Nutriband reports $5.31 million from warrant exercises in six months to July 31

Nutriband Inc. disclosed on September 3, 2025 that holders of its warrants and options had exercised them for shares between February 1 and July 31, 2025. The company made the disclosure under Regulation FD in a Form 8-K signed by Serguei Melnik, its president. Private investors exercised warrants for 778,041 shares at a total exercise price of $5,002,804. Holders of the public warrants, traded as NTRBW, exercised for 47,076 shares at a total of $302,699. Employees exercised stock options covering 20,055 shares for $44,206, which the company lists separately.

The 8-K says these were exercises of warrants and options already outstanding. The 8-K names no underwriter or placement agent. The company's quarterly report for the quarter ended July 31, 2025, filed in early September, shows the warrant exercises in its equity statement at $5,305,503, which is the amount the company's cash-flow statement lists as proceeds from the sale of common stock and exercise of warrants. The filings do not give a separate figure for the warrant proceeds alone.

What the quarterly report shows

The balance sheet shows cash and cash equivalents of $6,995,101 at July 31, 2025, up from $4,311,719 at January 31, 2025. The warrant money is part of that change. The six months ended July 31, 2025 brought revenue of $1,289,884, compared with $851,362 a year earlier. Research and development expense was $1,245,980, against $1,748,510. Selling, general and administrative expense was $2,579,592 for the six months.

The net loss for the six months was $3,389,206, against $3,603,542 a year earlier. The statement of operations also records a preferred stock dividend of $21,814,166, which brings the net loss available to common stockholders to $25,203,372 for the period. The company's cash-flow statement lists the same $21,814,166 as a non-cash item, preferred shares issued as a common stock dividend, so it did not take cash out of the company.

The company's cash rose over the period while it reported a net loss, and the warrant exercises are the largest identified source of new cash in these filings.

The warrants behind the exercises

The 10-K filed April 28, 2025 describes an April 2024 offering of 2,100,000 units at $4.00 per unit to investors outside the United States. Each unit carried a warrant to buy two common shares at an initial exercise price of $6.43, expiring April 19, 2029. The offering was made under Regulation S and other private-placement exemptions.

The 8-K does not say why the holders exercised, and the sources give no common share price for the July period.

Business and obligations

Nutriband describes its primary business as developing transdermal pharmaceutical products based on its AVERSA abuse-deterrent technology. Its lead product, AVERSA Fentanyl, combines an approved generic fentanyl patch with that technology. The 10-K says the planned route is an NDA that would rely on the safety and efficacy information on file for the Duragesic fentanyl transdermal system. A Phase 1 human abuse potential study must come first, according to the 10-K.

Its revenue comes through Pocono Pharmaceuticals, which does contract manufacturing, and 4P Therapeutics, which does contract research and development. The 10-K says the acquisition agreement for 4P requires Nutriband to pay the former owner a 6% royalty on revenue from the abuse-deterrent intellectual property acquired with 4P. The company's development partner for the fentanyl product is Kindeva Drug Delivery, under a commercial development and clinical supply agreement signed in January 2024.

What comes next

The exercises brought in cash for the company, but the filings do not say how much of that cash the company will spend on the fentanyl program, how many warrants remain outstanding, or whether further exercises are expected.

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