iX Biopharma (SGX:42C) said warrant holders have exercised about 92% of the warrants issued under its 2024 rights issue by July 15, converting them into roughly 53 million new shares, according to a Thursday Singapore Exchange filing.

Management and directors accounted for around 24.2 million shares, or 46% of all warrants exercised, reflecting strong insider confidence.

The warrant exercises raised most of the potential SG$3.5 million in proceeds, which iX Biopharma said will support its balance sheet and U.S. expansion through the compounding pharmacy pathway.