Last week's note was the data. The one before was the FDA calendar, and it left three goal dates open. This one is the cash. If a number is here, it is in a filing, a company release, or an FDA page, with the date on it. A pricing release is not a closed deal. Two of these four are still the first thing.
Oct 27: Aclaris priced $50 million on top of about $205 million
Aclaris (Nasdaq: ACRS) filed two 8-Ks on October 27. Cash, cash equivalents and marketable securities were about $204.6 million at September 30. Preliminary, unaudited, and the company says the final figure can move by a material amount (8-K). That is before the deal.
The other 8-K is the underwriting agreement with Leerink, Piper Sandler and Cantor. 7,785,714 shares at $3.50, plus pre-funded warrants for 6,500,000 shares at $3.49999. Net proceeds about $46.7 million. Closing expected October 28 (8-K). The prospectus puts the money into pipeline R&D, working capital and general purposes. Exercising the pre-funded warrants adds only a nominal amount (424B5). Gross proceeds in the release are about $50.0 million. Named participants: TCGX, RA Capital Management, Invus, and a large mutual fund (Aclaris, Oct 27).
No later filing I can find says the offering closed, and none says it died. As of November 3 the line on file is still "expected to close on October 28." A firm-commitment deal can settle without a second 8-K. Silence is not a failed close. It is also not confirmation.
ATI-052, a TSLP and IL-4Rα bispecific, is the program they put next to the money. Aclaris says it will go first in eosinophilic esophagitis, start a Phase 2b in early 2027, and name a second indication in the near term.
The atopic dermatitis Phase 1b is the number that will get repeated. Fourteen patients, 3:1, five weekly doses of 480 mg. Four came out of the prespecified per-protocol set before unblinding. Two on drug: one got only two doses, one missed eligibility. Two on placebo took rescue medication early. Left: nine on ATI-052 and one on placebo. Day-57 placebo-adjusted mean EASI improvement was 45%. That is 58% on drug and 13% on the single placebo patient. Peak pruritus was 43% placebo-adjusted, a 38% improvement on drug against a 5% worsening on placebo. No Grade 3 or 4 treatment-emergent events, no dropouts for side effects, no conjunctivitis.
One placebo patient is a thin control. The filing reports it. It is not a pivotal result. A separate asthma cohort, 12 on drug and 4 on placebo after one 480 mg dose, showed a 59% mean FeNO drop at day 15 against 15% on placebo. No runway month in either 8-K. Dated cash is September 30. Dated next trial is early 2027.
Oct 27: INmune priced $4.5 million into a going-concern disclosure
INmune Bio (Nasdaq: INMB) signed with one buyer. 3,000,000 shares at $1.50, plus warrants on 3,000,000 more at $1.65. Expected gross proceeds are $4.5 million, before fees and before any warrant cash. Close expected October 29. The 8-K is signed that day and still says expected (8-K). A.G.P. is paid 7.0%. The warrants run from April 27, 2027 to April 27, 2032.
Net proceeds in the prospectus are about $4.0 million, for CORDStrom and working capital. They are not to repay debt, redeem stock, or settle a lawsuit (424B5).
The cap table is June 30, not September 30. Cash was $18.411 million. Pro forma as adjusted is $23.751 million, and that column also folds in a July-August at-the-market sale, September and October option exercises, and collection of an $814,000 receivable. It is not June cash plus this check.
The June 30 10-Q says losses and negative operating cash flow raised substantial doubt about continuing as a going concern for the year after those statements. Cash had been $24.8 million at December 31, 2025. Six-month net loss was $6.7 million. Operations used $6.6 million (10-Q).
CORDStrom, for recessive dystrophic epidermolysis bullosa, has finished a pivotal blinded crossover trial, per the prospectus. A final UK pre-MAA package went in on October 21. A full UK filing is aimed at early February 2027. A U.S. biologics application is aimed at the second quarter of 2027. Company dates. Not accepted applications.
Same hole as Aclaris. Nothing I found says October 29 happened, and nothing says it didn't.
Oct 30: ABVC's notes closed, and $625,000 goes to Lind
ABVC (Nasdaq: ABVC) uses a closing date. On October 30 it sold senior convertible notes, $4,106,060 principal, for $3,387,500. The 17.5% original-issue discount is the difference. Maturity is June 30, 2027, extendable once by three months, and principal rises 5% if the company takes the extension (8-K, filed Nov 2).
Conversion opens after eight months and, before maturity, needs the company's written consent. The price is 85% of the three-day volume-weighted average, floor $0.20. Without a stockholder vote, conversion shares stop at 19.99% of the count on signing day, and missing that vote by June 30, 2027 is a default. A later financing forces a prepayment equal to the lesser of 20% of its net proceeds and the principal still out.
