Moleculin sells 888,400 shares through at-the-market program in September

Moleculin Biotech, Inc. (Nasdaq: MBRX) disclosed in a Form 8-K dated September 23, 2026 that it sold 888,400 shares of common stock in September 2026 through an at-the-market offering, for aggregate gross proceeds of $0.48 million. The same filing says the share sales reduced the exercise price of the company's Series I Warrants to $0.51 per share under their anti-dilution terms. The company issued a press release the same day announcing that the Mexican Patent Office granted Patent No. 436849, which the company said further strengthens its intellectual property protecting its lung-targeted liposomal Annamycin technology.

The at-the-market program

In July 2025, the company entered into an At Market Offering Agreement with Roth Capital Partners, LLC, which acts as agent. Under the agreement, the company may offer and sell common stock from time to time through an at-the-market offering as defined in Rule 415(a)(4) under the Securities Act of 1933. The company said that after the September issuances it will have 20,385,780 shares of common stock outstanding.

The Series I Warrants

On August 3, 2026, the company issued Series I Warrants to purchase up to 37,130,001 shares of common stock in a public offering. Each warrant was initially exercisable into one share of common stock at an exercise price of $0.75 per share. The warrants expire on the fifth anniversary of the closing date. They contain anti-dilution provisions that reduce the exercise price, subject to a floor price, when the company issues common stock or common stock equivalents below the then-current exercise price, other than in certain exempt issuances. Following the ATM share issuance, the exercise price was reduced to $0.51 per share.

The 8-K does not name an underwriter, placement agent or other financial advisor for the August 3, 2026 public offering, so the filing names none for that transaction. The filing does name Roth Capital Partners, LLC as agent for the at-the-market program, and it attaches no other offering agreement.

About the company

Moleculin describes itself as a late-stage pharmaceutical development company evaluating Annamycin in a pivotal Phase 3 trial, called MIRACLE, of Annamycin with cytarabine for relapsed or refractory acute myeloid leukemia. The annual report says the company's three core technologies are based substantially on discoveries made at, or licensed from, the University of Texas MD Anderson Cancer Center in Houston, and that its lead candidate has Orphan Drug and Fast Track designations.

Financial position

The company reported no revenue for 2025 or 2024. Research and development expense was $15.9 million in 2025 and $17.7 million in 2024. The net loss was $33.6 million in 2025 and $26.0 million in 2024. Cash from operations was negative $22.7 million in 2025 and negative $23.9 million in 2024. Year-end cash and cash equivalents were $4.3 million at December 31, 2024. At June 30, 2026, cash and cash equivalents were $7.3 million, according to the company's XBRL data.

The price of a small raise

The sale raised only $0.48 million, yet it cut the exercise price on warrants for up to 37,130,001 shares from $0.75 to $0.51, which makes those warrants cheaper to exercise and adds to dilution risk. The company, which used $22.7 million of operating cash in 2025 and held $7.3 million at June 30, 2026, can keep selling through the ATM, and each sale below the warrant price can trigger another reduction down to the floor price. The 8-K does not state that floor price. The patent news in the same release is a grant in Mexico, which says little about the pivotal trial. For that trial, the annual report spoke of blinded data and expected interim unblinding in mid-2026 and again in the second half of 2026; no unblinded result appears in these sources.

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