Theriva Biologics Shares Plunge After Pricing $7.5M Offering: Retail Sentiment Still Strong

The offering comes on the heels of encouraging data from the Virage Phase 2b trial, which demonstrated significant improvements in overall survival and duration of response for patients receiving Theriva's lead product candidate, VCN-01, in combination with standard chemotherapy.
In this photo illustration, a chart depicting stock market crash, is displayed on a mobile phone screen in Ankara, Turkiye on August 5, 2024. (Photo by Osmancan Gurdogan/Anadolu via Getty Images)
In this photo illustration, a chart depicting stock market crash, is displayed on a mobile phone screen in Ankara, Turkiye on August 5, 2024. (Photo by Osmancan Gurdogan/Anadolu via Getty Images)
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Deepti Sri·Stocktwits
Updated Jul 02, 2025 | 8:31 PM GMT-04
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Shares of Theriva Biologics fell sharply after the company priced a public offering of up to 6.8 million shares of common stock and accompanying warrants at $1.10 per unit. 

The offering is expected to raise nearly $7.5 million in gross proceeds, before deducting placement agent fees and other offering expenses. 

The warrants will be exercisable immediately at the same price of $1.10 per share and will expire in five years.

Theriva shares closed at $0.81, down 41% on Wednesday. After hours, shares dropped to $0.75, reflecting a further 7.4% decline.

The offering follows the announcement of positive topline results from the Virage Phase 2b clinical trial, which evaluated VCN-01 in combination with standard chemotherapy for treating metastatic pancreatic ductal adenocarcinoma (PDAC). 

The study, which included 96 newly diagnosed metastatic PDAC patients, showed that patients receiving VCN-01 plus chemotherapy had a median overall survival (OS) of 10.8 months, compared to 8.6 months in the control group receiving chemotherapy alone. 

Additionally, the VCN-01+chemotherapy arm showed a median duration of response (DoR) of 11.2 months, double that of the control arm’s 5.4 months.

Theriva intends to use the proceeds primarily for working capital, general corporate purposes, and research and development. 

A portion of the funds may also be used for manufacturing scale-up or potential acquisitions, although no specific deals are currently in place. 

A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.

On Stocktwits, sentiment was described as ‘extremely bullish’, with ‘high’ message volume fueling speculation about the company’s future. 

One user speculated that a buyout could still be in play, potentially happening before September 30. This user noted that while the offering would dilute the stock, buying at current levels could offer significant upside in the event of a buyout.

Another user drew comparisons between Theriva and Pasithea Therapeutics, suggesting that both companies had positive news followed by public offerings. 

The user speculated that the offering could have been strategically timed to benefit from a price pump.

Shares of Theriva have fallen nearly 51% so far this year.

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