Adlai Nortye Ltd. (NASDAQ: ANL) completed a private placement of 64,615,386 Class A ordinary shares, equivalent to 21,538,462 American Depositary Shares, at a price of $2.1667 per share (or $6.50 per ADS). The transaction generated gross proceeds of approximately $140 million, the largest capital raise in the company’s history to date.
The placement was co‑led by Cormorant Asset Management and Columbia Threadneedle Investments, with participation from Balyasny Asset Management L.P., Point72, Squadron Capital Management and Casdin Capital. About $55 million of the shares were purchased by entities controlled by Chairman and CEO Yang Lu, underscoring the leadership’s commitment to the deal and providing a strong insider‑confidence signal to investors.
Prior to the placement, Adlai Nortye’s cash and cash equivalents stood at $60.90 million as of December 31, 2024, down from $91.50 million at the end of 2023. The $140 million infusion will more than double the company’s cash base, extending the runway for early‑stage development and potential IND submissions for its next‑generation immunotherapy AN8025 and pan‑RAS inhibitor AN9025. The company reported a net loss of $51.9 million for 2024, a significant improvement from the $109.2 million loss in 2023, indicating that the financing will help stabilize the financial profile while the company continues to invest heavily in R&D.
The capital raise is strategically aligned with Adlai Nortye’s pivot toward its AN8025 and AN9025 pipeline candidates. AN8025 is a tri‑functional fusion protein designed to enhance tumor immune infiltration, while AN9025 is an oral pan‑RAS inhibitor targeting a broad spectrum of RAS‑driven cancers. The company plans to use a portion of the proceeds to support preclinical studies, IND‑enabling work, and early‑phase clinical trials for these candidates, positioning itself to pursue regulatory submissions and potential partnership opportunities in the coming years.
Chairman and CEO Yang Lu said the financing “demonstrates investor confidence in our RAS‑targeting and next‑generation immunotherapy platforms and reaffirms our commitment to transforming deadly cancers into chronic, manageable diseases.” He added that the additional capital will provide the flexibility needed to accelerate development timelines and maintain momentum in a highly competitive oncology landscape.
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