What is BNC's PIPE transaction costs?

BNC (BNC) reported PIPE transaction costs of $14.55M in Q1 2026.

What does PIPE transaction costs mean?

Includes the legal, advisory, and administrative expenses incurred during Private Investment in Public Equity (PIPE) financing activities. These costs represent the friction associated with raising capital through private placements and are typically non-recurring in nature.

BNC BNC PIPE transaction costs

PIPE transaction costs at other companies

PVL

Palvella TherapeuticsPVLA

$0-100%

Oruka Therapeutics, Inc.ORKA

-$8.59M—

Oruka Therapeutics, Inc.ORKA

-$2.59M—

Blaize Holdings, Inc. Common StockBZAI

$0-100%

DT MidstreamDTM

$14M+7.7%

Kinetik HoldingsKNTK

$0—

Other financials

Income statement

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Revenue$26.4M-5.7%

Gross profit$7.9M-21.1%

Operating income-$159.6M-14,760%

Net income$115.2M+20,118%

EPS (diluted)$2.52-99.4%

Balance sheet

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Cash & equivalents$3.1M+42.4%

Total debt$2.5M+955%

Total equity$304.8M+3,613%

Total assets$337.8M+3,636%

Cash flow

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Operating cash flow-$26.6M-3,471%

CapEx$9.0K—

Free cash flow-$26.6M—

Valuation

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Market cap$112.24M-72.3%

Enterprise value$111.7M—

P/E0.4×—

P/S2.6×—

Profitability

See full

Gross margin28.9%-11.6pp

Operating margin-547.1%-554pp

Net margin667.2%+661pp

FCF margin-27.7%—

Returns & leverage

See full

Return on equity186.8%+163pp

Debt / equity0×0.0×

Current ratio1.2×-7.0×

Where this comes from

Reported directly by BNC in its filing.

Tagged under the XBRL concept bncww:PIPETransactionCosts.

The official record: BNC’s 10-K, filed June 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is BNC's PIPE transaction costs?: BNC (BNC) reported PIPE transaction costs of $14.55M in Q1 2026.
What does PIPE transaction costs mean?: Includes the legal, advisory, and administrative expenses incurred during Private Investment in Public Equity (PIPE) financing activities. These costs represent the friction associated with raising capital through private placements and are typically non-recurring in nature.