On February 10, 2021, Molecular Templates, Inc. (the "Company"), reported to have entered into a Collaboration Agreement (the "Collaboration Agreement") with Bristol Myers Squibb Company ("BMS"), pursuant to which the parties agreed to enter into a strategic research collaboration to leverage the Company’s engineered toxin body ("ETB") technology platform to discover and develop novel products containing ETBs directed to multiple targets (Filing, 8-K, Molecular Templates, MAR 13, 2024, View Source [SID1234641203]). Pursuant to the terms of the Collaboration Agreement, the Company granted BMS a series of exclusive options to obtain one or more exclusive licenses under the Company’s intellectual property to exploit products containing ETBs directed against certain targets designated by BMS.

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Following a corporate portfolio prioritization process, BMS notified the Company on March 13, 2024 that it does not intend to continue the research collaboration it entered into with the Company pursuant to the Collaboration Agreement and would be terminating the Collaboration Agreement in its entirety. The termination will be effective on June 13, 2024, or 90 days following the Company’s receipt of BMS’s written notice of termination. The Company will reduce costs associated with the Collaboration Agreement and focus its resources exclusively on its wholly-owned clinical-stage programs.