Oncology biotech Crescent Biopharma's CBIO.O shares were down 2.4% in premarket trading to $14.94 after a $125 million overnight follow-on was priced.
The Waltham, Massachusetts-based company late Tuesday announced the pricing of about 8.6 million shares, including pre-funded warrants, at $14.50.
The offering price represents a 5.3% discount to the stock's last close.
Late Tuesday, CBIO estimated it had cash and equivalents of approximately $171.6 million at the end of June, according to an SEC filing.
The company, which has about 27.6 million shares outstanding, intends to use net offering proceeds to fund clinical development of CR-001, CR-002 and CR-003, continued R&D for preclinical programs, among other purposes, according to the prospectus.
Jefferies, TD Cowen, Guggenheim and Cantor Fitzgerald were joint bookrunners.
Through Tuesday, the stock was up 29% year to date.
Eight of nine analysts rate the stock "strong buy" or "buy" and one rates it "hold"; the median price target is $32.50, according to LSEG.
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