Recent Updates — XXII

The company entered into Amendment No. 2 to its Sales Agreement with Needham & Company LLC, adding Clear Street LLC as an additional sales agent for the ongoing at-the-market equity offering program established in November 2025. This administrative change expands the distribution network but does not alter the terms of the existing agreement or raise new capital immediately. The company operates in the tobacco alternatives and cannabis sectors.

The company filed a prospectus supplement with the SEC under its Form S-3 registration statement, authorizing the sale of up to $18,800,000 in shares of common stock through an at-the-market (ATM) program. This filing supplements the existing sales agreement with Needham & Company, LLC. During October 2026, the company previously sold 15,785,757 shares under this agreement, raising approximately $4.7 million in gross proceeds. As of October 23, 2026, there were 19,202,198 shares of common stock outstanding. The company operates in the tobacco and vaping industry.

22nd Century Group issued preliminary, unaudited financial results for the third quarter ended September 30, 2026. Net revenues grew 66% year-over-year to approximately $4.8 million from $2.9 million in the prior quarter. Gross profit turned positive at $0.4 million compared to a loss of $(0.3) million previously. Operating expenses remained consistent at $3.0 million, resulting in an operating loss and net loss of $2.6 million, down from $3.3 million in the second quarter. Adjusted EBITDA loss improved to $2.2 million from $3.5 million. The company holds $3.9 million in cash and equivalents at quarter-end. 22nd Century Group operates in the tobacco industry, developing low-nicotine tobacco products.

22nd Century Group reported second quarter 2026 financial results showing net revenues of $2.9 million, a decrease from $4.1 million in the prior quarter. The company posted an operating loss of $3.3 million and a net loss of $3.3 million, compared to losses of $3.0 million in both metrics for Q1 2026. Adjusted EBITDA widened to a loss of $3.5 million from $2.6 million previously. The firm ended the quarter with $6.1 million in cash and no outstanding debt. Commercially, VLN cigarette revenues rose slightly to $0.03 million as the company expanded retail distribution into approximately 150 additional stores in New York and New Jersey, launched Pinnacle Pure products, and entered California through 60 locations. The tobacco harm reduction company develops low-nicotine tobacco technology and manufactures FDA-authorized reduced nicotine combustible cigarettes.