Trinity Biotech plc entered into a $25 million Standby Equity Purchase Agreement (SEPA) with an affiliate of Yorkville Advisors Global on February 25, 2026. The agreement allows the company to sell up to $25 million of newly issued American Depositary Shares over a 36‑month period, with pricing set at either 97 % of the lowest daily volume‑weighted average price (VWAP) during a three‑day window or 95 % of the VWAP during a single‑day window. The facility is fully discretionary, giving Trinity the flexibility to raise capital only when market conditions are favorable.
Trinity’s financial performance has been under pressure. For the trailing 12 months ended September 30, 2025, revenue fell 17.85 % to $48.6 million, and the company posted a loss of $1.47 per share. Quarterly results show a steep decline: Q2 2025 revenue was $10.8 million versus $15.8 million in Q2 2024, with a net loss of $6.0 million compared to $6.8 million the prior year; Q1 2025 revenue was $7.6 million versus $14.7 million in Q1 2024, with a net loss of $8.8 million versus $3.3 million. The company’s debt stands at $117 million, while its market capitalization is approximately $14 million. Cash balances have dropped to $1.5 million at the end of Q2 2025 from $5.3 million in Q2 2024, and cash used in operations was $1.7 million in that quarter.
The SEPA is intended to support Trinity’s high‑potential R&D programs, most notably the CGM+ continuous glucose monitoring platform, an AI‑native wearable biosensor that will track glucose, heart rate, body temperature, and physical activity. The company is also pursuing operational restructuring, including offshoring manufacturing, and has secured a large order for 9 million units of its TrinScreen HIV screening product, which could improve revenue in the near term.
Trinity also faces regulatory compliance challenges. On February 19, 2026, the company received a notice from Nasdaq that it no longer meets the minimum market value of publicly held shares requirement of $15 million, putting the company at risk of delisting if compliance is not restored.
John Gillard, President and CEO, said the financing agreement “provides the company with additional capability to progress its strategic objectives to grow its existing business and advance its innovation agenda, including its CGM+ continuous glucose monitoring platform.” He added that the SEPA gives Trinity a stronger strategic position to accelerate its innovation agenda and improve operational flexibility.
While the SEPA offers a critical liquidity cushion, the discounted pricing mechanism means that any exercise of the facility will dilute existing shareholders. The agreement underscores the urgency of Trinity’s financial turnaround and the importance of its CGM+ platform as a potential catalyst for future growth.
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