Colossal Biosciences Inc. announced that it will issue 35,000,000 series B preferred stock at a price of $4.3944 per share for gross proceeds of $153,804,000 on January 27, 2023. The shares carry non-cumulative fixed dividend rate of 6% per share. The shares will be convertible into common shares at a fixed conversion price of $4.3944 per share.

The shares are issued at a par value of $0.000001 per share. The round is raised at a post-money valuation of $607,525,800.