Company: GANX
Filing Date: 2025-11-28
Form Type: 424B5
Source: 0001104659-25-116944
Chunk: 17

Company: Gain Therapeutics, Inc.
Filing Date: 2025-11-28
Form: 424B5
Chunk 17
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 software, pre-payments and deferred costs), less our total liabilities, by the number of shares of our common stock outstanding as of September 30, 2025. Dilution with respect to net tangible book value per share represents the difference between the amount per share paid by investors purchasing shares of common stock in this offering and the net tangible book value per share of our common stock immediately after this offering. After giving effect to the sale of 11,315,598 shares of our common stock in this offering in the aggregate amount of $35,530,980.56 at an assumed offering price of $3.14 per share, the closing sale price of our common stock on Nasdaq on November 26, 2025, and after deducting commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of September 30, 2025 would have been approximately $39.9 million, or $0.84 per share. This represents an immediate increase in net tangible book value of $0.72 per share to existing stockholders and immediate dilution in net tangible book value of $2.30 per share to investors purchasing our common stock in this offering at the assumed public offering price. The following table illustrates this dilution on a per share basis:

| ​ | Assumed public offering price per share                                                                      | ​ | ​ | ​ | ​ |    ​ | ​ | ​ | ​ | ​ | $ | 3.14 | ​ | ​ |
| ​ | Net tangible book value per share of as September 30, 2025                                                   | ​ | ​ | ​ | $ | 0.12 | ​ | ​ | ​ | ​ | ​ |    ​ | ​ | ​ |
| ​ | Increase in net tangible book value per share attributable to this offering                                  | ​ | ​ | ​ | $ | 0.72 | ​ | ​ | ​ | ​ | ​ |    ​ | ​ | ​ |
| ​ | As adjusted net tangible book value per share as of September 30, 2025, after giving effect to this offering | ​ | ​ | ​ | ​ |    ​ | ​ | ​ | ​ | ​ | $ | 0.84 | ​ | ​ |
| ​ | Dilution per share to new investors                                                                          | ​ | ​ | ​ | ​ |    ​ | ​ | ​ | ​ | ​ | $ | 2.30 | ​ | ​ |

The as adjusted information is illustrative only and will adjust based