Legend Biotech Corp. (NASDAQ:LEGN) stock fell in Thursday’s premarket trading after the cell therapy company priced an underwritten public offering of 7.7 million American Depositary Shares (ADSs) at $29.35 per ADS.

The offering is expected to raise about $226 million before underwriting discounts, commissions, and other expenses. Underwriters also received a 30-day option to purchase up to 1.155 million additional ADSs.

Legend Biotech, which describes itself as the world’s largest standalone cell therapy company focused on cancer treatment, plans to use the proceeds for general corporate purposes.

Recent Earnings

In May, Legend Biotech reported an adjusted loss of 3 cents per share, wider than analysts’ expected loss of 2 cents. Revenue came in at $305.1 million, slightly below the consensus estimate of $307.0 million.

The company ended the quarter with $834.6 million in cash, cash equivalents and time deposits as of March 31, 2026. Management said the cash position should provide sufficient funding beyond 2026, when it expects to achieve company-wide profitability.