As filed with the Securities and Exchange Commission on July 30, 2021.December 22, 2023

Registration No. 333-          

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORMForm S-3

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

 

 

Progenity, Inc.BIORA THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware8071 27-3950390

(State or other jurisdiction of

incorporation or organization)

 

(Primary Standard Industrial

Classification Code Number)

(I.R.S. Employer

Identification Number)No.)

4330 La Jolla Village Drive, Suite 200300

San Diego, CA 92122

(833) (855) 293-2639727-2841

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

 

 

Harry Stylli, Ph.D.Aditya P. Mohanty

Chairman and Chief Executive Officer

Progenity,Biora Therapeutics, Inc.

4330 La Jolla Village Drive, Suite 200300

San Diego, CA 92122

(833) (855) 293-2639727-2841

(Name, address, including zip code, and telephone number, including area code, of agent for service)

 

 

With copiesCopies to:

 

Ryan A. Murr

Branden C. BernsStewart L. McDowell

Gibson, Dunn & Crutcher LLP

555 Mission Street,One Embarcadero Center, Suite 30002600

San Francisco, CA 9410594111

(415) 393-8373393-8200

 

Clarke Neumann

General Counsel

Progenity,Biora Therapeutics, Inc.

4330 La Jolla Village Drive, Suite 200300

San Diego, CA 92122

(833) (855) 293-2639727-2841

 

 

Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement becomes effective.effective, as determined by market conditions and other factors.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.  ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box:box.  ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.  ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box.  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filerAccelerated Filer   Accelerated filerFiler 
Non-accelerated filerNon-Accelerated Filer   Smaller reporting companyReporting Company 
   Emerging growth companyGrowth Company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  ☐

 

 

CALCULATION OF REGISTRATION FEE

 

Title of Each Class of

Securities to be Registered

 

Amount

to be
Registered (1)

 Proposed
Maximum
Offering Price
Per Unit (2)
 

Proposed
Maximum
Aggregate

Offering Price (3)

 

Amount of

Registration Fee (4)

Common Stock (5)

        

Preferred Stock (6)

        

Debt Securities (7)

        

Warrants (8)

        

Units (9)

        

Total

 $200,000,000 N/A $200,000,000 $21,820

 

 

(1)

The amount to be registered consists of up to $200,000,000of an indeterminate amount of common stock, preferred stock, debt securities, warrants and/or units. There is also being registered hereunder such currently indeterminate number of (i) shares of common stock or other securities of the registrant as may be issued upon conversion of, or in exchange for, convertible or exchangeable debt securities and/or preferred stock registered hereby, or (ii) shares of preferred stock, common stock, debt securities or units as may be issued upon exercise of warrants registered hereby, as the case may be. Any securities registered hereunder may be sold separately or as units with the other securities registered hereunder.

(2)

The proposed maximum aggregate offering price per unit will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified as to each class of security pursuant to General Instruction II.D. of Form S-3 under the Securities Act.

(3)

Estimated solely for purposes of computing the registration fee. No separate consideration will be received for (i) common stock or other securities of the registrant that may be issued upon conversion of, or in exchange for, convertible or exchangeable debt securities and/or preferred stock registered hereby, or (ii) preferred stock, common stock, debt securities or units that may be issued upon exercise of warrants registered hereby, as the case may be.

(4)

The registration fee has been calculated in accordance with Rule 457(o) under the Securities Act.

(5)

Including such indeterminate amount of common stock as may be issued from time to time at indeterminate prices or upon conversion of debt securities and/or preferred stock registered hereby, or upon exercise of warrants registered hereby, as the case may be.

(6)

Including such indeterminate amount of preferred stock as may be issued from time to time at indeterminate prices or upon conversion of debt securities and/or preferred stock registered hereby, or upon exercise of warrants registered hereby, as the case may be.

(7)

Including such indeterminate principal amount of debt securities as may be issued from time to time at indeterminate prices or upon exercise of warrants registered hereby, as the case may be.

(8)

Including such indeterminate number of warrants or other rights, including without limitation share purchase or subscription rights, as may be issued from time to time at indeterminate prices.

(9)

Each unit will be issued under a unit agreement and will represent an interest in two or more securities, which may or may not be separable from one another.

The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment thatwhich specifically states that this registration statement shall thereafter become effective in accordance with Sectionsection 8(a) of the Securities Act of 1933 as amended, or until thisthe registration statement shall become effective on such date as the Commission acting pursuant to said Sectionsection 8(a), may determine.

