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Daily Dilution Report - Dec 18, 2025

Filed: 12/18/2025
Published: 12/18/2025

Key Takeaways

  • Immunome (IMNM) was the day's most active issuer, announcing three separate capital raises including a $400.4 million offering and a $134.1 million ATM.
  • Eastman Kodak (KOD) also pursued multiple financings, filing a $160.0 million offering alongside a smaller $24.0 million offering.
  • Financings of $100.0 million or more were also announced by Novavax (NVA) via a shelf offering, CNX Resources (CNX) with convertible notes, and VYNE Therapeutics (VYNE) through a PIPE.

Dilution Events

$IMNM (Market Cap: $2.15B)

IMNM executed a 3-component financing totaling $594.4 million:

  • Public Offering: Raised $400.4 million via the sale of 18.625 million shares at a price of $21.50 per share. View SEC Filing →
  • Public Offering: Raised $59.9 million via the sale of 2.793 million shares at a price of $21.50 per share. View SEC Filing →
  • ATM Program: Has $134.1M remaining under existing $200M ATM program. View SEC Filing →

↳ Total Capital Raised: ~$594.4 million.

$KOD (Market Cap: $1.28B)

KOD executed a 2-component financing totaling $184.0 million:

  • Public Offering: Raised $160.0 million via the sale of 6.956 million shares at a price of $23.00 per share. View SEC Filing →
  • Public Offering: Raised $24.0 million via the sale of 1.043 million shares at a price of $23.00 per share. View SEC Filing →

↳ Total Capital Raised: ~$184.0 million.

$CNX (Market Cap: $5.06B)

  • Convertible Note: Exchanged $122.1M of conv. notes for 9.5M shares of common stock. View SEC Filing →

$PCN (Market Cap: $845M)

$VYNE (Market Cap: $13M)

VYNE executed a 2-component financing totaling $100.0 million:

  • Shares for Services: Issued shares for services/fees. View SEC Filing →
  • PIPE: Closed $100.0 million PIPE. Special terms: Includes issuance of pre-funded warrants, Closing is contingent on merger closing View SEC Filing →

↳ Total Capital Raised: ~$100.0 million.

$LWLG (Market Cap: $401M)

LWLG executed a 2-component financing totaling $35.0 million:

  • Public Offering: Raised $35.0 million via the sale of 11.667 million shares at a price of $3.00 per share. View SEC Filing →
  • Warrant Exercise: Issued underwriter wrts for up to 402.5k shares @ $3.45. View SEC Filing →

↳ Total Capital Raised: ~$35.0 million.

$AKTX (Market Cap: $9M)

AKTX executed a 3-component financing totaling $9.0 million:

  • Public Offering: Raised $5.0 million via the sale of 12.607 million shares, with 100% warrant coverage. View SEC Filing →
  • Convertible Note: Retired ~$4M in debt for 9.5M pre-funded wrts & 9.5M exchange wrts. View SEC Filing →
  • Shares for Services: Issued 0.504 million shares for services rendered. View SEC Filing →

↳ Total Capital Raised: ~$9.0 million.

$NVA (Market Cap: $282M)

NVA executed a 2-component financing totaling $0 thousand: