Bone Biologics Issues Mid-Year Shareholder Update Highlighting Progress Across 2026 Priorities

Rhea-AI Summary

Bone Biologics (Nasdaq: BBLG) issued a mid‑year 2026 update highlighting financing, clinical and manufacturing progress for its NB1 rhNELL‑1-based bone graft candidate. In July 2026, the company closed a private placement with a healthcare-focused institutional investor for approximately $3.0 million in gross proceeds, plus Series F and G warrants that could add up to $6.0 million if fully exercised. Bone Biologics believes this extends its operating runway through Q2 2027 to support its first-in-human pilot study, IP portfolio and corporate needs. The company continues enrolling patients and expects to complete enrollment by year-end, and has extended validated rhNELL‑1 shelf life to 29 months, supporting manufacturing readiness and supply-chain planning.

Positive

• $3.0 million gross proceeds from July 2026 private placement
• Warrants could add up to $6.0 million in additional gross proceeds
• Operating runway extended through Q2 2027 based on current plans
• Validated rhNELL-1 shelf life extended to 29 months
• First-in-human NB1 pilot study on track for enrollment completion by year-end 2026

Negative

• None.

Market Context

0.8% was the 24-hour reaction recorded after BBLG’s 29-month rhNELL-1 shelf-life update. That preced...

Analysis

0.8% was the 24-hour reaction recorded after BBLG’s 29-month rhNELL-1 shelf-life update. That precedent places this operational update in context, while financing needs and year-end enrollment remain items to watch.

Key Figures

Gross proceeds: $3.0 million Potential warrant proceeds: $6.0 million Operating runway: Q2 2027 +2 more

5 metrics

Gross proceeds $3.0 million July 2026 private placement, before fees and offering expenses

Potential warrant proceeds $6.0 million Additional gross proceeds if Series F and Series G warrants are fully exercised for cash

Operating runway Q2 2027 Company-stated runway following the financing

Validated shelf life 29 months rhNELL-1 protein, extended in May 2026

Prior shelf-life milestone 24 months rhNELL-1 milestone achieved in December 2025

Historical Context

2 past events · Latest: Jul 07 (Negative)

Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 07	Private placement	Negative	-8.8%	Private placement generated upfront proceeds with additional warrant proceeds conditional on exercise.
May 19	Shelf-life extension	Positive	+0.8%	Validated rhNELL-1 shelf life increased from 24 months to 29 months.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The two prior selected events showed reactions aligned with their classified announcement sentiment: -8.84% after financing and +0.8% after shelf-life news.

Key Terms

at-the-market, first-in-human, demineralized bone matrix

3 terms

at-the-market financial

"priced at-the-market under Nasdaq rules"

"At-the-market" is a method for companies to sell new shares of stock directly into the open market over time, rather than all at once. It allows companies to raise money gradually, similar to selling slices of a pie instead of the entire pie at once, which can help manage the sale's impact on the stock price. This approach gives investors a steady supply of shares while providing companies with flexible funding options.

first-in-human medical

"advance our first-in-human study"

A first-in-human study is the initial test of a new drug, medical device, or therapy in people to check safety, side effects and appropriate dosing. It matters to investors because it marks a major development milestone: successful early human testing can reduce scientific and regulatory uncertainty, much like moving a prototype from the workshop to a real-world test drive, and often affects a company’s valuation and funding prospects.

demineralized bone matrix medical

"rhNELL-1 protein with demineralized bone matrix"

Demineralized bone matrix is human bone that has had its mineral components removed, leaving a protein-based scaffold that helps the body grow new bone. Think of it as a biological framework or scaffold that surgeons use in orthopedics and dental procedures to support healing and tissue regrowth. For investors, it matters because its clinical utility, regulatory clearance, manufacturing quality, and adoption by surgeons affect product demand, company revenue, and reimbursement dynamics in the medical products market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Strengthened capital position supports continued advancement of NB1 clinical development, manufacturing readiness and intellectual property initiatives through Q2 2027

BURLINGTON, Mass, July 23, 2026 (GLOBE NEWSWIRE) -- Bone Biologics Corporation (Nasdaq: BBLG, BBLGW) ("Bone Biologics" or the "Company"), a developer of orthobiologic products for spine fusion markets, today issued a shareholder update summarizing the Company’s progress through the first half of 2026, including its recently completed financing, continued advancement of NB1, its rhNELL-1-based bone graft product candidate, and further validation of its manufacturing and product stability profile.

“During the first half of 2026, we strengthened several of the fundamental drivers underlying NB1’s development and long-term value proposition: clinical execution, product stability, intellectual property protection and capital visibility,” said Bone Biologics CEO Jeff Frelick. “The extension of rhNELL-1’s validated shelf life to 29 months enhances our manufacturing and supply-chain flexibility, while the recent financing provides the runway to advance our first-in-human study and execute against our regulatory and operational priorities through Q2 2027. Collectively, we believe these achievements reduce execution risk, preserve strategic flexibility and position us to generate the clinical evidence necessary to further define NB1’s potential in spinal fusion.”

Strengthened capital position and extended runway
In July 2026, the Company completed a private placement with a single healthcare-focused institutional investor, priced at-the-market under Nasdaq rules, generating gross proceeds of approximately $3.0 million before deducting placement agent fees and offering expenses. The financing also included Series F warrants and Series G warrants which, if fully exercised on a cash basis, would provide up to approximately $6.0 million of additional gross proceeds. No assurance can be given that any of the warrants will be exercised or that the Company will receive cash proceeds from their exercise.