WallachBeth took 7%, which is $237,125, plus $65,000 of expenses. Stated uses: working capital, subsidiaries, and the settlement.
On October 26 ABVC agreed to pay Lind Global Fund II $625,000. Payment cancels the Lind notes and releases the liens. The Lind warrant, 398,000 shares at a $1.00 original strike, grows 20%. Lind filed in New York on February 13, 2026, Index No. 655319/2026. Pay, and the case is dropped with prejudice.
The 8-K has no cash balance and no runway. Those numbers are not in this note.
Nov 2: Bambusa called the IPO complete
Bambusa priced 10,555,555 shares at $16.00 on October 29. Gross proceeds $168,888,880. BBTX was expected to trade October 30 and to close November 2 (Bambusa). Net proceeds in the prospectus: about $152.4 million, or about $176.0 million if underwriters take all 1,583,333 extra shares inside 30 days (424B4).
The November 2 8-K says the restated charter was filed "in connection with the completion" of the IPO. New bylaws the same day, same words (8-K). It does not mention the option, and it does not update the net. $152.4 million still assumes the option is out.
September 30 cash, cash equivalents and marketable securities were about $57.2 million, preliminary. Not enough, the prospectus says, for 12 months from the date the financials were available, which is why management recorded substantial doubt about continuing as a going concern on that balance. June 30 cash and securities were $71.5 million.
Add the offering and Bambusa says expenses and capital spending are covered into late 2028, if the assumptions hold. About $90.0 million is for BBT001, including a planned Phase 2b in atopic dermatitis. About $40.0 million is for BBT002, including a planned respiratory Phase 2b. The remainder is preclinical BBT003 and BBT004, capital spending, working capital, and public-company cost.
BBT001 blocks IL-4Rα and IL-31. In the July write-up of a four-week IV cohort in biologic-naive atopic dermatitis, 17 patients were evaluable at a June 8 cutoff, and week-6 placebo-adjusted EASI-50 and EASI-75 were 82% and 64%. More proof-of-concept reads are slated for the first half of 2027. The open item on the deal is the greenshoe.
October's three FDA dates are approvals
GSK, Sun and INOVIO were still pending in the October 20 note. They aren't.
| Goal date then | What happened | Source |
|---|---|---|
| GSK bepirovirsen, Oct 26 | Approved Oct 20 as Hibsago | GSK, FDA |
| Sun Ilumya, Oct 29 | Approved Oct 30 for active psoriatic arthritis | Sun Pharma |
| INOVIO INO-3107, Oct 30 | Accelerated approval Oct 30 as Voceryq | INOVIO, FDA |
Hibsago, with a nucleoside or nucleotide analogue, is for adults without cirrhosis who have been on that antiviral at least six months, with suppressed HBV DNA and surface antigen at or below 3,000 IU/mL. Functional cure in that group was 19%, 233 of 1,220 versus 0 of 614. The 26% figure, 200 of 768 versus 0 of 393, is the 1,000 IU/mL slice, tighter than the label.
Sun approved Ilumya (tildrakizumab-asmn) for adults with active psoriatic arthritis, clinician-administered, on top of the 2018 psoriasis label. INSPIRE-1 and INSPIRE-2 looked at two doses, out to week 24. The release gives no response rates. I am not borrowing them. No new safety signals. Reactions at or above 3% were upper respiratory infections and COVID-19. About 2.4 million Americans, Sun's figure.
Voceryq is the accelerated approval INOVIO did not have in August. It is meant to cut surgeries in adults with recurrent respiratory papillomatosis, and it can come off if a confirmatory study fails. Seven of 26 patients with three or more prior-year surgeries, 27% (95% confidence interval 12% to 48%), needed none over the next twelve. The study enrolled 32. A draft confirmatory protocol is due by year-end 2026. INOVIO says product can ship in about 60 days, with a full launch in the first quarter of 2027, given with the CELLECTRA 5PSP device.
Read the verb first
"Expected to close" is not closed. "Closing Date" is. "In connection with the completion" is. Use of proceeds comes next. Then the cash number that has a date, and only that number.
Aclaris had about $205 million on September 30 and still priced about $50 million beside a nine-versus-one per-protocol set. INmune is raising about $4 million net into a going-concern paragraph. ABVC's $3.39 million check has a $625,000 settlement and a discount-to-market conversion on it. Bambusa is the close the company labeled a completion, with late 2028 on the proceeds.
The October FDA dates are done.
Sources: the SEC filings, company releases and FDA pages linked above. Figures as of November 3, 2026.
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