OSE Immunotherapeutics Could Raise Up to €19.3M via IRIS Capital
OSE Immunotherapeutics announced on Thursday the signing of a flexible financing agreement structured in the form of warrants with Iris Capital Investment. This operation marks the first step of a comprehensive financing strategy aimed at securing the three-year plan of the biotech company based in Nantes.
Terms of the Flexible Financing with Iris Capital
The company would issue 4 million warrants to the benefit of IRIS Capital, entitling them to as many new shares, representing approximately 17% of the current capital. Each warrant can be exercised at a price equal to 95% of the lowest volume-weighted average price observed over the three trading days preceding the exercise, with a minimum price of 80% of this rate. Iris Capital pays an upfront advance of €2M at signing. Based on the current share price, the total gross amount of funds raised is expected to reach approximately €19.3M over a 24-month period, although this figure is not guaranteed. The biotech retains control over the exercise of the warrants: after the €2M advance has been fully applied to the exercise price (or reimbursed), it can limit the exercise schedule, modify the floor price, suspend or terminate the operation, at no additional cost, to adapt to market conditions and its cash needs.
Cash Trajectory and Investor Engagement Strategy
As of March 31, 2026, OSE had €17M in cash and equivalents. After receiving the entirety of the funds from the financing with Iris Capital, the biotech estimates that its cash will enable it to fund its operations until the end of December 2026, based on its current plans. This operation represents the first phase of a comprehensive financing approach. OSE is actively continuing discussions with specialized institutional investors in the United States and Europe. To extend its cash trajectory beyond 2026, the group is exploring several avenues: a strategic partnership involving one of its proprietary assets, a capital increase from institutional investors, restructuring its existing debt, as well as milestone payments from its current partnerships.
Strategic Direction and Operational Updates
CEO Marc Le Bozec stated, 'Since the governance change last October, we have designed a new three-year strategic plan, more pragmatic, more realistic, and in line with shareholder expectations. We have selected chronic pouchitis as a new rare indication for lusvertikimab, while we are developing a new subcutaneous formulation to advance in our clinical trials in ulcerative colitis. Meanwhile, the recruitment for the phase 3 Artemia trial of Tedopi in non-small cell lung cancer is progressing well.'