 

 

 


The information in this prospectus is not complete and may be changed. WeThe Selling Stockholders may not sell these securities or accept an offer to buy these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting offers to buy these securities in any jurisdiction where suchthe offer or sale is not permitted.

 

SUBJECT TO COMPLETION, DATED JULY 30, 2021DECEMBER 22, 2023

PROSPECTUSProspectus

 

LOGO

COMMON STOCKLOGO

PREFERRED STOCKBIORA THERAPEUTICS, INC.

DEBT SECURITIES

WARRANTS

UNITS71,068,767 Shares of Common Stock

 

 

FromThis prospectus relates to the offer and resale from time to time we may issue, in one or more series or classes,by the selling stockholders named herein (the “Selling Stockholders”) of up to $200,000,000 inan aggregate principal amount of our71,068,767 shares (the “Shares”) of common stock, preferred stock, debt securities, warrants and/par value $0.001 per share, of Biora Therapeutics, Inc., a Delaware corporation (“Biora” or units, at prices and on terms that we will determine at the time“Company”). The Shares consist of the offering.

This prospectus provides you with a general description of the securities we may offer. Each time we offer securities, we will provide specific terms of the securities offered in a supplementup to this prospectus. We may also authorize one or more free writing prospectuses to be provided to you in connection with these offerings. The prospectus supplement and any related free writing prospectus may also add, update or change information contained in this prospectus. We may not sell any securities under this prospectus without delivery of the applicable prospectus supplement. If information in any prospectus supplement is inconsistent with the information in this prospectus, then the information in that prospectus supplement will apply and will supersede the information in this prospectus.

You should read this prospectus, the applicable prospectus supplement and any related free writing prospectus carefully, as well as any documents incorporated by reference, before you invest in any of the securities being offered.

Our(i) 26,207,050 shares of common stock issuable upon conversion of $40,883,000 principal amount of the Company’s 11.00%/13.00% Convertible Senior Secured Notes due 2028 (the “2028 Convertible Notes”), (ii) 27,384,927 shares of common stock that may be issuable (A) in respect of interest payments or make-whole amounts on the 2028 Convertible Notes that the Company settles in shares of common stock or (B) upon conversion of, or in respect of, interest payments or make-whole amounts on any additional 2028 Convertible Notes issuable with respect to interest payments on the 2028 Convertible Notes that are listedsettled in kind (all such shares, the “Interest Payment and Make-Whole Shares”), (iii) 7,352,941 shares of common stock issuable upon the exercise of warrants to purchase common stock with a term of five years that are exercisable six months from the date of issuance and an exercise price of $1.36 per share (the “Commitment Warrants”), (iv) 5,084,613 shares of common stock issuable upon the exercise of warrants to purchase common stock with a term of five years and an exercise price of $5.00 per share (the “Additional Warrants”), and (v) 5,039,236 shares of common stock issuable upon the exercise of warrants to purchase common stock with a term of five years and an exercise price of $5.50 per share (the “Exchange Warrants,” and collectively with the Commitment Warrants, and the Additional Warrants, the “Warrants”). The Shares offered hereby include any shares of common stock that may be issuable upon exercise of any warrants issuable pursuant to the terms of any 2028 Convertible Notes in lieu of shares otherwise issuable pursuant to the terms of the 2028 Convertible Notes.

We will not receive any of the proceeds from the sale or other disposition of the Shares by the Selling Stockholders. However, upon any cash exercise of the Warrants by the Selling Stockholders, we will receive cash proceeds per share equal to the exercise price of the Warrants. If the Warrants are exercised in a cashless exercise, which may occur if we do not have an effective registration statement on file with respect to the exercise of the Warrants, we will not receive any proceeds from the exercise of the Warrants.

The Selling Stockholders may sell or otherwise dispose of the Shares in a number of different ways and at varying prices. We provide more information about how the Selling Stockholders may sell or otherwise dispose of the Shares in the section entitled “Plan of Distribution” on page 10. Discounts, concessions, commissions and similar selling expenses attributable to the sale of the Shares will be borne by the Selling Stockholders. We will pay all expenses (other than discounts, concessions, commissions and similar selling expenses) relating to the registration of the Shares with the Securities and Exchange Commission.

Our common stock is currently quoted on The Nasdaq Global Market under the symbol “PROG.“BIOR.TheOn December 20, 2023, the last reported sale price of our common stock on The Nasdaq Global Market on July 28, 2021 was $2.45$1.20 per share. We recommend that you obtain current market quotations forOur principal executive offices are located at 4330 La Jolla Village Drive, Suite 300, San Diego, CA 92122, and our common stock prior to making an investment decision.telephone number is (833) 727-2841.

