CLNN Clene Inc.
Price Chart
Executive Summary
Clene Inc. is offering 1,000,000 shares of common stock at $7.00 per share, a 13.5% discount to the $8.09 closing price on May 4, 2026. The offering raises approximately $6.4 million in net proceeds to fund NDA preparation for ALS drug CNM-Au8 and general corporate purposes. The company faces a going concern with only $5.2M cash at year-end 2025, ongoing losses, and substantial dilution (~8.5%) for existing shareholders.
Actionable Insight
The dilutive offering at a discount signals urgent cash needs despite positive FDA regulatory progress. Monitor the Q3 2026 NDA submission for CNM-Au8 and subsequent FDA acceptance, which could provide a near-term catalyst. The 60-day lock-up for insiders reduces overhang risk in the near term, but further cash burns may require additional financing.
Key Facts
- Offering 1,000,000 shares at $7.00 per share, raising ~$7M gross / ~$6.4M net
- Discount of ~13.5% to May 4 close of $8.09
- Going concern: cash and equivalents only $5.2M as of Dec 31, 2025; operating loss $23.1M in 2025
- Accumulated deficit $308.3M; no approved drugs; revenue from dietary supplements only
- FDA agreed on May 4 that data may support accelerated NDA submission in Q3 2026 for ALS
- Pro forma share count increases from 11.8M to 12.8M, diluting existing holders by ~8.5%
- Insiders sold $768K in past 30 days ahead of offering
Financial Impact
Public offering of 1,000,000 shares at $7.00/share raises ~$7M gross (~$6.4M net). Immediate dilution of ~8.5% to existing shareholders. Pro forma net tangible book value deficit improves from -$1.62 to -$0.94 per share, but investors face $7.94 per share dilution.
Risk Factors
- Substantial doubt about going concern; cash runway likely less than 12 months
- Dilution from this and potential future offerings
- FDA accelerated approval for ALS is uncertain; NDA may not be accepted or approved
- High cash burn rate with no product revenue
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001437749-26-014937 |
| Document: 0001437749-26-014937-index-headers.html | 0001437749-26-014937 |
| Document: 0001437749-26-014937-index.html | 0001437749-26-014937 |
| Document: 0001437749-26-014937.txt | 0001437749-26-014937 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 14, 2026
29d ago
|
8-K
| $7.05 $6.81 | ▼ −3.40% | ▼ −2.69% | $5.84 (−17.16%) |
|
May 14, 2026
29d ago
|
Press Release
| $7.05 $6.81 | ▲ +3.40% | ▲ +2.69% | $5.84 (+17.16%) |
|
May 5, 2026
5w ago
|
424B5
| $7.16 $6.50 | ▲ +9.22% | ▲ +10.35% | $5.84 (+18.44%) |
|
May 4, 2026
5w ago
|
8-K
| $8.09 $6.50 | ▼ −19.65% | ▼ −22.59% | $5.84 (−27.81%) |
|
Apr 10, 2026
9w ago
|
DEFA14A
| $6.48 $6.15 | ▼ −5.09% | ▼ −8.39% | $5.84 (−9.88%) |
|
Mar 17, 2026
12w ago
|
8-K
| $6.13 $5.73 | ▼ −6.53% | ▼ −3.87% | $5.84 (−4.73%) |
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Mar 12, 2026
13w ago
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8-K
| $5.92 $5.87 | ▼ −0.84% | ▲ +0.13% | $5.84 (−1.35%) |
|
Mar 12, 2026
13w ago
|
Press Release
| $5.92 $5.87 | ▼ −0.84% | ▲ +0.13% | $5.84 (−1.35%) |
US Market Status
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