HOUSTON, Texas — February 19, 2026 — Leads & Copy —
Moleculin Biotech, Inc. (Nasdaq: MBRX) has announced agreements with certain warrant holders for the immediate exercise of outstanding warrants to purchase up to 2,122,652 shares of the company’s common stock at $3.90 per share.
The company anticipates gross proceeds of approximately $8.3 million from the warrant exercises, prior to deducting financial advisory fees. Roth Capital Partners is the financial advisor for the transaction.
In exchange for the immediate cash exercise of the warrants, Moleculin Biotech will issue new unregistered warrants to purchase up to 6,367,956 shares of common stock. These new warrants will have an exercise price equal to the lesser of $3.90 per share or the lowest volume weighted average price of the company’s common stock on any trading day during the subsequent five trading days. The new warrants are exercisable upon shareholder approval for a term of five years from the date of shareholder approval.
The transaction is expected to close around February 20, 2026, contingent upon standard closing conditions. The company intends to allocate the net proceeds from the offering to working capital and general corporate purposes.
The new warrants were offered via private placement under an exemption from the Securities Act of 1933. These warrants and the common stock issuable upon their exercise have not been registered under the 1933 Act and cannot be offered or sold in the United States without registration or an applicable exemption. Moleculin Biotech has agreed to file a registration statement with the SEC covering the resale of the common stock shares upon exercise of the new warrants.
Moleculin Biotech is a Phase 3 clinical-stage pharmaceutical company focused on therapeutic candidates for hard-to-treat tumors and viruses. Their lead program, Annamycin, is a next-generation anthracycline designed to avoid multidrug resistance and cardiotoxicity. Annamycin is currently in development for relapsed or refractory acute myeloid leukemia (AML) and soft tissue sarcoma (STS) lung metastases.
The company has initiated the MIRACLE Trial (MB-108), a pivotal Phase 3 trial evaluating Annamycin in combination with cytarabine (AnnAraC) for relapsed or refractory AML. Moleculin believes its Phase 1B/2 study (MB-106) has de-risked the development pathway for Annamycin in AML, pending future filings and feedback from regulatory agencies.
Additionally, Moleculin is developing WP1066, an Immune/Transcription Modulator targeting brain tumors, pancreatic, and other cancers. The company also has a portfolio of antimetabolites, including WP1122, for potential treatment of pathogenic viruses and cancer indications.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction where such action would be unlawful.
Source: Moleculin Biotech, Inc.
