Amylyx prices public offering of 17.5 million shares at $10 each

CAMBRIDGE, Mass. - Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX), which has seen its stock surge over 178% year-to-date according to InvestingPro data, has priced its underwritten public offering of 17.5 million shares of common stock at $10 per share, the company announced Tuesday.

The biopharmaceutical firm, currently valued at $937 million, expects to raise approximately $175 million in gross proceeds before deducting underwriting discounts, commissions and offering expenses. Amylyx has also granted underwriters a 30-day option to purchase up to an additional 2.625 million shares at the same price. InvestingPro analysis shows the company maintains a strong financial position with a healthy current ratio of 8.72.

The company plans to use the net proceeds for Avexitide commercial readiness, research and development activities, and general corporate purposes, according to the press release statement.

Leerink Partners and Guggenheim Securities are serving as lead bookrunning managers for the offering, with H.C. Wainwright & Co. acting as lead manager. The offering is expected to close on or about September 11, 2025, subject to customary closing conditions.

The shares are being offered through a shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission in March 2025 and declared effective later that month.

Amylyx focuses on developing treatments for diseases with high unmet needs, with current investigational therapies targeting several endocrine and neurodegenerative diseases.

The offering announcement comes as the company continues to advance its pipeline of potential treatments. Amylyx had previously filed a preliminary prospectus supplement and accompanying prospectus relating to the offering with the SEC on September 9, 2025.

In other recent news, Amylyx Pharmaceuticals announced the discontinuation of its ORION program for the drug AMX0035, intended for progressive supranuclear palsy (PSP). The decision came after the drug failed to demonstrate efficacy compared to a placebo in a Phase 2b trial, leading the company to halt both the current trial and its open-label extension. Additionally, Amylyx has commenced an underwritten public offering of its common stock, with plans to use the proceeds to support Avexitide commercial readiness and other business needs. In light of these developments, Goldman Sachs maintained its Buy rating on Amylyx, describing the discontinuation of the ORION program as a "neutral-to-slightly positive strategic update." Meanwhile, Mizuho raised its price target for Amylyx stock to $12.00 from $8.00, citing an improved outlook for Avexitide in post-bariatric hypoglycemia. The firm now assumes a market share increase to 45% for Avexitide. These recent developments highlight significant strategic shifts and financial maneuvers by Amylyx Pharmaceuticals.

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