GRTX · Galera Therapeutics, Inc.

Galera Therapeutics disclosed two significant capital structure events occurring on consecutive days in April 2026. On April 7, the company effected a partial mandatory conversion of its Series B Non-Voting Convertible Preferred Stock. Specifically, 76,479.175 preferred shares were converted into 76,479,164 common shares pursuant to the company's Certificate of Designation. The conversion ratio resulted in a substantial issuance of common stock, significantly expanding the share count. The filing notes that no fractional shares were issued; instead, cash payments will be made for fractional amounts based on trading value. Following this conversion, 42,839.11 shares of Series B Preferred Stock remain outstanding, representing potential future dilution if converted.

Subsequently, on April 8, certain affiliates of Ikarian Capital, LLC exercised a portion of their pre-funded warrants. This transaction resulted in the issuance of 8,488,229 common shares at a nominal exercise price of $0.001 per share, generating approximately $8,488.23 in cash proceeds for the company. Pre-funded warrants are typically exercised at very low prices because the investor has effectively prepaid for the shares at the time of the original financing. Following this exercise, pre-funded warrants for an additional 14,552,811 shares remain outstanding, indicating further potential dilution. The combination of the preferred conversion and warrant exercise represents a material increase in the company's common shares outstanding, which investors should factor into ownership and valuation calculations.