Annovis Bio Inc. (NYSE: ANVS) priced an underwritten offering of 5,263,156 shares of common stock with accompanying warrants at $1.90 per combined unit, the biotechnology company announced.

The offering includes warrants to purchase up to 5,263,156 additional shares at $2.50 per share. The warrants become exercisable six months after issuance and expire five years and six months from the issue date. Annovis expects to receive approximately $10 million in gross proceeds before underwriting fees and expenses.

The company plans to use proceeds for continued clinical development of its lead compound buntanetap in a Phase 3 Alzheimer's disease study, along with working capital and general corporate purposes. Buntanetap is an investigational oral therapy being developed for neurodegenerative diseases including Alzheimer's and Parkinson's disease.

Canaccord Genuity serves as the sole bookrunner for the offering, which is expected to close on or about April 10, 2026, subject to customary closing conditions. The shares and warrants are being offered under a shelf registration statement filed with the Securities and Exchange Commission in February 2024.

The Malvern, Pennsylvania-based company is conducting Phase 3 clinical trials for buntanetap, which targets multiple neurotoxic proteins through an RNA-targeting mechanism. The shares and accompanying warrants will be issued separately but must be purchased together in the offering.