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Artelo Biosciences Inc. (NASDAQ:ARTL) completed a $9.475 million private placement and announced plans to adopt Solana’s SOL cryptocurrency as a reserve asset, making it the first publicly traded pharmaceutical company to take this approach.
The clinical-stage pharmaceutical company entered into a securities purchase agreement priced at $10.45 per share, consisting of 906,687 shares of common stock and accompanying warrants. The transaction includes three-year warrants to purchase additional shares at exercise prices of $10.20 and $50.00 per share.
Bartosz Lipiński, former head of engineering at Solana Labs and inventor of Metaplex, serves as the lead investor and will act as a technical advisor through his company CUBE. CUBE will handle secure storage, staking, and DeFi execution for Artelo’s digital asset treasury.
"By adopting SOL as a treasury asset, Artelo is positioning itself for sustainable growth and resilience, leveraging a cutting-edge monetary network to enhance shareholder value," said Lipiński, who is co-founder and CEO of Cube Group.
Artelo’s board approved authorization to expand the company’s SOL treasury strategy through staged investments over time while maintaining adequate working capital for therapeutic development. The company develops treatments for cancer, pain, dermatological and neurological conditions by modulating lipid-signaling pathways.
Chief Executive Officer Gregory Gorgas stated the initiative reflects the company’s commitment to innovative capital management and aims to enhance long-term shareholder value through exposure to digital assets.
The private placement is expected to close around August 5, 2025, subject to customary closing conditions. R.F. Lafferty & Co. served as advisor for the transaction. This brings Artelo’s aggregate proceeds from at-the-market private placements since June 2025 to $10.9 million.