aibioOS Therapies signs $10 million secured convertible note with Leonite Fund
Tickers OSTX
The company calls it a line of credit backed by UK tax credits. It drew $1.6 million first, mainly for OST-HER2 manufacturing.
Key facts
- Company
- OS Therapies Incorporated (AMEX: OSTX)
- News type
- Debt Financing
- Primary source
- Company press release (Form 8-K, Exhibit 99.1)
OS Therapies, Inc. (NYSE American: OSTX) said on July 2, 2026 that it secured a $10 million line of credit supported by tax credits of its wholly owned subsidiary, OS Therapies U.K. The company received an initial draw of $1.6 million, which primarily supported the second phase of OST-HER2 commercial manufacturing after global regulatory alignment on the manufacturing pathway.
The company's Form 8-K shows the financing is a senior secured convertible promissory note of up to $10 million, sold in a private placement to Leonite Fund I, LP, the investor and lender. The company and two wholly owned subsidiaries are the borrowers. The note is funded in tranches, and the company also agreed to issue Leonite commitment shares and a five-year warrant.
The release says OS Therapies UK has approximately $5.86 million in pending tax credit refunds and expects to accumulate a total of $10.2 million through year-end 2026. It also says the company did not provide a security interest in its intellectual property under the line of credit agreements.
The filing names Leonite Fund I, LP as the counterparty and names no placement agent, underwriter or advisor. Chief Financial Officer Chris Acevedo said the company expects to have sufficient cash and cash resources to provide runway into 2027. In the same release, the company appointed Dr. Craig Eagle to its board of directors.