The ATM sale signals ongoing cash burn and reliance on equity financing for a pre-revenue biotech. The ~30% dilution is material for a $12M market cap stock. Monitor for further ATM draws or a larger follow-on offering ahead of the Q4 2026 PMDA submission. The absence of warrants is a modest positive but does not offset the dilution.
Price Chart
Executive Summary
BioCardia raised $4.4 million via an at-the-market (ATM) offering, selling 3,509,604 shares at an average price of $1.279 on June 5, 2026. No warrants were issued. Net proceeds are expected to extend the cash runway into Q1 2027, beyond the planned Japan PMDA submission for CardiAMP HF in Q4 2026. The offering is dilutive to existing shareholders at a ~$12M market cap.
Key Facts
- Sold 3,509,604 shares at $1.279 average price on June 5, 2026
- Raised $4.4 million via ATM with H.C. Wainwright & Co.
- No warrants issued in this capital raise
- Net proceeds expected to extend cash runway into Q1 2027
- Cash runway extension tied to expected Japan PMDA submission in Q4 2026
- Market cap approximately $12M; offering represents ~30% dilution
Financial Impact
Dilution of approximately 30% of outstanding shares based on $12M market cap; $4.4M gross proceeds with no warrants
Risk Factors
- Further dilution from additional ATM draws or future offerings
- PMDA submission delay or failure would accelerate cash burn
- Low cash runway relative to development milestones
- Historical insider buying ($12K in 30d) insufficient to signal confidence
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-019789 |
| Exhibit: ex_973624.htm | 0001437749-26-019789 |
| Document: 0001437749-26-019789-index-headers.html | 0001437749-26-019789 |
| Document: 0001437749-26-019789-index.html | 0001437749-26-019789 |
| Document: 0001437749-26-019789.txt | 0001437749-26-019789 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | 8-K | $0.8975 $1.04 | ▲ +15.88% | ▲ +15.54% | $0.9000 (+0.28%) |
Oct 19, 2026 7d ago | Press Release | $0.9000 $1.04 | ▲ +15.56% | ▲ +15.22% | $0.9000 (−0.00%) |
Oct 7, 2026 19d ago | 8-K | $1.09 $1.06 | ▼ −2.75% | ▼ −2.33% | $0.9000 (−17.43%) |
Oct 1, 2026 25d ago | 8-K | $1.02 $1.04 | ▲ +1.96% | ▲ +1.22% | $0.9000 (−11.76%) |
Oct 1, 2026 25d ago | Press Release | $1.02 $1.04 | ▲ +1.96% | ▲ +1.22% | $0.9000 (−11.76%) |
Sep 23, 2026 4w ago | 8-K | $1.05 $1.07 | ▲ +1.90% | ▲ +1.99% | $0.9000 (−14.29%) |
Sep 23, 2026 4w ago | Press Release | $1.05 $1.07 | ▲ +1.90% | ▲ +1.99% | $0.9000 (−14.29%) |
Sep 10, 2026 6w ago | 8-K | $1.10 $1.08 | ▼ −1.82% | ▼ −2.67% | $0.9000 (−18.18%) |
Aug 24, 2026 9w ago | 8-K | $1.06 $1.13 | ▲ +6.60% | ▲ +6.28% | $0.9000 (−15.09%) |
Aug 5, 2026 11w ago | Press Release | $0.9500 $0.9496 | ▼ −0.04% | ▲ +0.12% | $0.9000 (−5.26%) |
US Market Status
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