 

 

Investing in our securities involves a high degree of risk.risks. You should review carefully consider the risks and uncertainties described under the heading Risk Factors” contained in this prospectus beginning on page 2 and any applicable5 of this prospectus supplement, and under similar headingsbefore you make an investment in the other documents that are incorporated by reference into this prospectus.our securities.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined ifpassed upon the adequacy or accuracy of this prospectus is truthful or complete.prospectus. Any representation to the contrary is a criminal offense.

 

 

ProspectusThis prospectus is dated                , 20212023.


Table of ContentsTABLE OF CONTENTS

 

   Page 

ABOUT THIS PROSPECTUS

ii

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

iii

THE COMPANY

1

RISK FACTORSSpecial Note Regarding Forward-Looking Statements

   2 

USE OF PROCEEDSProspectus Summary

   3 

DIVIDEND POLICYThe Offering

   4 

SECURITIES WE MAY OFFERRisk Factors

   5 

DESCRIPTION OF SECURITIESUse of Proceeds

   6 

Selling Stockholders

7

PLAN OF DISTRIBUTIONPlan of Distribution

10

Legal Matters

14

Experts

14

Where You Can Find More Information

15

Information Incorporated by Reference

   16 

LEGAL MATTERS

18

EXPERTS

18

WHERE YOU CAN FIND ADDITIONAL INFORMATION

19

INFORMATION INCORPORATED BY REFERENCE

20

 

i


ABOUT THIS PROSPECTUS

This prospectus is a part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission (the “SEC” or the “Commission”), utilizing a “shelf”shelf registration process. Under thisthe shelf registration process, wethe Selling Stockholders may, from time to time, offer and sell any combination of the securitiesShares described in this prospectus in one or more offerings up to a total dollar amount of $200,000,000. offerings. Information about the Selling Stockholders may change over time.

This prospectus provides you with a general description of the securities weShares the Selling Stockholders may offer.

Each time wethe Selling Stockholders sell securities underShares using this prospectus, to the extent necessary and required by law, we will provide a prospectus supplement that will contain specific information about the terms of that offering. We may also authorize oneoffering, including the number of Shares being offered, the manner of distribution, the identity of any underwriters or more free writing prospectusesother counterparties and other specific terms related to be provided to you that may contain material information relating to these offerings.the offering. The prospectus supplement and any related free writing prospectus that we may authorize to be provided to you may also add, update or change information contained in this prospectus. To the extent that any statement made in a prospectus supplement is inconsistent with statements made in this prospectus, the statements made in this prospectus will be deemed modified or superseded by those made in the prospectus supplement. You should read this prospectus, any documents that we haveapplicable prospectus supplement and the information incorporated by reference into this prospectus. You should carefully read bothin this prospectus and any prospectus supplement together with additional information under the headingsbefore making an investment in Shares of our common stock. See “Where You Can Find AdditionalMore Information” and “Information Incorporated by Reference.”Reference” for more information.

WeNeither we nor the Selling Stockholders have not authorized anyone to provide you with any information other than that contained or incorporated by reference in this prospectus and any applicable prospectus supplement, along with the information containedor in any free writing prospectusesprospectus prepared by or on behalf of us or to which we may have authorized for use in connection with a specific offering. Wereferred you. Neither we nor the Selling Stockholders take noany responsibility for, andnor can provide no assurance as to the reliability of, any other information that others may give you. This prospectus isNeither we nor the Selling Stockholders have authorized any other person to provide you with different or additional information, and neither of us are making an offer to sell the Shares in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus is accurate only as of the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. Thisdate on the front cover of this prospectus, regardless of the time of delivery of the prospectus or any applicable prospectus supplement or any related free writing prospectus do not constitute an offer to sellsale of Shares. Our business, financial condition, results of operations and prospects may have changed since those dates.

For investors outside of the United States, neither we nor the Selling Stockholders have done anything that would permit the offering or the solicitationpossession or distribution of an offer to buy any securities other than the registered securities to which they relate, nor do this prospectus any applicable prospectus supplement or any related free writing prospectus constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any personrestrictions relating to whom it is unlawful to make such offer or solicitation in such jurisdiction.

