Theriva Biologics Announces Closing of $7.5 Million Public Offering

Rhea-AI Summary

Theriva Biologics (NYSE American: TOVX) has completed its previously announced public offering, raising $7.5 million in gross proceeds. The offering consisted of 6,818,180 shares of common stock (or pre-funded warrants) and warrants to purchase an equal number of shares at a combined price of $1.10 per share and accompanying warrant.

The warrants are immediately exercisable at $1.10 per share and will expire in five years. The company plans to use the proceeds for working capital, general corporate purposes, research and development, and manufacturing scale-up. A.G.P./Alliance Global Partners served as the sole placement agent for the offering.

Positive

• Raised $7.5 million in gross proceeds to fund operations
• Warrants provide potential for additional future funding if exercised
• Funds will support R&D and manufacturing scale-up initiatives

Negative

• Offering likely to cause significant shareholder dilution
• Low offering price of $1.10 per share may indicate weak market position
• Additional dilution possible if warrants are exercised

Insights

Financial Analyst specializing in biotech

Theriva raises $7.5M through stock and warrant offering at $1.10 per unit, providing capital for R&D while creating potential dilution.

Theriva Biologics has successfully closed its previously announced public offering, raising $7.5 million in gross proceeds through the issuance of 6,818,180 shares of common stock (or pre-funded warrants) and warrants to purchase an additional 6,818,180 shares. The combined offering price was $1.10 per share with accompanying warrants sharing the same $1.10 exercise price and a five-year term.

This financing structure is typical for clinical-stage biotech companies needing to secure operating capital. The equal pricing between shares and warrant exercise price is a neutral signal, neither at a premium nor discount. However, the 1:1 ratio of shares to warrants creates potential for significant future dilution should all warrants be exercised.

The company's stated use of proceeds focuses on working capital, R&D advancement, and manufacturing scale-up. The manufacturing scale-up mention is particularly noteworthy as it suggests preparation for later-stage clinical development activities, which typically require larger quantities of product.

For investors, this financing has dual implications: positively, it provides Theriva with additional runway to advance its cancer therapeutics pipeline; negatively, it expands the potential outstanding share count substantially. Given Theriva's clinical-stage status with presumably limited revenue, periodic capital raises are necessary, though they come with dilution costs for existing shareholders.

This $7.5 million raise, while modest in size for a public biotech company, represents a successful transaction that should help fund the company's ongoing research and development efforts in the competitive oncology space.

ROCKVILLE, Md., May 08, 2025 (GLOBE NEWSWIRE) -- Theriva Biologics (NYSE American: TOVX), (“Theriva” or the “Company”), a diversified clinical-stage company developing therapeutics designed to treat cancer and related diseases in areas of high unmet need, today announced the closing of its previously announced “reasonable best efforts” public offering of 6,818,180 shares of common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to 6,818,180 shares of common stock at a combined offering price of $1.10 per share and accompanying warrant (the “Offering”). The Company received aggregate gross proceeds of approximately $7.5 million, before deducting placement agent fees and other offering expenses, and assuming no exercise of the warrants. The warrants have an exercise price of $1.10 per share, became exercisable immediately upon issuance and expire five years from the issuance date.

The Company intends to use the net proceeds from this Offering primarily for working capital and general corporate purposes, including for research and development and manufacturing scale-up. The Company may also use a portion of the net proceeds to invest in or acquire other products, businesses or technologies, although it currently has no commitments or agreements with respect to any such investments or acquisitions.

A.G.P./Alliance Global Partners acted as the sole placement agent for the Offering.
  
The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-283722), previously filed with the Securities and Exchange Commission (the “SEC”) on December 10, 2024, as amended, which was declared effective by the SEC on May 7, 2025. The Offering was made only by means of a prospectus forming part of the effective registration statement relating to the Offering. The final prospectus relating to the Offering has been filed with the SEC. Electronic copies of the final prospectus may be obtained on the SEC’s website at http://www.sec.gov and may also be obtained by contacting A.G.P./Alliance Global Partners at 590 Madison Avenue, 28th Floor, New York, NY 10022, by phone at (212) 624-2060 or e-mail at prospectus@allianceg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Theriva Biologics, Inc.

Theriva™ Biologics (NYSE American: TOVX), is a diversified clinical-stage company developing therapeutics designed to treat cancer and related diseases in areas of high unmet need. The Company’s subsidiary Theriva Biologics, S.L. , has been developing a new oncolytic adenovirus platform designed for intravenous (IV), intravitreal and antitumoral delivery to trigger tumor cell death, improve access of co-administered cancer therapies to the tumor, and promote a robust and sustained anti-tumor response by the patient’s immune system. The Company’s lead clinical-stage candidates are: (1) VCN-01 (zabilugene almadenorepvec), an oncolytic adenovirus designed to replicate selectively and aggressively within tumor cells, and to degrade the tumor stroma barrier that serves as a significant physical and immunosuppressive barrier to cancer treatment; (2) SYN-004 (ribaxamase) which is designed to degrade certain commonly used IV beta-lactam antibiotics within the gastrointestinal (GI) tract to prevent microbiome damage, thereby limiting overgrowth of pathogenic organisms such as VRE (vancomycin resistant Enterococci) and reducing the incidence and severity of acute graft-versus-host-disease (aGVHD) in allogeneic hematopoietic cell transplant (HCT) recipients); and (3) SYN-020, a recombinant oral formulation of the enzyme intestinal alkaline phosphatase (IAP) produced under cGMP conditions and intended to treat both local GI and systemic diseases. For more information, please visit Theriva Biologics’ website at www.therivabio.com.

Forward-Looking Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the intended use of proceeds from the Offering. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required under applicable law. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the prospectus related to the Offering filed with the Securities and Exchange Commission, under the caption “Risk Factors.” You should also carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 6, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC that are incorporated by reference therein. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

Investor Relations:
Kevin Gardner
LifeSci Advisors, LLC
kgardner@lifesciadvisors.com
617-283-2856

FAQ

How much did Theriva Biologics (TOVX) raise in their May 2025 public offering?

Theriva Biologics raised $7.5 million in gross proceeds through a public offering of shares and warrants at $1.10 per unit.

What is the exercise price and expiration of TOVX's May 2025 warrants?

The warrants have an exercise price of $1.10 per share and expire five years from the issuance date (May 2030).

How many shares were offered in Theriva Biologics' May 2025 public offering?

The offering included 6,818,180 shares of common stock (or pre-funded warrants) and warrants to purchase up to 6,818,180 additional shares.

How will Theriva Biologics use the proceeds from their May 2025 offering?

The proceeds will be used for working capital, general corporate purposes, research and development, and manufacturing scale-up, with potential for acquisitions.