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A pre-funded warrant is a right to buy shares at a price so close to zero it is treated as already paid.
On July 21, 2026, Allurion Technologies (ALUR) issued 392,766 of these instruments to a group of RTW-affiliated funds in direct exchange for the same number of common shares.
The transaction arrived the same day a broader, months-old agreement to convert company debt into preferred stock was formally killed. What the exchange actually does The mechanics are straightforward.
RTW Master Fund, Ltd., RTW Innovation Master Fund, Ltd., RTW Biotech Opportunities Operating Ltd., and 4010 Royalty Investments ICAV handed back 392,766 shares of Allurion common stock and received pre-funded warrants to purchase the same 392,766 shares at an exercise price of $0.0001 each.
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