[8-K] OS Therapies Incorporated Reports Material Event

Rhea-AI Filing Summary

OS Therapies Incorporated (NYSE American: OSTX) filed an 8-K to disclose a warrant-exercise inducement designed to raise up to $8 million in gross cash proceeds. The company has entered into Inducement Offer Letters with holders of 1,574,288 outstanding common-stock warrants that currently carry a $1.12 exercise price. In exchange for the holders exercising these warrants for cash during the June 20–July 10, 2025 �Inducement Period,� OSTX will issue an equal number of New Warrants priced at $3.00 per share and exercisable immediately for five years.

The company has retained an SEC-registered, FINRA-member broker as exclusive solicitation agent; it will receive a 5.0 % cash fee on total proceeds plus reimbursement of up to $15,000 in expenses. Assuming full participation, OSTX expects to receive roughly $8 million in gross proceeds before fees and expenses.

Use of proceeds: management plans to fund U.S. and international regulatory and pre-commercial activities aimed at securing marketing authorisations for OST-HER2 in preventing or delaying recurrent, fully resected, lung-metastatic osteosarcoma, and for general corporate purposes.

Key terms of the New Warrants:

• Exercise price: $3.00; immediately exercisable; five-year term.
• Anti-dilution: price resets to the lower of any future equity issuance price or $1.00.
• Beneficial-ownership cap: 4.99 % (optionally 9.99 %) unless 61-day prior notice is given.
• Forced exercise allowed if OSTX trades ≥300 % of exercise price for 20 consecutive trading days, subject to equity conditions.
• Cashless exercise permitted if resale registration is unavailable.
• Fundamental-transaction protection via Black-Scholes cash-out or assumption by successor.

Registration: Existing Warrant shares are already covered by effective S-1 registrations (333-284631 & 333-287569). OSTX will file a resale registration statement for the New Warrant shares within 30 days of the final closing and seek SEC effectiveness within 60–90 days thereafter.

The securities are being issued under Section 4(a)(2) and Rule 506(b) of Regulation D, constituting an unregistered private placement.

Positive

• Immediate capital infusion up to $8 million strengthens balance sheet without issuing new common stock beyond already outstanding warrants.
• New Warrants priced at $3.00—well above the $1.12 existing strike—reduce instantaneous dilution pressure.
• Proceeds earmarked for OST-HER2 regulatory and pre-commercial activities, directly funding a key value-driver asset.

Negative

• Issuance of 1.57 million New Warrants creates future dilution over a five-year horizon.
• Anti-dilution provision could lower warrant exercise price to as little as $1.00 upon down-round financings, potentially pressuring equity value.
• 5 % solicitation fee plus expenses reduces net proceeds compared with gross headline figure.

Insights

Equity Capital Markets Specialist

TL;DR Capital raise could net ~$8 m now, but adds 1.57 m new five-year warrants, embedding future dilution.

OSTX smartly trades deeper-in-the-money ($1.12) warrants for higher-priced ($3.00) paper, capturing near-term cash while deferring subsequent dilution risk. The 5 % solicitation fee is market-standard for boutique brokers. Because the New Warrants sit 168 % above the existing exercise price, investors tolerate warrant overhang in exchange for immediate liquidity. Anti-dilution down-round protection, however, leaves OSTX exposed to future pricing pressure if capital needs persist. If the full $8 m is realised, the cash runway for regulatory work on OST-HER2 improves—material for a clinical-stage company with limited revenue. Overall impact skews moderately positive for funding solidity, tempered by medium-term overhang and adjustable strike.

Sell-Side Biotechnology Analyst

TL;DR Deal improves liquidity but embeds dilution triggers; net investor impact appears balanced.

Biotech micro-caps frequently rely on warrant-inducement financings. This structure delivers non-dilutive cash (relative to existing warrants) at the cost of extending optionality. The use-of-proceeds focus on OST-HER2 regulatory filings is strategically aligned, yet success hinges on trial outcomes not covered here. The beneficial-ownership cap and forced-exercise clause are shareholder-friendly. That said, the anti-dilution reset to as low as $1.00 could suppress future share price rallies. From a valuation viewpoint, the transaction neither meaningfully changes enterprise value nor signals clinical data; I classify it as neutral.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 23, 2025

OS THERAPIES INCORPORATED

(Exact name of registrant as specified in its charter)

Delaware		001-42195		82-5118368
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

115 Pullman Crossing Road, Suite 103 Grasonville, Maryland		21638
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (410) 297-7793

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share		OSTX		NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

CURRENT REPORT ON FORM 8-K

OS Therapies Incorporated

June 23, 2025

Item 1.01. Entry into a Material Definitive Agreement.

