Applied Therapeutics enters $75 million equity sales agreement with Cantor Fitzgerald

Applied Therapeutics, Inc. (NASDAQ:APLT) announced Friday it has entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. Under the agreement, the company may offer and sell shares of its common stock with an aggregate offering price of up to $75 million through Cantor Fitzgerald as sales agent.

The shares may be sold from time to time in “at the market” offerings as defined by SEC regulations. The sales will be made under Applied Therapeutics’ existing shelf registration statement on Form S-3, which was declared effective on May 19, 2023, and supplemented by a prospectus filed Friday.

Applied Therapeutics is not obligated to sell any specific amount of shares, and Cantor Fitzgerald is not required to purchase or sell a set number of shares. Either party may suspend or terminate the offering at any time, subject to the terms of the agreement. Cantor Fitzgerald will receive a commission of 3.0% of the gross proceeds from any shares sold.

In connection with the new agreement, Applied Therapeutics terminated its previous sales agreement with Leerink Partners LLC, which had allowed the company to sell shares through Leerink Partners in “at the market” transactions. From August 11, 2023, to Friday, the company sold 20,615,976 shares under the Leerink Partners agreement, generating approximately $49.3 million in net proceeds after commissions and expenses.

Following the termination, Applied Therapeutics will not offer or sell additional shares under the Leerink Partners agreement or the related prospectus.

The company stated that Goodwin Procter LLP issued a legal opinion regarding the validity of the shares offered in the new agreement.

This information is based on a press release statement and details disclosed in a filing with the U.S. Securities and Exchange Commission. For comprehensive financial analysis and additional insights about Applied Therapeutics, including 8 more key ProTips and detailed financial metrics, visit InvestingPro.

In other recent news, Applied Therapeutics, Inc. announced the promotion of Evan Bailey, MD, to Chief Medical Officer and Dottie Caplan to Executive Vice President of Patient Advocacy and Government Affairs. Bailey, who has been with the company since 2021, will oversee clinical development and medical affairs for the company’s late-stage development programs. This leadership change follows the tenure of Riccardo Perfetti, MD, PhD, who will assist in the transition. Additionally, Applied Therapeutics held its Annual Meeting of Stockholders, where several key proposals were voted on. Stockholders elected a Class III director to serve on the board until the 2028 Annual Meeting, with 44,287,976 votes in favor. The appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was also ratified, receiving 99,429,280 votes in support. These developments mark significant steps in the company’s ongoing operations and governance.

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