--- title: "Jupiter Neurosciences prices $11 million IPO of 2,750,000 shares at $4.00" url: "https://aibio.space/news/jupiter-neurosciences-prices-11-million-ipo-2-750-000-shares-4-00/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2024-12-02" section: "Financings" tickers: "NASDAQ:JUNS" source: "https://www.sec.gov/Archives/edgar/data/1679628/000149315224048318/form424b4.htm" summary: "Jupiter Neurosciences priced a firm commitment IPO of 2,750,000 shares at $4.00, or $11,000,000 gross. Its prospectus carries a going concern warning and a" --- By the aibio.space news desk. Sources - [Jupiter Neurosciences, Inc. 424B4 (2024-12-02)](https://www.sec.gov/Archives/edgar/data/1679628/000149315224048318/form424b4.htm) - [Jupiter Neurosciences, Inc. 8-K (2024-12-04)](https://www.sec.gov/Archives/edgar/data/1679628/000149315224048687/ex99-1.htm) [JUNS](https://aibio.space/companies/jupiter-neurosciences/) 2024-12-02 # Jupiter Neurosciences prices $11 million IPO of 2,750,000 shares at $4.00 Tickers [JUNS](https://aibio.space/companies/jupiter-neurosciences/) Jupiter Neurosciences priced a firm commitment IPO of 2,750,000 shares at $4.00, or $11,000,000 gross. Its prospectus carries a going concern warning and an accumulated deficit of $23,903,481 at June 30, 2024. ## Key facts - **Company**: Jupiter Neurosciences, Inc. (NASDAQ: JUNS) - **News type**: Financings - **Primary source**: [Jupiter Neurosciences, Inc. 424B4 (2024-12-02)](https://www.sec.gov/Archives/edgar/data/1679628/000149315224048318/form424b4.htm) *Two people shaking hands across a table. Photo: Kristin Hardwick, CC0, via StockSnap. The picture shows the field, not the companies named.* Jupiter Neurosciences, Inc. priced a firm commitment initial public offering of 2,750,000 shares of common stock at $4.00 per share, for gross proceeds of $11,000,000. The shares were approved for listing on the Nasdaq Capital Market under the symbol JUNS and were due to begin trading on December 3, 2024, with delivery on or about December 4. The prospectus is dated December 2, 2024. ## Banks, counsel and costs Dominari Securities LLC is the lead underwriter and Revere Securities LLC is co-manager. According to the company's announcement, Anthony, Linder & Cacomanolis, PLLC is counsel to Jupiter and ArentFox Schiff LLP is counsel to the underwriters. Underwriting discounts and commissions are $0.28 per share, or $770,000, which leaves $10,230,000 before expenses. With offering expenses estimated at $715,000, the company expects net proceeds of approximately $9,515,000. The prospectus also registers the resale of 3,600,000 shares by existing shareholders under a separate prospectus. Jupiter receives none of that money, and no resales may occur until the IPO shares begin trading. The company says it is partly relying on those registered shares to meet Nasdaq's $15,000,000 public float requirement, which at $4.00 needs 1,000,000 public float shares. A 180-day lock-up covers the company, its directors, officers and shareholders, other than the selling stockholders named in the resale prospectus. ## Where the money goes Of the net proceeds, up to $2,100,000 repays principal and estimated accrued interest on a senior secured note issued to an investor, and up to $325,000 repays related-party notes and the Tiberend Convertible Note. About $2,300,000 funds a proof-of-concept Phase 1B or Phase 2A trial of JOTROL in Parkinson's disease, and $2,300,000 goes to service agreements in South-East Asia. About $250,000 is for research on new product opportunities and about $150,000 is for annual license fees owed to Aquanova AG. The rest is for working capital and general corporate purposes. ## Going concern and losses The prospectus says there is substantial doubt about Jupiter's ability to continue as a going concern, citing historical recurring losses, negative operating cash flow and dependence on private equity and other financings. The auditor included an explanatory paragraph on the issue for 2023 and 2022. The company has no product revenue. Net loss was $4,783,689 in 2023 and $4,957,580 in 2022, with negative operating cash flow of $480,953 and $1,248,504. For the six months ended June 30, 2024, net loss was $320,977, against $2,579,855 a year earlier. The accumulated deficit was $23,903,481 at June 30, 2024. ## The science and the funding record Jupiter is a clinical stage company in Jupiter, Florida, incorporated in Delaware in January 2016, with Christer Rosén as chairman and chief executive. Its only product, JOTROL, is a micellar resveratrol in a 100mg softgel, licensed from Aquanova AG, which jointly owns the patent expiring in 2036. Resveratrol has never been approved as a drug, and the company says it must take JOTROL through the full new drug application process. Its human data come from a Phase I pharmacokinetic study in healthy volunteers, completed in the first half of 2021, which the company says met its targets. It has not discussed with the FDA or other regulators whether that study can be cross-referenced for later trials. The Parkinson's work described in the prospectus is a mouse model study at the University of Miami. Funding has been hard to win. The National Institute on Aging funded the Phase I study with $1.76 million. Three later applications for a Phase II Alzheimer's trial, each with a budget of $20 million or higher, were unsuccessful, and the best score was 47, where 40 or below is needed for funding. A $10.1 million Department of Defense application for a Friedreich's ataxia study was not recommended for funding, with weaknesses cited in clinical impact and research strategy and feasibility. In September 2024 the company applied for a $2.5 million grant, with no guarantee of success. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story JUNS Jupiter Neurosciences, Inc. 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Cite as: aibio.space, "Jupiter Neurosciences prices $11 million IPO of 2,750,000 shares at $4.00", 2024-12-02, https://aibio.space/news/jupiter-neurosciences-prices-11-million-ipo-2-750-000-shares-4-00/