Achieve Life Sciences Plans Stock Offering to Fund FDA Approval

Achieve Life Sciences has announced a public offering of common stock and warrants to raise funds for advancing cytisinicline, its smoking cessation treatment, through potential FDA approval and to support general corporate purposes. The offering includes an option for underwriters to purchase an additional 15% of the securities, with Citizens Capital Markets and Raymond James serving as joint book-running managers and Lake Street Capital Markets as financial advisor. Cytisinicline, which has shown promising results in clinical trials and has received FDA Breakthrough Therapy designation for e-cigarette cessation, is on track for a New Drug Application submission imminently. Despite the potential dilution from the equity raise, analysts remain bullish on the stock, with a median price target around $13 to $14.50 and an average brokerage recommendation indicating an 'Outperform' status. The company reported a net loss of $12.8 million in Q1 2025 but holds $23.2 million in cash and equivalents, positioning it to fund continued development and planned U.S. commercial launch activities supported by a partnership with Omnicom.