MBRX
New day, same biotech chaos
Moleculin Biotech gave investors two things at once: updated blinded data from its Phase 2/3 MIRACLE trial and a freshly priced public offering. The market, in classic biotech fashion, decided to focus on the part that can crush your share count: dilution.
The trial update wasn’t a disaster
The company’s latest blinded preliminary readout from Part A of the MIRACLE study showed a complete remission rate of 24% and a composite complete remission rate of 37% across 62 evaluable patients. Roughly 48% of those patients had already failed prior AbbVie Venclexta-based treatment, which makes the results a little more encouraging than the headline numbers might look at first glance.
And there was one more detail investors like to hear in a leukemia trial: no recorded signs of cardiotoxicity so far. That’s the kind of safety note that can keep a program alive long enough to matter.
But the offering stole the show
The bigger punch in the gut was the financing. Moleculin priced about 12.38 million shares plus warrants to buy up to 37.13 million more shares at $0.75 per share and associated warrant. That’s a lot of paper to shove into the market, and it came at a steep discount to the prior close.
So even if the clinical picture isn’t collapsing, shareholders are staring at a much bigger pie — with a lot more slices. The stock was down more than 60% Friday, which is basically the market screaming, “Cool science, but please stop watering me down.”
What to watch next
The company says enrollment has reached 74 of 90 planned patients, with the 90th patient expected in September 2026 and full unblinding between December 2026 and February 2027.
Big picture: in biotech, a promising trial can keep the story alive, but a cheap stock sale can still make the chart look like it fell down the stairs.