On January 9, 2026, Clene Inc. completed an oversubscribed registered direct offering that raised gross proceeds of over $28 million. The offering was priced above market under Nasdaq rules and included participation from new investors Boxer Capital Management, Coastlands Capital and Vivo Capital, as well as existing insiders. Clene issued 928,333 units comprised of one share of common stock and Series A and Series B warrants at $6.50 per unit, generating $6.03 million in initial tranche proceeds.

The financing is structured in three tranches: the first tranche delivered $6.03 million in gross proceeds, expected to fund operations into the third quarter of 2026 and support submission and FDA acceptance of the CNM-Au8 NDA in ALS. Two contingent tranches will provide an additional $22 million upon FDA acceptance and approval of the NDA. Completion of all three tranches is projected to extend the company’s cash runway into early 2027, enabling potential commercialization of CNM-Au8 for amyotrophic lateral sclerosis.

Each Series A Warrant entitles holders to purchase shares at an initial exercise price of $6.00, increasing to $7.00 if exercised before the FDA’s PDUFA date announcement or if the volume-weighted average share price reaches $10.00 on the measurement date. Series B Warrants carry an initial exercise price of $6.00, rising to $12.50 if exercised before FDA approval announcement, or to $10.00–$12.50 depending on share price performance equal to or above $20.00 and $25.00 thresholds. Series A Warrants expire in three years; Series B Warrants expire in five years. Clene may redeem outstanding warrants for $0.01 per share if its common stock exceeds the applicable exercise price after the relevant measurement date.