You should not assume that the information contained inoffering and the distribution of this prospectus any applicable prospectus supplement or any related free writing prospectus is accurate on any date subsequent to the date set forth on the frontoutside of the document or that any information we have incorporated by reference is correct on any date subsequent to the date of the document incorporated by reference, even though this prospectus, any applicable prospectus supplement or any related free writing prospectus is delivered, or securities are sold, on a later date.United States.

Unless the context otherwise requires, we use the terms “Progenity,“Biora,“company,“Company,” “we,” “us,” and “our” in this prospectus to refer to Progenity,Biora Therapeutics, Inc. and, where appropriate, our subsidiaries.

 

ii1


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This prospectus and the information incorporated by reference in this prospectus containWe make “forward-looking statements” within the meaning of Section 27A of the federal securities laws, which statements involve substantial risksSecurities Act of 1933, as amended (the “Securities Act”), and uncertainties and are based on estimates and assumptions. All statements, other than statementsSection 21E of historical facts includedthe Securities Exchange Act of 1934, as amended (the “Exchange Act”), in this prospectus and any accompanying prospectus supplement, including the information incorporateddocuments that we incorporate by reference in this prospectus, including statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, financing needs, plans or intentions relating to productsherein and markets, and business trends and other information are forward-looking statements. In some cases, you can identifytherein. These forward-looking statements by termscan generally be identified as such because the context of the statement will include words such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,“plan,” “believe,” “design,“anticipate,” “expect,” “estimate,” “predict,” “potential,” “plan,“continue,“anticipate,“likely,” “target,” “forecast”“forecast,” or “opportunity,” the negative of these terms,words or other similar words. Similarly, statements that describe our plans, strategies, intentions, expectations, objectives, goals or prospects and similar expressions intended to identify forward-looking statements. Forward-lookingother statements that are not historical facts and reflect our current views with respectare also forward-looking statements. For such statements, we claim the protection of the Private Securities Litigation Reform Act of 1995. Readers of this prospectus are cautioned not to future events. Given the significant uncertainties, you should not place undue reliance on these forward-looking statements.

Therestatements, which speak only as of the time this prospectus was filed with the SEC. These forward-looking statements are a number ofbased largely on our expectations and projections about future events and future trends affecting our business, and are subject to risks uncertainties, and other factorsuncertainties that could cause our actual results to differ materially from those anticipated in the forward-looking statements expressed or implied in this prospectusstatements. These risks and uncertainties include, without limitation, the information incorporated by reference in this prospectus. Such risks, uncertainties, and otherrisk factors include, among others, the following risks, uncertainties, and factors:

our ability to effectively implement the strategic transformation of our business;

the recent and ongoing COVID-19 pandemic;

our ability to develop and commercialize molecular testing products as well as innovatediscussed in the field of precision medicine;

the size and growth potential of the markets for our products and product candidates, and our ability to serve those markets;

the rate and degree of market acceptance and clinical utility of our products and product candidates, if approved;

coverage and reimbursement for our products and product candidates;

the performance of third parties in connection with the development of our products and product candidates, including third-party suppliers;

regulatory developments in the United States and foreign countries;

our ability to obtain and maintain regulatory approval or clearance of our products and product candidates on expected timelines;

our ability to improve and enhance our current products and product candidates;

our plans to research, develop, and commercialize new products and product candidates;

the development, regulatory approval, efficacy, and commercialization of competing products;

the outcome of pending investigations and legal proceedings;

the loss or retirement of key scientific or management personnel;

our ability to develop and maintain our corporate infrastructure, including maintaining effective internal control;

our estimates regarding expenses, future revenue, capital requirements, and needs for additional financing;

our expectations regarding our ability to obtain and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others; and

those risk factors identified in this prospectus and the documents incorporated by reference herein.

iii


There may be other factors that cause our actual results to differ materially from the forward-looking statements expressed or implied in this prospectus and the information incorporated by reference in this prospectus, including factors disclosed in the sections entitledsection titled “Risk Factors” and elsewhere. You should evaluate all forward-looking statements made in this prospectuselsewhere and the information incorporated by reference in this prospectus in the context of these risks and uncertainties.

We caution you that the risks, uncertainties and other factors referred to above and elsewhere in this prospectus and the information incorporated by reference in this prospectus may not contain all of the risks, uncertainties, and other factors that may affect our future results and operations. Moreover, new risks will emerge from time to time. It is not possible for our management to predict all risks. In addition, we cannot assure you that we will realize the results, benefits, or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected.

All forward-looking statements in this prospectus and the information incorporated by reference in this prospectus apply only as of the date made and are expressly qualified in their entirety by the cautionary statements included in this prospectus and the information incorporated by reference in this prospectus. Except as required by law, we disclaim any intentassume no obligation to publicly update or revise anythese forward-looking statements for any reason, even if new information becomes available in the future.

