On August 22, 2022 Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) reported that BVF Partners L.P. and RA Capital Management have exercised their remaining tranche 1 warrants issued in connection with the Company’s November 2021 financing, resulting in proceeds of $20.9 million to the Company (Press release, Concert Pharmaceuticals, AUG 22, 2022, View Source [SID1234618533]). Concert has the potential to receive an additional $49.2 million if the tranche 2 warrants issued to BVF and RA Capital in connection with the same financing are exercised in full by their October 31, 2022 expiration date. If the tranche 2 warrants are fully exercised, under its current operating plan, Concert would expect its cash, cash equivalents and investments to fund the Company beyond the anticipated submission of its New Drug Application (NDA) for CTP-543, which is expected in the first half of 2023.

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The exercise period of the tranche 1 and tranche 2 warrants was tied to the clinical success of the Company’s CTP-543 THRIVE-AA1 and THRIVE-AA2 Phase 3 trials for alopecia areata. Concert reported positive topline results from the THRIVE-AA1 and THRIVE-AA2 trials in May 2022 and August 2022, respectively. In June 2022, Concert received $18.9 million from the partial exercise of the tranche 1 warrants issued to BVF and RA Capital.