FibroBiologics Announces That It Has Fully Repaid All Outstanding Amounts Under Its Convertible Promissory Notes Issued To Yorkville

FibroBiologics, Inc. (NASDAQ:FBLG) ("FibroBiologics" or the "Company"), a clinical-stage biotechnology company with 270+ patents issued and pending with a focus on the development of therapeutics and potential cures for chronic diseases using fibroblasts and fibroblast-derived materials, today announced that it has paid all amounts outstanding under the convertible promissory notes (the "Notes") issued to YA II PN, Ltd. ("Yorkville"), an investment fund managed by Yorkville Advisors Global, LP, pursuant to the Standby Equity Purchase Agreement ("SEPA") entered into on December 20, 2024 between the Company and Yorkville.

The SEPA allows the Company, subject to customary conditions, to sell up to $25 million in the aggregate of its common stock to Yorkville over the course of two years. Yorkville advanced to FibroBiologics the first $15 million available under the SEPA in three equal tranches of Notes. These Notes are no longer outstanding and there will be no further conversions into shares of the Company's common stock. The SEPA remains in place until December 20, 2026, allowing FibroBiologics, at its discretion, to sell an additional $10 million of its common stock to Yorkville, subject to certain conditions.

"Strengthening our balance sheet and eliminating our convertible debt allows us to focus on our highest priority: advancing into the clinic and initiating first-in-human trials," said Pete O'Heeron, Founder and CEO of FibroBiologics.

This financial milestone comes as FibroBiologics advances toward key clinical and regulatory milestones, including the planned initiation of its Phase 1/2 clinical trial evaluating CYWC628, its fibroblast-based spheroids product candidate, in diabetic foot ulcer patients in early 2026. The Company is also preparing to submit Investigational New Drug applications for the treatment of psoriasis with CYPS317 and the treatment of multiple sclerosis with CYMS101.