Dilution Risk

Theriva Biologics (TOVX) secured $4.0 million (potentially $4.4 million total) by incentivizing warrant exercises at $0.54. Investors receive new warrants for twice the shares exercised (up to 14,720,920 shares), exercisable post-stockholder approval and expiring in five years. Proceeds fund working capital. The deal provides immediate liquidity while shifting dilution risk to the future, contingent on shareholder approval and SEC registration for the new warrants. A.G.P./Alliance Global Partners advised on the transaction.