--- title: "Annovis Bio prices $21,000,000 public offering of units at $4.00" url: "https://aibio.space/news/annovis-bio-prices-21-000-000-public-offering-units-4-00/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-02-03" section: "Financings" tickers: "NYSE:ANVS" source: "https://www.sec.gov/Archives/edgar/data/1477845/000110465925008278/tm254033-1_424b5.htm" summary: "Annovis Bio priced 5,250,000 units at $4.00 for $21,000,000 on February 3, 2025, through ThinkEquity as underwriter, with a $1,260,000 discount and warrant" --- By the aibio.space news desk. Sources - [Annovis Bio, Inc. 424B5 (2025-02-03)](https://www.sec.gov/Archives/edgar/data/1477845/000110465925008278/tm254033-1_424b5.htm) - [Annovis Bio, Inc. 424B5 (2025-02-04)](https://www.sec.gov/Archives/edgar/data/1477845/000110465925008809/tm254033-2_424b5.htm) - [Annovis Bio, Inc. 8-K (2025-02-05)](https://www.sec.gov/Archives/edgar/data/1477845/000110465925009279/tm255497d1_ex99-1.htm) [ANVS](https://aibio.space/companies/annovis-bio/) 2025-02-03 # Annovis Bio prices $21,000,000 public offering of units at $4.00 Tickers [ANVS](https://aibio.space/companies/annovis-bio/) Annovis Bio priced 5,250,000 units at $4.00 for $21,000,000 on February 3, 2025, through ThinkEquity as underwriter, with a $1,260,000 discount and warrants exercisable at $5.00, which is 125% of the offering price. ## Key facts - **Company**: Annovis Bio, Inc. (NYSE: ANVS) - **News type**: Financings - **Primary source**: [Annovis Bio, Inc. 424B5 (2025-02-03)](https://www.sec.gov/Archives/edgar/data/1477845/000110465925008278/tm254033-1_424b5.htm) *Trading screens with price charts. CC0, via rawpixel. The picture shows the field, not the companies named.* Annovis Bio, Inc. (NYSE: [ANVS](https://aibio.space/companies/annovis-bio/)) priced a firm commitment public offering of 5,250,000 units at $4.00 per unit, for a total of $21,000,000. The final prospectus supplement is dated February 3, 2025, and sits under a Form S-3 shelf, Registration No. 333-276814. Each unit consists of one share of common stock and one warrant to buy one share. The stock last traded at $4.87 on the NYSE on January 31, 2025, so the units priced below that. Each warrant is immediately exercisable at $5.00 per share, which the supplement puts at 125% of the unit price, and expires on the fifth anniversary of issuance. Equiniti Trust Company, LLC is the warrant agent. The company does not intend to list the warrants and expects no active market for them. ## The proceeds and the banks ThinkEquity LLC is the representative of the underwriters and the only underwriter in the table, under an underwriting agreement dated February 3, 2025. The underwriting discount is $0.24 per unit, or $1,260,000 in total, 6% of gross proceeds. That leaves $19,740,000 before expenses, and the company estimates net proceeds of approximately $19.4 million. It also agreed to pay ThinkEquity an accountable expense allowance of up to $125,000, and has paid a $25,000 advance. The company has agreed to indemnify the underwriters. Delivery was expected on or about February 4, 2025. The company says it will use the net proceeds for continued clinical development of its lead compound, Buntanetap, in a Phase 3 study for Alzheimer's disease, and for working capital and general corporate purposes. ## Going concern and cash The supplement says the company has never been profitable, and recurring losses raise substantial doubt about its ability to continue as a going concern, a point its auditor flagged in the report on the 2023 annual report. The accumulated deficit was $129.0 million at September 30, 2024. Cash and cash equivalents were $12.6 million at that date, which the company says will not meet its capital requirements over the next 12 months. It also says its cash was not sufficient to start the planned 6-month and 18-month Phase 3 Alzheimer's study, which it expects to begin in the first quarter of 2025. On a pro forma as adjusted basis, the table shows cash of $32,688,480. ## Dilution and the at-the-market program Annovis had 14,236,231 shares outstanding on January 31, 2025 and would have 19,486,231 after the offering, before any warrant exercise. The supplement puts pro forma as adjusted net tangible book value at approximately $27.1 million, or $1.45 per share, an immediate dilution of approximately $2.55 per share to new investors. The figures leave out 5,250,000 shares issuable on the new warrants, 310,733 shares on older warrants at a weighted-average $8.99, and 1,877,751 shares on options at a weighted-average $12.69. The new investors paid $4.00; both the older warrants and the options are priced above that. The company also has a $50,000,000 at-the-market program under an equity distribution agreement dated December 11, 2024 with Oppenheimer & Co. Inc., which receives a 3.0% commission. It had sold about 121,498 shares for gross proceeds of about $0.7 million and says it could still sell up to an additional $49.3 million. It agreed to suspend ATM sales for six months after this offering closes. The supplement also warns that failing the NYSE's continued listing requirements, such as the minimum closing bid price, could lead to delisting. ## The drug Annovis describes itself as a late-stage clinical drug platform company working on Alzheimer's and Parkinson's disease. In the Parkinson's Phase 3, completed December 4, 2023, topline data released July 2, 2024 showed improvement on UPDRS scores in two subgroups, and in the whole population the company says Buntanetap stopped the loss of cognition. Those are subgroup findings, not a result across all patients. In the Phase 2/3 Alzheimer's study, topline data on April 29, 2024 showed improvement on ADAS-Cog11 in early patients, dose-dependent and statistically significant against placebo and baseline. After an October 10, 2024 FDA meeting, the company says it aligned with the agency on a development path toward new drug applications. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story ANVS Annovis Bio, Inc. NYSE ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/annovis-bio-prices-21-000-000-public-offering-units-4-00/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Annovis Bio prices $21,000,000 public offering of units at $4.00", 2025-02-03, https://aibio.space/news/annovis-bio-prices-21-000-000-public-offering-units-4-00/