The company intends to allocate the net proceeds toward working capital, specifically targeting research, clinical development, and commercialization efforts. A primary objective of this funding is to support the ongoing advancement of bempikibart, an anti-IL-7Rα antibody currently in Phase 2 trials for the treatment of alopecia areata.

Morgan Stanley, Jefferies, and Cantor are serving as joint book-running managers for the transaction. The offering is being conducted under a shelf registration statement declared effective by the SEC on July 13, 2026. Final terms and the completion of the sale remain subject to prevailing market conditions.