Eupraxia Pharmaceuticals Inc. (NASDAQ:EPRX) completed a public offering on February 20, 2026 that raised $63.2 million in gross proceeds. The offering sold 7,607,145 common shares at $7.00 each and included the full exercise of the underwriters’ option to purchase additional shares. The company also issued 1,428,571 pre‑funded warrants, each with a nominal exercise price of C$0.000001, allowing holders to purchase shares at the offering price.
Proceeds will be directed primarily toward the EP‑104GI program for eosinophilic esophagitis. The company plans to finish ongoing pre‑clinical studies, launch Phase 2 clinical trials, and prepare for a potential Phase 3 trial and regulatory submissions. Additional funds will support expansion of the Diffusphere™ platform, pursue new gastrointestinal indications, and strengthen intellectual property and corporate infrastructure.
Prior to the offering, Eupraxia reported cash of $88.96 million and a net loss of $21.88 million for the nine months ended September 30, 2025. The new capital is expected to extend the company’s runway into the third quarter of 2026, providing a buffer for the next set of clinical milestones.
CEO James Helliwell said the financing “allows us to significantly expand our pipeline, reach several additional development milestones with EP‑104GI, and make meaningful progress toward commercial readiness.” He added that the support from existing and new investors underscores confidence in the Diffusphere™ technology and the company’s growth strategy.
The closing of the offering was met with a positive response from investors, reflecting confidence in Eupraxia’s platform and pipeline. The full exercise of the underwriters’ option and the sizable proceeds signal strong demand for the company’s shares and validate its strategy for advancing EP‑104GI and other Diffusphere™ candidates.
With the new capital, Eupraxia is positioned to accelerate the development of EP‑104GI, potentially moving the program toward regulatory submission and a Phase 3 trial. The company’s focus on expanding gastrointestinal indications and strengthening its intellectual property portfolio also positions it to capture additional market opportunities as the Diffusphere™ platform matures.
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