SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2025

NOTE 4 – SHAREHOLDERS’ EQUITY:

Private Placement in Public Equity

On July 29, 2022, the Company closed a private placement offering (the “July 2022 Private Placement”), pursuant to the terms and conditions of a Securities Purchase Agreement (the “Agreement”), dated July 27, 2022. In connection with the July 2022 Private Placement, the Company issued 1,015,598 shares of common stock, pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 909,091 shares of common stock which were fully exercised as of December 31, 2022 and preferred investment options (the “Preferred Investment Options”) to purchase up to an aggregate of 1,924,689 shares of common stock. The Company agreed to pay the placement agent fee and management fee equal to 7.0% and 1.0%, respectively, of the aggregate gross proceeds from the July 2022 Private Placement including the exercise of the Preferred Investment Options. The Preferred Investment Options became exercisable on January 23, 2023, and are exercisable through January 29, 2026, at an exercise price of $9.65 per share, subject to certain adjustments as defined in the Agreement. As of June 30, 2025, 1,001,091 Preferred Investment Options were exercised for $8.9 million, net of fees, representing no new exercises during the six months. In addition, as part of the July 2022 Private Placement, the Company issued warrants to the placement agent to purchase up to 115,481 shares of common stock. The placement agent warrants are in substantially the same form as the Preferred Investment Options, except that the exercise price is $10.31. As of June 30, 2025, 79,104 placement agent warrants were exercised for which the Company has received $0.8 million, representing no new exercises during the six months.

At-the-Market Program

During the three months ended June 30, 2025, the Company sold a total of 62,001 common shares under its At-the-Market Offering Agreement (the “ATM Program”) for aggregate total gross proceeds of approximately $0.6 million at an average selling price of $9.91 per share, resulting in net proceeds of approximately $0.5 million after deducting issuance costs.

During the six months ended June 30, 2025, the Company sold a total of 251,817 common shares under our ATM Program for aggregate total gross proceeds of approximately $1.9 million at an average selling price of $7.49 per share, resulting in net proceeds of approximately $1.8 million after deducting issuance costs.

As of June 30, 2025, approximately $59.4 million of securities remain available for sale under the ATM Program.

Public Offering

During February 2025, the Company completed a public offering in which it sold 3,105,000 shares of common stock at $5.00 per share and received net proceeds of $14.0 million, after underwriting discounts and commissions of $1.1 million and other offering expenses of $0.4 million.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Nuvectis Pharma, Inc. 10-Q