Moleculin Biotech, Inc. Enters into Warrant Amendment and Addresses Nasdaq Listing Compliance

On December 21, 2025, Moleculin Biotech, Inc. (the "Company") entered into a Warrant Amendment with holders of its Series E, F, and G warrants. This amendment reduced the exercise price of these warrants to $3.90 per share and removed certain provisions related to exercise price adjustments. Additionally, the definition of Black Scholes Value was modified for the Series E and F warrants. This amendment is significant as it allows the company to account for these warrants as equity, which is crucial for its financial reporting. Furthermore, the filing addresses the Company's compliance with Nasdaq Listing Rule 5550(b)(1), which requires a minimum stockholders' equity of $2.5 million. After receiving a delist determination letter from Nasdaq on November 20, 2025, the Company has taken several steps to regain compliance. These include a warrant inducement transaction that raised $6.8 million, an at-the-market offering that raised approximately $1.1 million, and the aforementioned Warrant Amendment. As a result of these transactions, the Company's stockholders' equity now exceeds $10.0 million as of the filing date, addressing the previous deficit of $26.9 million as of September 30, 2025.