Any forward-looking statements in this prospectus reflect our current views with respect to reflect subsequentfuture events or circumstances.to our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by these forward-looking statements.

This prospectus also contains or incorporates by reference estimates, projections, and other information concerning our industry, our business, and the markets for certain diseases, including data regarding the estimated size of those markets, and the incidence and prevalence of certain medical conditions. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business, market, and other data from reports, research surveys, studies, and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data, and similar sources.

 

iv2


THE COMPANYPROSPECTUS SUMMARY

This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before deciding to invest in our common stock. You should read the entire prospectus carefully, including “Risk Factors,” and the consolidated financial statements and related notes and information incorporated by reference into this prospectus, before making an investment decision. Some of the statements in this summary constitute forward-looking statements, see “Special Note Regarding Forward-Looking Statements.”

Our Company

We are a biotechnology company innovatingdeveloping oral biotherapeutics that could enable new treatment approaches in the fieldsdelivery of gastrointestinal health and oral biotherapeutics. We apply a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics, to the development of a suite of investigational ingestible devices and drug/device combinations designed to provide precise diagnostic sampling and drugtherapeutics. The Company’s therapeutics pipeline includes two therapeutic delivery solutions. Our vision is to transform healthcare to become more precise and personal by improving the diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies.platforms:

NAVICAPTM Targeted Oral Delivery Platform: Targeted oral delivery of therapeutics to the site of disease in the gastrointestinal tract designed to improve outcomes for patients with Inflammatory Bowel Disease; and

BIOJETTM Systemic Oral Delivery Platform: Systemic oral delivery of biotherapeutics designed to replace injections with needle-free, oral delivery of large molecules for better management of chronic diseases.

Corporate Information

We were incorporated in Delaware in January 2012 under the name Ascendant MDx, Inc., and we later changed our name in August 2013 to Progenity, Inc. We subsequently changed our name in April 2022 to Biora Therapeutics, Inc. Through our predecessor, Ascendant MDx, a California corporation, we commenced our operations in 2010.

Our principal executive offices are located at 4330 La Jolla Village Drive, Suite 200,300, San Diego, CA 92122, and our telephone number is (855) 293-2639.(833) 727-2841. Our Our website is www.progenity.com.www.bioratherapeutics.com. Information contained on or accessible through our website is not a part of this prospectus supplement, and the inclusion of our website address in this prospectus supplement is an inactive textual reference only.

3


THE OFFERING

We are registering for resale by the Selling Stockholders named herein the Shares as described below:

Securities Offered

Up to 71,068,767 shares of common stock, which are comprised of (i) 26,207,050 shares of common stock issuable upon conversion of the 2028 Convertible Notes, (ii) 27,384,927 shares of common stock that may be issuable as Interest Payment and Make-Whole Shares, (iii) 7,352,941 shares of common stock issuable upon the exercise of the Commitment Warrants, (iv) 5,084,613 shares of common stock issuable upon the exercise of the Additional Warrants, and (v) 5,039,236 shares of common stock issuable upon the exercise of the Exchange Warrants. The Shares offered hereby include any shares of common stock that may be issuable upon exercise of any warrants issuable pursuant to the terms of any 2028 Convertible Notes in lieu of shares otherwise issuable pursuant to the terms of the 2028 Convertible Notes.

Use of Proceeds

We will not receive any of the proceeds from the sale or other disposition of the Shares by the Selling Stockholders, except for the exercise price paid for the Shares issuable upon the exercise of the Warrants. We intend to use any net proceeds from the cash exercise of Warrants for general corporate purposes. See “Use of Proceeds” on page 6 of this prospectus.

Risk Factors

This investment involves a high degree of risk. See “Risk Factors” on page 5 of this prospectus for a discussion of factors you should consider carefully before making an investment decision.

Nasdaq Global Market symbol:

“BIOR”

4


RISK FACTORS

InvestingAn investment in our securities involves a highsignificant degree of risk. Before making an investment decision with respect toyou invest in our securities we urge you toshould carefully consider the risks describedthose risk factors included in the “Risk Factors” section of our most recent Annual Report on Form 10-K, for the year ended December 31, 2020, ourany Quarterly ReportReports on Form 10-Q for the quarter ended March 31, 2021, and other subsequent filings made with the SEC,any Current Reports on Form 8-K, which are incorporated herein by reference, intoand those risk factors that may be included in any applicable prospectus supplement, together with all of the other information included in this prospectus.