Warrant Exercise Inducement

On June 23, 2025, OS Therapies Incorporated (the “Company”) entered into inducement offer letter agreements (the “Inducement Letters”) with holders (the “Holders”) of certain existing warrants of the Company to purchase up to an aggregate of 1,574,288 shares of the Company’s common stock, having a current exercise price of $1.12 per share, originally issued to the Holders on December 31, 2024 and/or January 14, 2025 (the “Existing Warrants”).

Pursuant to the Inducement Letters, the Holders agreed to exercise for cash their Existing Warrants in consideration of the Company’s agreement to issue new common stock purchase warrants (the “New Warrants”) to purchase up to an aggregate of 1,574,288 shares of the Company’s common stock (the “New Warrant Shares”) at an exercise price of $3.00 per share, subject to adjustment as provided therein. The New Warrants will be immediately exercisable from the date of issuance and have a term of exercise of five years from such date.

The Company has engaged an SEC registered broker dealer and FINRA member (the “Soliciation Agent”) to act as its exclusive warrant solicitation agent in connection with the transactions contemplated by the Inducement Letters and has agreed to pay the Solicitation Agent a cash fee equal to 5.0% of the total gross cash proceeds received from the exercise by the Holders of their Existing Warrants during the Inducement Period (as defined below). The Company has also agreed to pay the Solicitation Agent up to $15,000 for its reasonable legal and other expenses.

The offering is being made to holders of Existing Warrants during the period beginning on June 20, 2025 and ending at 5:00 p.m., Eastern time, on July 10, 2025 (the “Inducement Period”). The offering may be consummated in one or more closings with respect to exercises of the Existing Warrants, at such times and in such amounts as determined at the mutual discretion of the Company and the Solicitation Agent. The Company may, at any time and from time to time, in its sole discretion, extend, terminate or suspend the Inducement Period prior to its expiration, upon written notice to the Holders and the Solicitation Agent, without any obligation to extend or reopen the Inducement Period thereafter. Assuming all of the Existing Warrants are exercised during the Inducement Period, the Company expects to receive aggregate gross proceeds of approximately $8 million, before deducting solicitation agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds to support U.S. and international regulatory and pre-commercial efforts aimed at securing marketing authorizations for OST-HER2 in the prevention or delay of recurrent, fully resected, lung metastatic osteosarcoma, and for general corporate purposes.

The resale of the shares of the Company’s common stock underlying the Existing Warrants have been registered pursuant to existing registration statements on Form S-1 (File Nos. 333-284631 and 333-287569), declared effective by the Securities and Exchange Commission (the “SEC”) on each of February 13, 2025 and June 6, 2025.

The Company also agreed to file a registration statement on Form S-3 (or other appropriate form, including on Form S-1, if the Company is not then eligible to register securities on Form S-3) (the “Resale Registration Statement”) providing for the resale of the shares of common stock issued or issuable upon exercise of the New Warrants (the “New Warrant Shares”), within 30 calendar days of the final closing, and to use commercially reasonable efforts to have such Resale Registration Statement declared effective by the SEC within 60 calendar days (or within 90 calendar days in case of “full review” of the Resale Registration Statement by the SEC) following the initial filing of such Resale Registration Statement and to keep the Resale Registration Statement effective at all times until the earlier of (i) the time no holder of the New Warrants owns any New Warrants or New Warrant Shares and (ii) the Delegend Date (as defined in the Inducement Letters).

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Terms of the New Warrants

The following summary of certain terms and provisions of the New Warrants is not complete and is subject to, and qualified in its entirety by, the provisions of the New Warrants, the form of which is filed as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Duration and Exercise Price

Each New Warrant will have an exercise price of $3.00 per share. The New Warrants will be immediately exercisable from the date of issuance and expire five years from such date. The exercise price and number of New Warrant Shares issuable upon exercise of the New Warrants are subject to appropriate adjustment in the event of stock dividends, stock splits, subsequent rights offerings, pro rata distributions, reorganizations or similar events affecting the Company’s common stock and the exercise price. The exercise price of the New Warrants is also subject to adjustment upon the occurrence of subsequent sales of equity securities by the Company during such time any New Warrants are outstanding at an effective price per share less than the exercise price of the New Warrants then in effect (such lower price, the “Dilutive Issuance Price” and such issuances, collectively, “Dilutive Issuances”), subject to certain exceptions. In the event of a Dilutive Issuance, the exercise price of outstanding New Warrants will be reduced to the greater of (x) such lower Dilutive Issuance Price and (y) $1.00 per share.

