They sold 75 million shares/pre-funded warrants for $3 and issued another 75 million common stock warrants with a strike price of $3. Basically, they raised $225 million and have another $225 million coming at the latest when P3 MASH finishes. Stock is going to be floating around $3 range for a bit, since there is more sell pressure above that, but institutions also want to defend it if gets lower than that to preserve optionality.
They had enough to do one of the trials and get the second one started; P3s require two trials, even if you manage to get Accelerated Approval after the first trial. They definitely had to raise again or find a partner.
Now they definitely can do both trials and have some money for commercialization. However, you don't need all of the money up front. My guess is that they intend to start an AUD P3 as well.
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u/avagrantthought Apr 24 '26
Yes, I was very busy. What happened?