The risksprospectus, any prospectus supplement and uncertainties incorporatedthe documents we incorporate by reference, into this prospectus are not the only ones we face. Additional risks and uncertainties not presently known or which we consider immaterial as of the date hereof may also havein evaluating an adverse effect oninvestment in our business. securities.

If any of the mattersrisks discussed in the risk factorsforegoing documents were to occur, our business, financial condition, results of operations cash flows orand prospects could be materially adversely affected,affected. Also, please read the market price of our securities could decline and you could lose all or part of your investmentcautionary statement in our securities.this prospectus under “Special Note Regarding Forward-Looking Statements.”

5


USE OF PROCEEDS

We are registering the Shares for resale by the Selling Stockholders. We will retain broad discretion overnot receive any proceeds from the usesale or other disposition of the Shares offered by this prospectus. However, upon any cash exercise of the Warrants by the Selling Stockholders, we will receive cash proceeds per share equal to the exercise price of the Warrants. The Commitment Warrants have a per share exercise price of $1.36, the Additional Warrants have a per share exercise price of $5.00 and the Exchange Warrants have an per share exercise price of $5.50. We intend to use any net proceeds from the salecash exercise of Warrants for general corporate purposes. The Warrants may be exercised on a cashless basis to the extent that a registration statement is not in effect with respect to the issuance of Shares upon exercise of the securities offered hereby. Unless otherwise specifiedWarrants. If the Warrants are exercised in a prospectus supplement accompanying this prospectus, the netcashless exercise, we will not receive any proceeds from the sale by usexercise of the securitiesWarrants.

6


SELLING STOCKHOLDERS

This prospectus covers the possible resale by the Selling Stockholders identified in the table below of up to which71,068,767 Shares, including up to (i) 26,207,050 shares of common stock issuable upon conversion of the 2028 Convertible Notes, (ii) 27,384,927 shares of common stock that may be issuable as Interest Payment and Make-Whole Shares, (iii) 7,352,941 shares of common stock issuable upon the exercise of the Commitment Warrants, (iv) 5,084,613 shares of common stock issuable upon the exercise of the Additional Warrants, and (v) 5,039,236 shares of common stock issuable upon the exercise of the Exchange Warrants. The Shares offered hereby include any shares of common stock that may be issuable upon exercise of any warrants issuable pursuant to the terms of any 2028 Convertible Notes in lieu of shares otherwise issuable pursuant to the terms of the 2028 Convertible Notes.

The Selling Stockholders may sell some, all or none of their Shares. We do not know how long the Selling Stockholders will hold the Warrants or the 2028 Convertible Notes, whether the Selling Stockholders will exercise the Warrants or convert the 2028 Convertible Notes, and upon such exercise or conversion, how long the Selling Stockholders will hold the Shares before selling them, and we currently have no agreements, arrangements or understandings with the Selling Stockholders regarding the sale of any of the Shares.

The following table presents information regarding the Selling Stockholders and the Shares that they may offer and sell from time to time under this prospectus relates will be usedprospectus. The table is prepared based on information supplied to support our operations,us by the Selling Stockholders, and reflects their holdings as of December 22, 2023, unless otherwise noted in the footnotes to investthe table. Beneficial ownership is determined in our molecular testing researchaccordance with the rules of the SEC, and development program, to invest in research and developmentthus represents voting or investment power with respect to our precision medicine platform,securities. Under such rules, beneficial ownership includes any shares over which the stockholder has sole or shared voting power or investment power as well as for working capital and general corporate purposes. We may also use a portion ofany shares that the proceedsstockholder has the right to license, acquire or invest in new programs or for drug development activities related to such programs, however, we have no current commitments to do so. Our expected use of proceeds from the sale of the securities offered hereby represents our current intentions based on our present plans and business condition. As ofwithin 60 days after the date of this prospectus, we cannot predict with certainty all oftable, including the particular uses forWarrants. To our knowledge and subject to applicable community property rules, the proceeds to be received from the sale of the securities offered hereby or the amounts that we will actually spend on the uses set forth above.

Pending the use of the net proceeds, we may invest the proceeds in interest-bearing, investment-grade securities, certificates of deposit or government securities. When we offer and sell the securities to which this prospectus relates, the prospectus supplement related to such offering will set forth our intended use of the proceeds, if any, received from the sale of such securities.

DIVIDEND POLICY

On March 6, 2019, our Board declared aggregate cash dividends of $4,500,000, which dividends were paid on March 20, 2019.

