Moleculin Biotech Announces Mexican Patent Grant; ATM Sales & Warrant Price Cut

What Happened

• Moleculin Biotech (MBRX) announced that the Mexican Patent Office granted Patent No. 436849, strengthening protection for its lung‑targeted liposomal Annamycin technology (press release dated September 23, 2026; Exhibit 99.1).
• The company also reported activity under its July 2025 At Market Offering (ATM) agreement with Roth Capital Partners: in September 2026 it sold 888,400 shares for aggregate gross proceeds of $0.48 million, leaving the company with 20,385,780 shares outstanding after those issuances.
• Separately, on August 3, 2026 the company issued Series I Warrants to buy up to 37,130,001 shares. The warrants were initially exercisable at $0.75 per share (five‑year term) and, due to the recent ATM issuance, the exercise price was reduced to $0.51 per share under the warrants’ anti‑dilution provisions.

Key Details

• Patent: Mexican Patent No. 436849 granted for lung‑targeted liposomal Annamycin (press release attached as Exhibit 99.1).
• ATM sales: 888,400 shares sold in September 2026 for $0.48 million gross proceeds; total common shares outstanding reported as 20,385,780 after these issuances.
• Warrants: 37,130,001 Series I Warrants issued Aug 3, 2026; original exercise price $0.75, reduced to $0.51 following ATM sales; warrants expire five years from closing.

Why It Matters

• The Mexican patent strengthens Moleculin’s intellectual property coverage for its Annamycin technology in Mexico, which can support future development or commercialization in that jurisdiction.
• The ATM sales provided modest near‑term capital ($0.48M) but also slightly increased the share count; investors should note the company’s use of ATM financings for liquidity.
• The large number of outstanding Series I Warrants (37.13M) and the reduced $0.51 exercise price represent a significant potential source of dilution if exercised, since the number of warrants exceeds current shares outstanding. Investors should monitor warrant exercise activity and any future financing events.