Moleculin Biotech Inc. has announced agreements with certain holders for the immediate exercise of outstanding warrants, resulting in gross proceeds of approximately $6.5 million before fees. The exercised warrants cover 727,969 shares originally issued in February 2025 at $6.63 per share and 316,360 shares issued in August 2025 at $6.3219 per share. In connection with this transaction, Moleculin will issue new unregistered warrants to purchase up to 2,610,823 shares of common stock at an exercise price of $6.63 per share, exercisable upon shareholder approval for five years. The company intends to use the proceeds for working capital and general corporate purposes. Roth Capital Partners and Maxim Group LLC served as financial advisors for the transaction.