Achieve Life Sciences files $150 million at-the-market equity offering with Jefferies

Achieve Life Sciences filed a prospectus supplement on August 14, 2026 for an at-the-market stock program allowing sales of up to $150,000,000 in common stock. The company entered into an Open Market Sale Agreement with Jefferies LLC dated August 14, 2026.¹

Sales under the agreement would qualify as an "at the market offering" under securities rules, with Jefferies using commercially reasonable efforts as sales agent rather than committing to sell any set amount.¹ Jefferies would be paid up to 3.0% of gross proceeds from any shares sold.¹

Achieve's stock trades on Nasdaq under the ticker ACHV, and closed at $7.25 per share on August 13, 2026.¹ The $150 million offering falls within a larger $300 million shelf registration the company has in place.¹

The company said it plans to direct net proceeds toward commercializing its drug candidate cytisinicline, funding a Phase 3 trial studying the drug for quitting e-cigarettes, and covering working capital and general corporate expenses, though it noted it has no binding commitment to that plan. The company stated it has no current commitments or obligations to use the funds that way.¹

Assuming all 20,689,655 shares were sold at $7.25, generating roughly $150.0 million in gross proceeds, new investors would face immediate dilution of $6.21 per share after commissions and expenses.¹ As of June 30, 2026, the company's net tangible book value stood at approximately negative $16.5 million, or about negative $0.16 per share, based on 102,717,200 shares then outstanding.¹

Achieve describes itself as a late-stage clinical specialty pharmaceutical company focused on nicotine dependence through development of cytisinicline.¹ The filing also points to risk factors detailed in the company's 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 11, 2026.¹