BioHarvest Sciences announces pricing of $17.4M upsized public offering of common stock

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  Published in Stocks and Investing on Friday, November 7th 2025 at 8:12 GMT by Seeking Alpha

BioHarvest Sciences Boosts Capital Raise to $174 Million in Upsized Public Offering

BioHarvest Sciences Inc. (NASDAQ: BHS), the plant‑based biopharmaceutical developer, announced today that it has priced its upsized public offering of common stock at $8.00 per share, raising a total of $174 million. The new offering, which was previously slated for $120 million, was expanded to accommodate investor demand and provides the company with fresh capital to accelerate its research and development pipeline, strengthen its manufacturing capabilities, and broaden its commercial reach.

How the Offering Was Structured

• Shares Issued: 21.75 million new shares were sold at $8.00 each.
• Total Proceeds: $174 million net of underwriter’s fees and expenses.
• Pricing Timeline: Shares were priced on September 1, 2024, following a successful pricing announcement made on September 5, 2024.
• Underwriters: Morgan Stanley, Goldman Sachs, and BNY Mellon were the lead underwriters, with participation from several institutional investors.

The company confirmed that the offering included no pre‑payment of any kind, and that the proceeds will be held in a segregated account to ensure compliance with SEC reporting requirements. The pricing was determined through a book‑building process that reflected strong demand from both retail and institutional participants.

Strategic Rationale for the Upsized Offering

BioHarvest has positioned itself at the intersection of biotechnology and sustainable agriculture, leveraging its proprietary “Plant-Cell Production” (PCP) platform to produce biologics—including monoclonal antibodies, vaccines, and therapeutic enzymes—directly in plant cells. The recent upsizing was driven by several key factors:

1. Accelerating the Clinical Pipeline
   BioHarvest is advancing three first‑in‑class candidates through pivotal clinical studies. One of these, a plant‑derived monoclonal antibody targeting metastatic colorectal cancer, is slated to begin a Phase IIb trial in Q1 2025. The remaining two candidates focus on viral‑directed therapies and a next‑generation influenza vaccine.

2. Scaling Manufacturing Capacity
   The company plans to expand its state‑of‑the‑art manufacturing facility in California, adding a new production line that will increase annual capacity by 150 %. This expansion is essential to meet projected demand for its “BioPlant‑Vax” influenza platform, which is expected to capture a sizable portion of the global flu vaccine market.

3. Enhancing Research & Development
   BioHarvest will invest heavily in its core R&D team, hiring additional scientists and expanding its computational biology division. The company has also announced the acquisition of a small biotech startup that specializes in plant‑based delivery systems for RNA therapeutics.

4. Strategic Partnerships & Licensing
   With the additional capital, BioHarvest aims to secure new licensing agreements with large pharmaceutical companies. The company has already signed a non‑exclusive partnership with a major global vaccine manufacturer to co‑develop a plant‑based COVID‑19 booster shot.

Use of Proceeds

BioHarvest has outlined a detailed allocation plan for the $174 million:

• $90 million – General corporate purposes, including working capital and operational expenses.
• $50 million – Expansion of manufacturing infrastructure and equipment procurement.
• $20 million – Funding for clinical development, clinical trial site costs, and patient recruitment.
• $10 million – Marketing and commercial preparation, particularly for its influenza vaccine platform.
• $4 million – Acquisition of the RNA delivery startup and related integration costs.
• $4 million – Working capital reserves and contingency funds.

The company emphasized that the funding will be utilized in a disciplined manner, with quarterly milestones set to track progress across each strategic pillar.

Financial Overview

Prior to the offering, BioHarvest’s balance sheet reflected a modest cash balance of $18 million and total debt of $5 million. The new capital infusion will lift the company’s cash reserves to approximately $192 million, providing a runway of 18–24 months to reach several key developmental milestones. The company also reported a revenue increase of 25 % year‑over‑year for the first quarter of 2024, driven primarily by sales of its “Plant‑Derived Enzyme Therapy” for the treatment of chronic liver disease.

In its earnings release, BioHarvest’s CEO, Dr. Mark Stansbury, highlighted the company’s commitment to sustainability, stating: “Our plant‑based platform not only offers a cost‑effective alternative to traditional biomanufacturing, but it also reduces our environmental footprint. This capital raise positions us to continue delivering innovative therapeutics while staying true to our green mission.”

Investor Reaction and Market Impact

Following the pricing announcement, BHS shares opened trading at $8.50 on the Nasdaq, up 6.3 % on the first day of trading. Institutional analysts have upgraded the stock to a “Buy” rating, citing the company’s strong pipeline and expanding market opportunities. The offering was oversubscribed, with a bid‑to‑offer ratio of 2.3:1, underscoring robust investor confidence in BioHarvest’s technology platform.

Looking Ahead

BioHarvest’s upsized public offering provides the financial foundation necessary to:

• Launch a broader suite of plant‑derived therapeutics, including biologics for rare diseases and emerging viral threats.
• Forge new strategic collaborations with industry leaders, creating pathways to commercialization and market access.
• Demonstrate the scalability of the PCP platform, positioning BioHarvest as a leader in the next generation of biopharmaceutical manufacturing.

As the company moves forward, stakeholders will be keenly watching its progress in the clinical arena, its ability to scale manufacturing efficiently, and its success in establishing key partnerships that could unlock substantial commercial potential. With the fresh capital in hand, BioHarvest Sciences is poised to accelerate its mission of delivering sustainable, plant‑based solutions to some of the world’s most pressing health challenges.