aibioMoleculin lifts ATM to $19.7M weeks after a $9.3M deal with 3x warrants
Tickers MBRX
Moleculin can now sell up to $19,700,000 under its at-the-market program, weeks after a July deal with warrants on 37,130,001 shares. The trial figures it cited are blinded and preliminary, drawn from 62 patients.
Key facts
- Company
- Moleculin Biotech, Inc. (NASDAQ: MBRX)
- News type
- Financings
- Primary source
- Moleculin Form 424B5 prospectus supplement No. 2 (SEC)
Moleculin Biotech (Nasdaq: MBRX), a Houston company developing the cancer drug Annamycin, has raised the cap on its at-the-market stock program to $19,700,000. A prospectus supplement dated August 21, 2026 raises the maximum under its agreement with Roth Capital Partners, LLC. The program started at $6,500,000 and reached $8,200,000 in December 2025. By the filing date the company had sold 486,775 shares under the earlier prospectuses, for $1,890,241 in gross proceeds.
The July deal behind it
The increase follows a public offering three weeks earlier. On July 31, 2026, the company agreed with Roth to sell 12,376,667 shares, or pre-funded warrants in their place, along with Series I common warrants for up to 37,130,001 shares. The combined price was $0.75 per share and warrant. The deal closed on August 3 with gross proceeds of approximately $9.3 million before fees, according to the 8-K setting out the terms.
The warrants have a $0.75 exercise price and a five-year term. If the company later issues stock below that price, the exercise price resets to the new price, down to a floor of $0.21. The 8-K refers to certain exempt issuances as exceptions without listing them in that passage, so the filing does not show whether ATM sales would trigger a reset.
The company also agreed not to issue new equity for 45 days after the closing and not to enter variable rate transactions for 180 days, though it may use the ATM from the 46th day. Roth received a cash fee of 6.5% of gross proceeds. Maxim Group LLC acted as financial advisor and received a fee of 1.0% of the aggregate gross proceeds.
Early trial data and cash
The same day, Moleculin released preliminary blinded results from Part A of its MIRACLE trial, a Phase 2/3 study of Annamycin with cytarabine in relapsed or refractory acute myeloid leukemia. With 62 subjects evaluable, the blinded complete remission rate was 24% and the composite rate was 37%. Of those 62, 30, or 48%, had received a venetoclax-based regimen before, and in that group the rates were 23% and 37%.
Blinded results from 62 patients cannot show how the drug compares with a control. The earlier headline figures are small too. The company's March 2026 annual report cited a 50% complete remission rate in second-line therapy, but that came from 10 patients.
The money side is weaker. Moleculin reported a net loss of $33.6 million for 2025, against $26.0 million in 2024, and used $22.7 million in operations in 2025. It reported no revenue in either year. Cash and cash equivalents were $7.3 million at June 30, 2026, before the July deal's proceeds arrived.
Dilution and what comes next
The supplement puts public float at $64,852,256, using a $3.57 price from June 29, the highest close in the prior 60 days. The last reported sale on August 20 was $0.5906. Under the S-3 rule, primary sales are capped at one-third of float in any 12 months while float stays below $75.0 million, and $1,890,241 had been sold under that rule in the prior 12 calendar months.
The warrants on up to 37,130,001 shares exceed the 19,477,380 shares outstanding at the supplement date, and their $0.75 exercise price sits above the last sale. The company says it will file another prospectus supplement before any further ATM sales.
Moleculin still has to unblind Part A. Its annual report expected an interim unblinding in mid-2026 and another in the second half of 2026. Until then, blinded results do not show whether the drug works well enough to justify the funding it is raising.