Capricor Therapeutics (NASDAQ: CAPR) will price a new common‑stock offering at $25.00 per share, selling 6 million shares for gross proceeds of $150 million before underwriting discounts and commissions. Piper Sandler and Oppenheimer & Co. will serve as joint book‑runners, with H.C. Wainwright & Co. acting as co‑manager; the underwriters retain a 15 % option to purchase additional shares over a 30‑day period.
The company will deploy the net proceeds to accelerate development of its lead cell therapy, Deramiocel, expand manufacturing capacity, and support working capital and general corporate purposes. The capital raise follows the company’s recent positive topline results from the Phase 3 HOPE‑3 trial, which met its primary endpoint and demonstrated significant improvements in upper‑limb and cardiac function for patients with Duchenne muscular dystrophy.
Capricor’s regulatory journey has been marked by a July 2025 Complete Response Letter that prompted a sharp decline in the stock. The HOPE‑3 data address the FDA’s concerns and are expected to strengthen the company’s regulatory prospects. Capricor has a partnership with Nippon Shinyaku Co., Ltd. for exclusive commercialization of Deramiocel in the U.S. and Japan, contingent on regulatory approval.
Financially, Capricor reported a net loss of $24.6 million for Q3 2025, compared with a $12.6 million loss in Q3 2024, and a cash balance of roughly $99 million. The new offering is expected to extend the company’s runway into late 2026, providing additional liquidity to fund late‑stage clinical programs and potential commercialization.
CEO Linda Marbán said the HOPE‑3 results “position us to address the clinical issues highlighted in the Complete Response Letter and bring Deramiocel closer to regulatory approval.” She added that the capital raise will “enable us to accelerate development and expand manufacturing capacity, ensuring we can meet demand if and when the therapy is approved.”
The offering marks Capricor’s first major capital‑raising activity of 2025, following an $86.3 million public offering in October 2024. The new financing underscores the company’s strategy to strengthen its balance sheet and sustain operations while pursuing regulatory approval for its lead product.
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