Very disappointed in this $150M ATM offering. This is especially frustrating because:
We’re days to weeks away from the CHMP clock restart, which would eliminate most MAA withdrawal risk.
The CHMP decision is likely October–November, the biggest binary event in AVXL’s history.
The last offering was at $21 for $50M—so why dilute now at a much lower price?
This move mirrors what Prilenia did: raise capital after clearing Day 120, only to be rejected months later. It gives the appearance that management lacks confidence in CHMP approval—or at least wants to hedge against rejection.
Yes, it's technically “flexible” (ATM, not a firm offering), but the signal is clear:
They’re willing to dilute heavily before any positive catalyst lands.
If they believed strongly in approval and a re-rating to $25–$30+, they'd wait.
This was poorly timed and damaging to long-term shareholders. It erodes trust—especially after strong Phase IIb/III data and the narrative that AVXL is “fully funded.” If you’re going to pull a Prilenia, at least be transparent about it.
Market Data 
Markets 
AI
