Fibrobiologics, Inc.

Biotechnology • Healthcare • Houston, TX, United States • FBLG (NCM)

281 651 5150 455 East Medical Center Boulevard, Houston, TX 77598, United States

Quarter: Q4 2025 Reported: November 19, 2025 Sentiment: Positive

FibroBiologics, Inc. operates as a cell therapy, regenerative medicine company. It is developing a pipeline of treatments and potential cures for chronic diseases, including wound healing, multiple sclerosis, degenerative disc disease, psoriasis, certain cancers, and potential human longevity applications. The company was founded in 2021 and is based in Houston, Texas.

Analysis Summary

FibroBiologics, Inc. (FBLG) executed a strategic financing initiative on November 18, 2025, through a Registered Direct Offering and concurrent private placement. The company issued 3,540,000 shares of common stock at $0.3303 per share and 8,570,203 pre-funded warrants at $0.33029 each. Additionally, 12,110,203 warrants were issued in a private placement, exercisable at $0.3303 per share, subject to stockholder approval. The gross proceeds from the Registered Direct Offering are expected to be approximately $4.0 million, with a potential for an additional $4.0 million if the private placement warrants are fully exercised for cash following stockholder approval. Notably, the purchase price was paid in sovereign-issued .9999 fine gold coins, valued at $4,069.18 per ounce, which FBLG plans to convert to U.S. dollars. The net proceeds are earmarked for general corporate purposes, including debt satisfaction.

In a related strategic move, FBLG redeemed the final outstanding $3.4 million principal balance of a convertible promissory note from YA II PN, Ltd., paying a total of $3,604,000 inclusive of a 6% redemption premium. The underlying Standby Equity Purchase Agreement (SEPA) remains in effect. This debt reduction improves the company's financial posture. While this 8-K filing details significant financing and debt management, it does not contain traditional Q4 2025 financial performance metrics such as revenue, net income, or EPS.

The company's competitive positioning and market trends are not explicitly discussed in this filing, which focuses on capital structure. However, securing funding, especially in a non-traditional manner, suggests a proactive approach to liquidity. Key risk factors highlighted include the volatility of gold prices, operational challenges and costs associated with handling physical gold, the lack of transaction reversal mechanisms for gold, and potential legal, regulatory, and taxation complexities related to gold transactions. The uncertainty of stockholder approval for the private placement warrants and their subsequent cash exercise also presents a risk. Analyst Q&A highlights are not applicable as this is an 8-K filing, not an earnings call transcript.

Key Highlights

• Secured approximately $4.0 million in gross proceeds from a Registered Direct Offering.
• Payment for the offering was made with sovereign-issued .9999 fine gold coins, valued at $4,069.18 per oz.
• Redeemed the remaining $3.4 million principal balance of a convertible promissory note, including a 6% premium, totaling $3,604,000.
• Issued 3,540,000 shares of common stock and 8,570,203 pre-funded warrants at ~$0.33 per unit.
• Issued 12,110,203 warrants in a concurrent private placement, with potential for an additional $4.0 million upon cash exercise and stockholder approval.
• Proceeds are intended for general corporate purposes, including debt satisfaction.
• The use of physical gold introduces unique valuation, operational, and regulatory risks.

Financial Metrics

eps

N/A

YoY: N/A

revenue

N/A N/A

YoY: N/A

guidance

net income

N/A N/A

YoY: N/A

Stock Performance (90 Days)

Data through Dec 26, 2025

Layoff Events

Earnings Calls

Positive Signals

• Successful capital raise of approximately $4.0 million (with potential for additional $4.0M).
• Strategic redemption of $3.4 million convertible note, reducing debt burden and improving balance sheet.
• Maintenance of the Standby Equity Purchase Agreement (SEPA) for future financing flexibility.
• Securing a single investor for the offering, indicating targeted investor confidence.
• Intention to use proceeds for general corporate purposes and debt satisfaction, addressing immediate financial needs.

Risks & Concerns

— Significant price volatility and market risk associated with the gold coins received as consideration.
— Operational risks in handling, transporting, verifying, and insuring physical gold.
— Legal, regulatory, and taxation complexities and compliance burdens related to gold transactions.
— Uncertainty regarding stockholder approval for the private placement warrants and their eventual cash exercise.
— Lack of a mechanism for reversal of gold transactions, increasing risk of loss from errors or fraud.