Eupraxia Pharmaceuticals Establishes At-The-Market Offering Program

Share prices may vary among purchasers because any sales under the program will occur at prevailing market prices.

Rhea-AI Summary

Eupraxia Pharmaceuticals (EPRX) established an at-the-market equity program allowing sales of up to US$125 million in common shares.

The sales agreement with Jefferies LLC and Jefferies Securities permits sales in Canada and the United States at Eupraxia's discretion. Shares may be sold from time to time at prevailing market prices on the Toronto Stock Exchange, Nasdaq Global Select Market or other existing trading markets. The limit may also be met in the Canadian dollar equivalent.

Eupraxia said it has no current plan to use the program in the near term and its cash runway guidance remains unchanged, with current cash balances covering planned expenses until H2 2028. The program provides potential equity funding rather than proceeds already raised; any common shares issued under it would dilute existing holders.

2 points · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointEquity program provides access to up to US$125 million, or the Canadian dollar equivalent, through discretionary sales. 25% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Cash runway guidance remains unchanged; Eupraxia expects current cash to cover planned expenses until H2 2028.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.New common shares sold at prevailing market prices would dilute existing shareholders if the program is used.

Key Figures

ATM program capacity: Up to US$125 million Cash runway: Until H2 2028

ATM program capacity

Up to US$125 million

Common shares may be sold at the company's discretion

Cash runway

Until H2 2028

Planned expenses; guidance remains unchanged

Previous Offering Reports

2 past events · Latest: Feb 20

Same Type 2 events

1. Feb 20

   public offering

   24h Move

   +4.7%

   Closed a US$63.2 million public offering, including full exercise of the underwriter option.

2. Sep 24

   public offering

   24h Move

   -1.2%

   Closed a public offering of 14,636,363 common shares at US$5.50 per share.

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

Key Terms

at-the-market equity program, prospectus supplement, registration statement, form f-10

4 terms

at-the-market equity program financial

"establishing an at-the-market equity program (the “ATM Program”)"

An at-the-market equity program lets a company sell newly issued shares directly into the open market at the current trading price through a broker, rather than in a single, prearranged block. It provides flexible, on-demand access to cash—like drawing small amounts from a credit line—but increases the number of shares outstanding, which can reduce existing shareholders’ ownership percentage and put downward pressure on the stock price, so investors monitor program size and pacing.

prospectus supplement regulatory

"pursuant to a prospectus supplement dated November 10, 2026"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

registration statement regulatory

"forming a part of the Company’s registration statement on Form F-10"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

form f-10 regulatory

"the Company’s registration statement on Form F-10"

Form F-10 is a standardized prospectus document filed with Canadian securities regulators when a Canadian company offers shares or other securities to the public. It lays out the company’s business, financial results, management, and risks—like a detailed product label that helps investors compare what they’re buying and understand potential downsides. For investors, the form matters because it provides the core information needed to evaluate the safety, value and terms of a public securities offering.

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

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VANCOUVER, British Columbia, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”) (NASDAQ:EPRX) (TSX:EPRX), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, today announced that it has entered into a sales agreement (the “ATM Sales Agreement”) with Jefferies LLC (the “U.S. Agent”) and Jefferies Securities, Inc. (the “Canadian Agent”, and together with the U.S. Agent, the “Agents”), thereby establishing an at-the-market equity program (the “ATM Program”).

"The ATM Program has been put in place as a general corporate housekeeping item, consistent with industry norms” said Alex Rothwell, Chief Financial Officer of Eupraxia. “As outlined in our just-released quarterly financials, guidance on cash runway remains unchanged, with current cash balances covering the company's planned expenses until H2 2028. Accordingly, the Company has no current plan to use the ATM Program in the near term."

The ATM Sales Agreement will allow the Company to offer and sell up to US$125 million (or the Canadian dollar equivalent) of common shares of the Company (“Offered Shares”) under the ATM Program. The Offered Shares may be offered and sold by the Company to the public from time to time, ‎through the Agents, at the discretion of the Company. The Offered Shares sold under the ATM Program, if ‎any, will be sold at the prevailing market price at the time of sale when sold on the Toronto Stock Exchange or Nasdaq Global Select Market, or other existing trading markets for the Offered Shares in Canada and the United States. The ATM Program has been put in place as a general corporate housekeeping item, consistent with industry norms. The Company has no current plan to use the ATM Program in the near term.