Exercisability

The New Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to the Company a duly executed exercise notice accompanied by payment in full for the number of shares of the Company’s common stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder (together with its affiliates) may not exercise any portion of such holder’s New Warrants to the extent that the holder would own more than 4.99% (or, at the election of the holder, 9.99%) of the outstanding common stock immediately after exercise, except that upon prior notice from the holder to the Company, the holder may increase or decrease the amount of ownership of outstanding stock after exercising the holder’s New Warrants up to 9.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the New Warrants, provided that any increase will not be effective until 61 days following notice to the Company.

Forced Exercise

The New Warrants provide that, at any time any New Warrants are outstanding, if the closing price of the Company’s common stock on the applicable trading market equals or exceeds 300% of the exercise price then in effect for any 20 consecutive trading days, the Company may, subject to the satisfaction of certain equity conditions, require the holder to exercise all or a portion of the New Warrants for cash.

Cashless Exercise

If, at the time a holder exercises its New Warrants, a registration statement registering the resale of the New Warrant Shares under the Securities Act of 1933, as amended (the “Securities Act”), is not then effective or available, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part), the net number of shares of common stock determined according to a formula set forth in the New Warrants.

Rights as a Stockholder

Except as otherwise provided in the New Warrants or by virtue of the holder’s ownership of shares of the Company’s common stock, such holder of New Warrants does not have the rights or privileges of a holder of the Company’s common stock, including any voting rights, until such holder exercises such holder’s New Warrants. The New Warrants will provide that the holders of the New Warrants have the right to participate in distributions or dividends paid on shares of the Company’s common stock.

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Fundamental Transactions

If at any time the New Warrants are outstanding, the Company, either directly or indirectly, in one or more related transactions effect a Fundamental Transaction (as defined in the New Warrants), a holder of New Warrants will be entitled to receive, the number of shares of common stock of the successor or acquiring corporation or of the Company, if the Company is the surviving corporation, and any additional consideration receivable as a result of the Fundamental Transaction by such holder of the number of shares of common stock for which the New Warrants are exercisable immediately prior to the Fundamental Transaction. As an alternative, and at the holder’s option in the event of a Fundamental Transaction, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable fundamental transaction), the Company shall purchase the unexercised portion of the New Warrants from the holder by paying to the holder an amount of cash equal to the Black Scholes Value (as defined in the New Warrants) of the remaining unexercised portion of the New Warrants on the date of the consummation of such Fundamental Transaction.

Waivers and Amendments

The New Warrants may be modified or amended or the provisions of the New Warrants waived with the Company’s and the holder’s written consent.

The forms of New Warrant and Inducement Letter are attached as Exhibits 4.1 and 10.1, respectively. The description of the terms of the New Warrants and Inducement Letters are not intended to be complete and are qualified in its entirety by reference to such exhibits. The Inducement Letter contains customary representations, warranties and covenants by the Company which were made only for the purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties.

Item 3.02. Unregistered Sales of Equity Securities.

The information contained in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 3.02. The New Warrants and New Warrant Shares are being offered and sold by the Company in reliance upon an exemption from the registration requirements of the Securities Act afforded by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder.

Item 8.01. Other Events.

On June 23, 2025, the Company issued a press release announcing the transactions contemplated by the Inducement Letters, which is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
4.1		Form of New Warrant.
10.1		Form of Inducement Offer Letter.
99.1		Press Release issued by OS Therapies Incorporated on June 23, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	OS THERAPIES INCORPORATED
Dated: June 24, 2025	By:	/s/ Paul A. Romness, MPH
		Name:	Paul A. Romness, MPH
		Title:	President and Chief Executive Officer

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FAQ

How much cash could OS Therapies (OSTX) raise from the warrant inducement?

If all 1,574,288 existing warrants are exercised, OSTX expects ~$8 million in gross proceeds before fees.

What are the key terms of the new OSTX warrants?

The New Warrants carry a $3.00 exercise price, are exercisable immediately, expire in five years, and include anti-dilution and forced-exercise features.

When does the warrant inducement period end?

The Inducement Period runs from June 20 – July 10, 2025, unless extended or terminated earlier by the company.

How will OS Therapies use the proceeds from the warrant exercises?

Funds will support U.S./international regulatory and pre-commercial efforts for OST-HER2 and for general corporate purposes.

Are the new warrants and shares registered with the SEC?

Existing Warrant shares are registered; OSTX will file a Form S-3 within 30 days to register resale of New Warrant shares.