Allarity shares surge 10.08% intraday after closing $20M non-convertible debt to fund Phase 2 trial and extend cash runway.

Allarity Therapeutics surged 10.08% intraday after announcing a $20 million non-convertible debt financing with Streeterville Capital to fund its Phase 2 ovarian cancer trial and extend cash runway into mid-2028. The proceeds, structured as two notes (~$10.93M unsecured and ~$10M secured), will support trial completion, FDA meeting preparations, and exploratory development in WNT-driven tumors. The financing strengthens the company’s capital position and advances its therapeutic pipeline, aligning with the stock’s sharp intraday gain.