Company: GANX
Filing Date: 2025-11-28
Form Type: 424B5
Source: 0001104659-25-116944
Chunk: 18

Company: Gain Therapeutics, Inc.
Filing Date: 2025-11-28
Form: 424B5
Chunk 18
---
 on the actual price to the public, the actual number of shares sold and other terms of the offering determined at the time shares of our common stock are sold pursuant to this prospectus supplement. The as adjusted information assumes that all of our common stock in the aggregate amount of $35,530,980.56 is sold at the assumed offering price of $3.14 per share, the closing sale price of our common stock as reported on Nasdaq on November 26, 2025. The shares sold in this offering, if any, will be sold from time to time at various prices. The above discussion and table are based on 35,976,390 shares of our common stock outstanding as of September 30, 2025, and excludes the following, in each case as of such date: • 7,603,916 shares of common stock issuable upon the exercise of outstanding warrants to purchase shares of common stock with a weighted-average exercise price of $2.26 per share; • 24,568 shares of common stock issuable upon the vesting of outstanding restricted stock units; • 4,127,011 shares issuable upon the exercise of outstanding stock options with a weighted-average exercise price of $3.76 per share; and • 1,576,684 shares reserved for future issuances under our equity compensation plans. The foregoing table does not give effect to the exercise of any outstanding options or warrants, or the vesting of any performance-based restricted stock units. To the extent that options and warrants outstanding as of September 30, 2025 may be exercised, or other shares are issued, investors purchasing shares in this offering could experience further dilution. In addition, we may choose to raise additional capital due to market conditions or strategic considerations, including for potential acquisition or in-licensing opportunities, even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.

S-14

TABLE OF CONTENTS

### PLAN OF DISTRIBUTION
We have entered into the Distribution Agreement with Oppenheimer, under which we may issue and sell shares of our common stock having an aggregate offering price of up to $50,000,000 from time to time through or to Oppenheimer acting as sales agent or principal, which includes $14,469,019.44 of our common stock that have already been sold pursuant to