Edesa Biotech, Inc. (EDSA), a clinical-stage biopharmaceutical company, priced an underwritten public offering of 3.87 million shares with warrants to purchase 3.87 million additional shares, plus pre-funded warrants for up to 0.67 million shares at an exercise price of $0.0001 per pre-funded warrant.
The public offering price is $5.50 for each common share and accompanying common share warrant, and $5.4999 for each pre-funded warrant and accompanying common share warrant.
The gross proceeds are expected to be approximately $25.0 million, and the offering is expected to close on or about August 21, 2026.
Edesa intends to use the net proceeds from the offering for general corporate purposes, including working capital, capital expenditures, research and development and manufacturing expenses.
The warrants are exercisable immediately at $7.50 per share and will expire on the earlier of 18 months after issuance or 30 days following the company's announcement of Phase 2 topline data for EB06.
Guggenheim Securities is acting as the sole book-running manager for the offering.
Edesa Biotech focuses on therapeutics for immuno-inflammatory diseases. The company's investigational pipeline includes EB05, a monoclonal antibody, for the treatment of acute respiratory distress syndrome; EB01 for the treatment of chronic allergic contact dermatitis; EB06, a human monoclonal antibody candidate currently under evaluation for moderate-to-severe nonsegmental vitiligo; and EB07, being explored as a potential treatment for pulmonary fibrosis.
For the third quarter ended on June 30, 2026, the company reported a wider net loss of $5.4 million, or $0.60 per common share, compared to a net loss of $1.7 million, or $0.25 per common share, in the prior year.
At June 30, 2026, Edesa had cash and cash equivalents of $10.3 million and working capital of $6.9 million.
EDSA has traded between $0.72 and $20.32 over the last year. The stock closed Wednesday's trade at $5.75, up 0.70%.
EDSA is plunging 11.13% to $5.11 in overnight trading.
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