Intelligent Bio Solutions Inc. (NASDAQ:INBS), a medical device company based in New York currently valued at $11.51 million, has announced through a prospectus supplement filed on March 11, 2025, that it will offer additional common stock worth up to $1,376,530.39. According to InvestingPro analysis, the stock appears undervalued at its current price of $2.18. This move is part of the company’s existing At The Market Offering Agreement with Ladenburg Thalmann & Co. Inc., dated September 18, 2024.
The offering will be made under the company’s effective "shelf" registration statement on Form S-3, which includes a base prospectus and is supplemented by the prospectus filed on September 18, 2024. The additional shares offered are part of the $100 million in securities that the company is authorized to issue and sell under the base prospectus. Despite showing strong revenue growth of 23.21% over the last twelve months, InvestingPro data indicates the company is quickly burning through cash.
As of March 11, 2025, Intelligent Bio Solutions had 6,783,543 shares of common stock outstanding. The sale of additional shares is contingent on several factors, including the number of authorized but unissued shares and the company’s compliance with eligibility and transaction requirements for the use of Form S-3. While the stock has shown remarkable YTD performance with a 55.71% gain, investors should note its high volatility with a beta of 4.64.
The proceeds from the sale of additional shares will contribute to the company’s capital and may be used for general corporate purposes. This includes, but is not limited to, working capital, product development, and capital expenditures. The company maintains a relatively healthy balance sheet with more cash than debt, though its overall financial health score is rated as ’FAIR’ by InvestingPro, which offers 8 additional key insights about INBS’s financial position.
Investors should note that the sale of shares is subject to market conditions, and the company has not specified the timing of the sales. The additional offering is based on a press release statement and the details provided in the SEC filing.
In other recent news, Intelligent Bio Solutions Inc. has announced the pricing of its public offering, aiming to raise approximately $2.6 million by selling 1,304,348 shares at $2.00 each. The company plans to use the net proceeds for working capital and general corporate purposes. Additionally, Intelligent Bio Solutions has expanded its share count to over 4.8 million, primarily through an At The Market Offering Agreement and an issuance of restricted common stock. The company is also seeking FDA clearance for its Intelligent Fingerprinting Drug Screening System, which has demonstrated a 94.1% accuracy in drug detection. This system is designed for rapid, non-invasive drug testing and is expected to enter the US market in 2025. In a strategic move to enhance global accessibility, the company will upgrade its drug screening system to support multiple languages, potentially reaching over 4 billion people. This multilingual capability aligns with the company’s international expansion plans and aims to improve efficiency in safety-critical industries. These developments reflect Intelligent Bio Solutions’ ongoing efforts to strengthen its market position and expand its product offerings.
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