR approach designed to provide greater control over CAR-T activity," said Todd Davis, CEO of Ligand. "We believe the combination of these technologies, together with the encouraging clinical data generated to date with AVC-201, highlights the potential of AvenCell's platform across a broad range of diseases. We look forward to working closely with the AvenCell team as it advances its pipeline of next-generation cell therapies."

AvenCell was founded in 2021 combining switchable CAR-T technology developed by GEMoaB GmbH (now AvenCell Europe GmbH) with Intellia's CRISPR/Cas9-based Allogeneic Engineering Technology to develop next-generation cell therapies designed to overcome key limitations of existing CAR-T treatments. AvenCell's proprietary platform is designed to enable readily available, "off-the-shelf" cell therapies with greater control over CAR-T activity and the potential for broad application across hematologic malignancies and autoimmune diseases.

The company's lead program, AVC-201, is an anti-CD123 CAR-T currently in a Ph1b expansion trial for the treatment of relapsed or refractory AML. AvenCell is also advancing AVC-203, a Phase 1a program for B-cell malignancies.

"We are excited to have the support and expertise of the Ligand team as we look to advance our pipeline programs through the clinic," said Andrew Schiermeier, President & CEO of AvenCell. "This investment provides us critical resources to support the continued development of these potentially important new treatment options for patients impacted by these difficult-to-treat cancers."

Hogan Lovells Cadwalader served as legal advisor to Ligand.

About Ligand

Ligand is a leading royalty aggregator, partnering with biopharmaceutical companies to finance and advance late-stage clinical development programs. Ligand owns and manages one of the largest and most diversified portfolios of biopharmaceutical royalties in the industry, with economic interests in more than 200 development and commercial-stage assets. Ligand funds high-value programs in exchange for long-term economic interests, aligning capital with clinical and commercial success. Ligand's royalty portfolio is designed to deliver consistent and predictable revenue streams across a broad range of therapeutic assets. Ligand also licenses its proprietary technologies, Captisol® and NITRICIL™, to support drug development and formulation across its global partner network. For more information, visit www.ligand.com or follow Ligand on X and LinkedIn.