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Standing Risk Factors

  • Going Concern (unchanged) — Substantial doubt about ability to continue as a going concern persists, with no change in financial substance from the prior filing.
BLSM BLSM S-1/A

BLSM sets IPO terms: 7.8M shares at $15-$17, net proceeds ~$111.7M; cash runway to Q1 2028

Filed August 3, 2026 · Compared to S-1 Jul 17, 2026 · ~1 min read

Key Changes

  • high

    IPO priced at $15-$17 per share (midpoint $16.00), offering 7,812,500 shares for net proceeds of approximately $111.7 million (or $129.1 million if underwriters' option fully exercised).

    Use of Proceeds verify on EDGAR →
  • high

    New investors face immediate dilution of $8.47 per share at the assumed $16.00 midpoint, based on pro forma net tangible book value of $7.82 per share after the offering.

    Dilution verify on EDGAR →
  • high

    Cash runway extended to first quarter of 2028, funded by existing cash plus offering net proceeds; going concern language remains unchanged.

    MD&A / Risk Factors view on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 30, 2026 · How we verify