Edesa Biotech, Inc. (Nasdaq: EDSA) priced an underwritten public offering expected to generate approximately $25.0 million in gross proceeds before expenses. The offering includes 3,870,500 common shares and accompanying warrants, plus pre-funded warrants for up to 675,000 common shares with accompanying warrants. Common-share units are priced at $5.50, while pre-funded warrant units are priced at $5.4999. The accompanying warrants are immediately exercisable at $7.50 per share and expire on the earlier of 18 months after issuance or 30 days after Edesa announces Phase 2 topline data for EB06, its vitiligo candidate. Underwriters have a 30-day option to purchase up to 681,825 additional common shares and accompanying warrants. Guggenheim Securities is the sole book-running manager, and the offering is expected to close on or about Aug. 21, 2026, subject to customary conditions. Edesa plans to use net proceeds for general corporate purposes, including working capital, capital expenditures, research and development, and manufacturing expenses. Shares fell 18.27% to $4.70 in Wednesday after-hours trading and were down 13.74% at $4.96 in Thursday premarket trading after the company's fiscal third-quarter earnings release four days earlier. EDSA remained up 144.10% over 12 months but was well below its 52-week high of $20.32. The company develops host-directed therapeutics for inflammatory and immune-related diseases, including programs for vitiligo, chronic allergic contact dermatitis and acute respiratory distress syndrome.