The Company intends to use the net proceeds to fund clinical trials, maintain and extend its patent portfolio, and for working capital and general corporate purposes. The Company believes this financing extends its operating runway through Q2 2027, providing the capital base to execute the clinical and operational priorities set out at the start of the year without near-term reliance on additional financing.

Advancing the NB1 clinical program
The Company continues to advance its first-in-human pilot clinical study of NB1, which combines the recombinant human NELL-1 protein (rhNELL-1) with demineralized bone matrix for use in spinal fusion procedures. Consistent with the outlook provided in January, the Company expects to complete patient enrollment in the study by year-end and may provide interim updates as appropriate.

Product stability and manufacturing readiness
In May 2026, the Company announced that the validated shelf life of its rhNELL-1 protein had been extended to 29 months, building on the 24-month milestone achieved in December 2025. The Company believes the extended stability profile supports manufacturing flexibility, lot sizing and supply chain planning as the program progresses toward a potential future pivotal study.

Executing against 2026 priorities
In January 2026, the Company outlined its priorities for the year: advancing the NB1 clinical program, continuing manufacturing and regulatory readiness efforts, pursuing additional intellectual property protection for its rhNELL-1 technology, and maintaining capital discipline. The progress summarized in this update reflects execution against each of these priorities through the first half of the year.

“Spine fusion remains an underserved market and closing that gap with a differentiated biologic is the opportunity in front of us,” added Frelick. “Our shareholders’ support has been foundational to the progress we’ve made getting here. The mandate for the remainder of 2026 is unchanged: execute the clinical program with discipline and manage our capital with the same rigor.”

About Bone Biologics
Bone Biologics was founded to pursue regenerative medicine for bone. The Company is undertaking a clinical study in Australia with select strategic partners that builds on the preclinical research of the NELL-1 protein. Bone Biologics is focusing development efforts for its bone graft substitute product on bone regeneration in spinal fusion procedures, while additionally having rights to trauma and osteoporosis applications. For more information, please visit www.bonebiologics.com.

Forward-Looking Statements
Certain statements contained in this press release, including, without limitation, statements regarding the Company’s strategic outlook and expected achievements for the year 2026, timing, implementation, and success of the Company's pilot clinical study, the Company’s development of rhNELL-1 and achievement of operational milestones, the ability of the Company’s lead product candidate NB1 to provide rapid, specific and guided control over bone regeneration and show fusion success in humans, the ability of NB1 to compete in global markets, the Company’s intended uses of proceeds from its private placement and operating runway, the Company’s performance as a public company, as well as statements containing the words  "may," "believe," “continue,” "expect," “intend,” “opportunity,” “will,” “would,” “outlook,” and words of similar import, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve both known and unknown risks and uncertainties. The Company’s actual results may differ materially from those anticipated in its forward-looking statements as a result of a number of factors, including, but not limited to, market and other conditions and risks generally associated with an undercapitalized developing company, as well as the risks contained under "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s other filings with the Securities and Exchange Commission. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date hereof.

Contacts

CORE IR
(212) 655-0924
investors@bonebiologics.com

FAQ

What did Bone Biologics (BBLG) announce in its July 23, 2026 mid-year shareholder update?

Bone Biologics reported new financing, extended cash runway, NB1 clinical progress and longer rhNELL-1 shelf life. According to Bone Biologics, these developments support advancing its first-in-human spinal fusion study, manufacturing readiness and intellectual property initiatives through at least the second quarter of 2027.

How much capital did Bone Biologics (BBLG) raise in July 2026 and how will it be used?

Bone Biologics raised approximately $3.0 million in gross proceeds via a private placement. According to Bone Biologics, net proceeds are intended to fund clinical trials, support its rhNELL-1 patent portfolio, and provide working capital and general corporate funds for ongoing operations.

What is the potential additional funding from warrants in the Bone Biologics (BBLG) July 2026 financing?

The July 2026 financing included Series F and Series G warrants that could generate up to $6.0 million in additional gross proceeds. According to Bone Biologics, this would require full cash exercise of all warrants, and there is no assurance they will be exercised.

How long does Bone Biologics (BBLG) expect its cash runway to last after the July 2026 financing?

Bone Biologics believes its operating runway now extends through Q2 2027. According to Bone Biologics, this capital base is expected to support planned clinical, regulatory and operational priorities without near-term reliance on additional external financing.

What progress has Bone Biologics (BBLG) reported on the NB1 first-in-human clinical study in 2026?

Bone Biologics continues to advance its first-in-human pilot clinical study of NB1 for spinal fusion. According to Bone Biologics, it expects to complete patient enrollment by year-end 2026 and may provide interim updates as appropriate during the study.

What is the updated validated shelf life of Bone Biologics’ rhNELL-1 protein as of 2026?

The validated shelf life of rhNELL-1 has been extended to 29 months. According to Bone Biologics, this builds on a 24-month milestone and is expected to support manufacturing flexibility, lot sizing and supply chain planning for future clinical development.

What are Bone Biologics’ key 2026 priorities for NB1 and capital management?

Bone Biologics’ 2026 priorities include advancing the NB1 clinical program, manufacturing and regulatory readiness, expanding rhNELL-1 intellectual property and maintaining capital discipline. According to Bone Biologics, mid-year progress reflects execution against each of these objectives through the first half of 2026.