On March 11, 2023 Mersana Therapeutics, Inc. (NASDAQ: MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, reported an update about its capital resources (Press release, Mersana Therapeutics, MAR 11, 2023, View Source [SID1234628544]). A de minimis amount of Mersana’s capital is currently held in a checking account at Silicon Valley Bank (SVB). The balance of the company’s capital resources is held in a custodial account managed by another institution and in money market funds of institutions other than SVB.

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Mersana has a loan and security agreement with Oxford Finance LLC and SVB. As previously disclosed, to date the company has borrowed $25 million under the loan agreement, and $15 million is available to be borrowed at the company’s option under the terms of the loan agreement. The recent closure of SVB and the appointment of the Federal Deposit Insurance Corporation as receiver is not a repayment trigger pursuant to the terms of the loan agreement.