The ATM Program is being made in Canada pursuant to a prospectus supplement dated November 10, 2026 (the “Canadian Prospectus Supplement”) to the Company’s final short form base shelf prospectus dated August 18, 2026 (the “Canadian Shelf Prospectus”), and in the United States pursuant to a prospectus supplement dated November 10, 2026 (the “U.S. Prospectus Supplement”) to the Company’s United States final base shelf prospectus dated August 18, 2026, forming a part of the Company’s registration statement on Form F-10 (File No. 333-298036), effective August 24, 2026 (the “Registration Statement”). The Canadian Shelf Prospectus and the Canadian Prospectus Supplement have been filed with the securities commissions in each of the provinces and territories of Canada, and the Registration Statement and the U.S. Prospectus Supplement have been filed with the United States Securities and Exchange Commission.

As Offered Shares sold pursuant to the ATM Program will be issued and sold at the prevailing market price at the time of the sale, prices may vary among purchasers during the period of distribution. The offering of Offered Shares pursuant to the ATM Sales Agreement will terminate upon the earlier of (a) the sale of all of the Offered Shares subject to the ATM Sales Agreement, (b) the termination of the ATM Sales Agreement by the Agents or the Company, as permitted therein, or (c) expiry of the Canadian Shelf Prospectus.

Copies of the ATM Sales Agreement, the Canadian Shelf Prospectus and the Canadian Prospectus Supplement are available on SEDAR+ at www.sedarplus.ca, and copies of the ATM Sales Agreement, the Registration Statement and the U.S. Prospectus Supplement are available on EDGAR at www.sec.gov. 

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Prospective investors should read the Canadian Shelf Prospectus, the Canadian Prospectus Supplement, the Registration Statement and the U.S. Prospectus Supplement before making an investment decision.

About Eupraxia Pharmaceuticals Inc.

Eupraxia is a clinical-stage biotechnology company focused on the development of locally delivered, extended-release products that have the potential to address therapeutic areas with high unmet medical need.

Notice Regarding Forward-looking Statements and Information

This news release includes forward-looking statements and forward-looking information within the meaning of applicable securities laws. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “designed to”, “intends”, “anticipates”, “potential” or variations (including negative and grammatical variations) of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include statements regarding the Company’s technology and product candidates, including their design and potential to address therapeutic areas with high unmet need; statements with respect to the offer and sale of Offered Shares under the ATM ‎Program, including the timing, amount and prices of any such sales; the use by the Company of the ATM Program, including that the Company has no current plan to use the ATM Program in the near term; and termination of the ATM Program. Such statements and information are based on the current expectations of Eupraxia’s management, and are based on assumptions, including but not limited to: future research and development plans for the Company proceeding substantially as currently envisioned; and that the Company will receive the necessary stock exchange approvals for the ATM Program. Although Eupraxia’s management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Eupraxia, including, but not limited to: the Company’s novel technology with uncertain market acceptance; the possibility that the Company’s technology may not be successful for its intended use; the possibility that the Company’s clinical trials may fail to demonstrate adequately the safety and efficacy of its product candidates at any stage of clinical development; uncertainty as to whether, when and at what prices any Offered Shares will be sold under the ATM Program; fluctuations in the market price of the Company’s common shares; failure to receive the requisite stock exchange approvals for the ATM Program; dilution risks to existing shareholders; and other risks and uncertainties described in more detail in Eupraxia’s public filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov). Although Eupraxia has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed, and readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Eupraxia undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

James Meikle, Eupraxia Pharmaceuticals Inc.
236-330-7084
jmeikle@eupraxiapharma.com

or

Kevin Gardner, on behalf of:
Eupraxia Pharmaceuticals Inc.
617-283-2856
kgardner@lifesciadvisors.com

SOURCE Eupraxia Pharmaceuticals Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much can Eupraxia raise through its at-the-market offering program?

Eupraxia can sell up to US$125 million, or the Canadian dollar equivalent, of common shares through the program. Sales are discretionary and would occur at prevailing market prices. The company has no current plan to use the program in the near term.

When does Eupraxia's at-the-market offering program end?

The offering ends at the earliest of the sale of all shares covered by the agreement, termination of the agreement by Eupraxia or the agents as permitted under its terms, or expiry of the Canadian shelf prospectus.