Bright Minds Biosciences has priced an upsized public offering of 1,945,000 common shares at $90.00 per share, targeting gross proceeds of $175,050,000. In addition, the company granted underwriters a 30-day option to purchase up to 291,750 additional shares at the same offering price, net of discounts and commissions. All shares are being sold by Bright Minds, reflecting strong investor demand that supported the increase from the initially announced $100 million size.

Net proceeds will fund multiple late-stage and early-stage development programs. The company plans to advance pivotal clinical trials in absence seizures, developmental and encephalopathic epilepsies (DEE), and Prader-Willi Syndrome, initiate a Phase 1 trial for its lead compound BMB-105, and expand research on earlier-phase neuroscience candidates. A portion of funds will also support general corporate purposes and working capital requirements.

The offering is expected to close on January 9, 2026, subject to customary closing conditions. Jefferies, TD Cowen, Piper Sandler & Co. and Cantor Fitzgerald & Co. are serving as joint book-running managers. The sale is being conducted under a shelf registration statement on Form F-3 declared effective by the SEC on September 2, 2025, with a preliminary prospectus supplement filed in connection with this transaction.

Concurrent with pricing the offering, Bright Minds terminated its equity distribution agreement dated August 25, 2025, under which up to $100 million of common shares could have been sold at-the-market through Piper Sandler & Co. and Cantor Fitzgerald. This move consolidates the company’s capital-raising efforts into the fixed-price public offering, providing greater pricing certainty and reducing market-execution risk.