We have no present intention to pay cash dividends on our common stock or our preferred stock. Any determination to pay dividends to holders of our common stock or our preferred stock will be at the discretion of our Board and will depend on many factors, including our financial condition, results of operations, liquidity, earnings, projected capital, and other cash requirements, legal requirements, restrictionsSelling Stockholders named in the agreements governing any indebtedness we may enter into, business prospectstable each have sole voting and other factors that our Board deems relevant. In addition, any future credit agreement may contain, restrictionssole investment power with respect to all equity interests beneficially owned. The percentage of shares beneficially owned before and after the offering is based on payments of cash dividends.

SECURITIES WE MAY OFFER

This prospectus contains summary descriptions of the securities we may offer from time to time. These summary descriptions are not meant to be complete descriptions of each security. The particular terms of any security will be described in the applicable prospectus supplement.

DESCRIPTION OF SECURITIES

The following is a summary of the material terms of our capital stock, as well as other material terms of certain provisions of Delaware law, our eighth amended and restated certificate of incorporation (as amended from time to time, our “certificate of incorporation”), and our amended and restated bylaws (as amended from time to time, our “bylaws”). This summary does not purport to be complete and is qualified in its entirety by the provisions of our certificate of incorporation and our bylaws. For more information on how you can obtain our certificate of incorporation and our bylaws, see the heading “Where You Can Find Additional Information.”

Our authorized capital stock consists of 350,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of “blank check” preferred stock, par value $0.001 per share.

As of June 30, 2021, 78,357,75427,209,277 shares of our common stock were issued and outstanding.

Common Stock

Our certificateactually outstanding as of incorporation authorizesDecember 20, 2023. We cannot advise as to whether the issuanceSelling Stockholders will in fact sell any or all of up to 350,000,000 shares of our common stock. All outstanding shares of our common stock are validly issued, fully paid and nonassessable.

The holders of our common stock are entitled to one vote per share on all matters submitted to a vote of stockholders, and our certificate of incorporation does not provide for cumulative voting insuch shares. In addition, the election of directors. The holders of our common stock will receive ratably any dividends declared by our board of directors (“Board”) out of funds legally available therefor. In the event of our liquidation, dissolution,Selling Stockholders may have sold, transferred or winding-up, the holders of our common stock are entitled to share ratably in all assets remaining after paymentotherwise disposed of, or provision for any liabilities.

Registration Rights

We are party to a fourth amended and restated investors’ rights agreement which provides that certain holders of our common stock have certain registration rights described below. The registration of shares of our common stock pursuant to the exercise of registration rights described below would enable holders tomay sell, these shares without restriction under the Securities Act when the registration statement is declared effective. We will pay all expenses related to any demand, piggyback,transfer or Form S-3 registration described below, with the exception of underwriting discounts and commissions.

The registration rights described below will expire (i) five years after the completion of our initial public offering, (ii) with respect to any particular holder, at the time that such holder can sell all its registrable securities under Rule 144 or another similar exemption under the Securities Act without limitation during a three-month period without registration or (iii) upon termination of the fourth amended and restated investors’ rights agreement.

Demand Registration Rights

The holders of 50% or more of the registrable securities then outstanding may make a written request that we register all or a portion of their shares, subject to certain specified exceptions. Such request for registration must cover securities with an aggregate offering price, net of underwriting discounts and commissions,otherwise dispose of, at least $20,000,000. We will prepare and file a registration statement as requested, unless, in the good faith judgment of our Board, such registration would be seriously detrimental to the company and its stockholders and filing should be deferred. We may defer only once in any 12-month period, and such deferral shall not exceed 120 days after receipt of the request. In addition, we are not obligated to effect more than two of these registrations within any twelve 12-month period or if the holders’ proposed registered securities may be immediately registered on Form S-3.

Piggyback Registration Rights

Subject to certain specified exceptions, if we propose to register any of our securities under the Securities Act either for our own account or for the account of other stockholders, the holders of shares having registration rights are entitled to written notice and certain “piggyback” registration rights allowing them to include their shares in our registration statement. These registration rights are subject to specified conditions and limitations, including the right of the underwriters, in their sole discretion, to limit the number of shares included in any such offering under certain circumstances, but not below 15% of the total amount of securities included in such offering, unless all other securities, other than our securities, are entirely excluded from the offering.

