EIR Biopharma, Inc. Filed Primary

What the company does

We are an early-stage biopharmaceutical company focused on developing therapeutics for the treatment of eye disease. Our strategy is to negotiate worldwide exclusive licenses for the right to develop therapies for the treatment of eye disease, targeting preclinical assets that can be advanced to clinical stage. Our principal preclinical assets have been licensed from research institutions including Weill Cornell Medical College of Cornell University and the University of Miami, and we operate as a semi-virtual company relying on contract research and manufacturing organizations.

Use of proceeds

We estimate that the net proceeds from the sale of shares of our common stock in this offering will be approximately $14.9 million, based upon the assumed initial public offering price of $4.50 per share. We intend to use the net proceeds to fund the preclinical and clinical development of EIR-1003, research activities, working capital and general corporate purposes, and may also use a portion to acquire or invest in businesses, products, services or technologies. We will not receive any proceeds from the sale of our common stock by the selling stockholders.

Underwriters

Extracted from S-1 0001520138-26-000057, filed Feb 17, 2026 and verified against that filing text.

Key risk factors

• Default and conversion risk on convertible promissory notes

  “The Convertible Promissory Note we issued on December 1, 2023, February 9, 2024, February 24, 2024 and March 14, 2024, respectively, have matured, and all principal became due and became in default on the respective maturity date and started accruing interest at 15% (collectively the "Matured Notes").”

• Risk of dilution or cash repayment from Matured Notes

  “However, there can be no assurance that the lenders of the Matured Notes will not declare a default and/or demand repayment in cash of such Matured Notes in lieu of shares of common stock to be issued upon conversion of such Matured Notes, or if they accept the conversion of such Matured Notes into shares of common stock in connection with this offering, that the additional default interest currently accruing will not cause further dilution to investors in this offering.”

• Risk of being required to curtail pipeline development

  “If we cannot convert or repay our indebtedness and do not receive a waiver or are unable to obtain a settlement, we may be required to delay, limit, reduce or terminate our pipeline development or commercialization efforts or grant to others rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves, which could materially and adversely affect our financial condition and results of operations.”

• Negative consequences of convertible promissory note terms

  “The terms of these Convertible Promissory Notes could have negative consequences to us, including but not limited to, limiting our ability to obtain additional financing to fund working capital, operating losses, capital expenditures and research and development on terms acceptable to us, or at all, limiting the amount of cash we have to operate our business, and increasing our vulnerability to economic downturns and adverse developments in our industry or the economy in general.”