OS Therapies Raises $5.25M, Expects $4M Tax Refunds to Fund OST-HER2 Runway
OS Therapies completed a $5.25 million registered direct offering at $1.40 per share/pre-funded warrant, securing funding primarily from existing high-net-worth investors. It expects $4 million in non-dilutive VAT refunds and R&D credits, extending cash runway into 2027 while pursuing OST-HER2 approvals in the U.S., U.K. and Europe in 2H 2026.
1. Direct Offering Details
OS Therapies closed a $5.25 million registered direct offering of common stock and pre-funded warrants at a purchase price of $1.40 per share or warrant. Each unit included one warrant to buy an additional share at $1.40, with participation led by existing high-net-worth investors and Ceros Financial Services acting as placement agent.
2. Non-Dilutive Funding and Cash Runway
The company expects approximately $2 million in VAT refunds in 2Q 2026 and $2 million in R&D tax credits in 2H 2026 via its U.K. subsidiary. Proceeds from the offering, combined with these non-dilutive funds, are projected to support operations into 2027.
3. OST-HER2 Regulatory Pathway
OS Therapies plans U.S., U.K. and European approvals for OST-HER2 in the prevention of recurrent pulmonary metastatic osteosarcoma in 2H 2026, with scheduled meetings with FDA, EMA, MHRA and TGA to review data and Phase 3 trial design. The company also aims to initiate a confirmatory Phase 3 trial in Australia, positioning for a BLA under Accelerated Approval and potential PRV eligibility.