On September 3, 2020 On August 28, 2020, Mersana Therapeutics, Inc. (the "Company") reported that it has entered into a second amendment (the "Amendment") to its existing loan and security agreement (as amended prior to the Amendment, the "Existing Credit Facility") with Silicon Valley Bank ("SVB") (Filing, 8-K, Mersana Therapeutics, SEP 3, 2020, sec.gov/ix?doc=/Archives/edgar/data/1442836/000110465920102013/tm2030113-1_8k.htm [SID1234564384]). Pursuant to the Amendment, the Company may borrow, at its option, (i) up to $25.0 million, in up to five principal advances through April 30, 2022, and (ii) an additional $5.0 million, in one principal advance, if the Company reaches certain development milestone events, as described in in the Amendment, through April 30, 2022. The Company drew $5.2 million upon execution of the Amendment, the proceeds of which were used to repay the Company’s existing balance and satisfy its obligations to SVB under the Existing Credit Facility. Pursuant to the Amendment, among other things, the end of the interest-only payment period, as described in the Amendment, is extended from August 31, 2020, to May 31, 2022, and the Company is no longer required to maintain a minimum liquidity ratio.

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