NKGen Biotech, Inc. and its subsidiary, NKGen Operating Biotech, Inc., have entered into a secured promissory note with AlpineBrook Capital GP I Limited for a principal amount of $25.84 million. The note, which carries an interest rate of 12% per annum, matures two months after issuance, with the potential for extension at the lender’s discretion. The agreement documents previous cash advances primarily related to NKGen Biotech’s acquisition of a majority stake in NKGen Biotech Korea Co., Ltd. through the Korean bankruptcy process, as well as an incremental $300,000 advanced at the time of execution. The note includes a "most favored nation" provision, ensuring the lender receives terms at least as favorable as any future debt or equity financings, and grants the lender a right of first refusal on any proposed transfer of NKGen Korea shares by the company. Prepayment before maturity is prohibited without lender consent.

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