Company: GANX
Filing Date: 2025-11-28
Form Type: 424B5
Source: 0001104659-25-116944
Chunk: 10

Company: Gain Therapeutics, Inc.
Filing Date: 2025-11-28
Form: 424B5
Chunk 10
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 used for any particular purpose. Our management will have broad discretion over the use and investment of the net proceeds of this offering, and, accordingly, investors in this offering will need to rely upon the judgment of our management with respect to the use of proceeds, with only limited information concerning our specific intentions. Our stockholders may not agree with the manner in which our management chooses to allocate and spend the net proceeds. Moreover, our management may use the net proceeds for corporate purposes that may not increase the market price of our common stock. Please see the section entitled “ Use of Proceeds ” on page S-12of this prospectus supplement for further information.

If you purchase shares of our common stock in this offering, you will incur immediate and substantial dilution.

The offering price per share in this offering may exceed the net tangible book value per share of our common stock prior to this offering. Assuming that an aggregate of 11,315,598 shares of our common stock are sold pursuant to the Distribution Agreement at an assumed price of $3.14 per share, the closing sale price of our common stock on Nasdaq on November 26, 2025, for aggregate gross proceeds of approximately $35,530,980.56, after deducting commissions and estimated aggregate offering expenses payable by us, you will experience immediate dilution of $2.30 per share, representing the difference between our as adjusted net tangible book value per share as of September 30, 2025 after giving effect to this offering and the assumed offering price. The exercise of outstanding stock options and warrants may result in further dilution of your investment. See the section entitled “ Dilution ” below for a more detailed illustration of the dilution you would incur if you participate in this offering.

You may experience future dilution as a result of future equity offerings.

We will require more capital to pursue our preclinical and clinical activities, regulatory approval and the commercialization of our current or future product candidates. In addition, we may also choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To raise additional capital, we may in the future offer additional shares of our common stock or other securities convertible into or exchangeable for our common stock at prices that may not be the same as the price per share in this offering. We may sell shares or other securities in any other offering at a price per share that is less than the price per share paid by investors in this offering, and investors purchasing shares