Form S-3 Registration Rights

At any time after we are qualified to file a registration statement on Form S-3,and subject to limitations and conditions, the holders of 50% or more of the registrable securities then outstanding are entitled to written notice of such registration and may make a written request that we prepare and file a registration statement on Form S-3 under the Securities Act covering their shares, so long as the aggregate price to the public, net of the underwriters’ discounts and commissions, is at least $10,000,000. We will prepare and file the Form S-3 registration as requested, unless, in the good faith judgment of our board of directors, such registration would be seriously detrimental to the company and its stockholders and filing should be deferred. We may defer only once in any 12-month period, and such deferral shall not exceed 120 days after receipt of the request. In addition, we are not obligated to prepare or file any of these registration statements (i) within 180 days after the effective date of a registration statement pursuant to demand or piggyback registration rights or (ii) if two of these registrations have been completed within any 12-month period.

Our Certificate of Incorporation and Our Bylaws

Special Meetings; Action by Written Consent

Under our certificate of incorporation, only a majority of the members of our Board then in office may be able to call special meetings of stockholders and only those matters set forth in the notice of the special meeting may be considered or acted upon at a special meeting of stockholders. Under our certificate of incorporation, stockholders will be permitted to take action by written consent with respect to any matter that can be acted upon at a meeting of our stockholders for so long as Dr. Stylli, entities affiliated with Athyrium Capital Management, LP and entities affiliated with Andrew Midler collectively own more than 50% of our issued and outstanding common stock. In all other circumstances, our certificate of incorporation provides that stockholders may not take any action by written consent in lieu of a meeting. This limit may lengthen the amount of time required to take stockholder actions and would prevent the amendment of our bylaws or removal of directors by our stockholders without holding a meeting of stockholders.

Requirements for Advance Notification of Stockholder Nominations and Proposals

Our bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors that specify certain requirements as to the timing, form, and content of a stockholder’s notice. Business that may be conducted at an annual meeting of stockholders will be limited to those matters properly brought before the meeting. These provisions may make it more difficult for our stockholders to nominate directors at or bring other matters before our annual meeting.

Election and Removal of Directors

Directors will be elected by a plurality vote. Our Board has the exclusive right to increase or decrease the size of the Board and to fill vacancies on the Board. These provisions prevent stockholders from increasing the size of our Board and filling the resulting vacancies. Directors may be removed with or without cause with the approval of the holders of a majority of our outstanding common stock.

Issuance of Undesignated Preferred Stock

Under our certificate of incorporation, our Board has the authority, without further action by the stockholders, to issue up to 10,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by our Board. Depending on the rights and terms of any new series of preferred stock created, rights of existing stockholders could be negatively affected. The existence of authorized but unissued shares of preferred stock enables our Board to make it more difficult to attempt to obtain control of us by means of a merger, tender offer, proxy contest, or otherwise.

Delaware General Corporation Law Section 203

As a Delaware corporation, we are also subject to the anti-takeover provisions of Section 203 of the Delaware General Corporation Law, which prohibits a Delaware corporation from engaging in a business combination specified in the statute with an interested stockholder (as defined in the statute) for a period of three years after the date of the transaction in which the person first becomes an interested stockholder, unless the business combination is approved in advance by a majority of the independent directors or by the holders of at least two-thirds of the outstanding disinterested shares. The application of Section 203 of the Delaware General Corporation Law could also have the effect of delaying or preventing a change of control of us.

Exclusive Forum Selection Clause

Our certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum to the fullest extent permitted by law for: (1) any derivative action or proceeding brought on our behalf; (2) any action asserting a breach of fiduciary duty owed by any director, officer or other employee to us or our stockholders; (3) any action asserting a claim against us or any director or officer or other employee arising pursuant to the Delaware General Corporation Law; (4) any action to interpret, apply, enforce or determine the validity of our amended and restated certificate of incorporation or bylaws; or (5) any other action asserting a claim that is governed by the internal affairs doctrine, shall be the Court of Chancery of the State of Delaware (or another state court or the federal court located within the State of Delaware if the Court of Chancery does not have or declines to accept jurisdiction), in all cases subject to the court’s having jurisdiction over indispensable parties named as defendants. In addition, our certificate of incorporation will provide that the federal district courts of the United States will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act but the forum selection provisions will not apply to claims brought to enforce a duty or liability created by the Exchange Act. Although we believe these provisions benefit us by providing increased consistency in the application of Delaware law for the specified types of actions and proceedings, the provisions may have the effect of discouraging lawsuits against us or our directors or officers.

Transfer Agent and Registrar

American Stock Transfer and Trust Company, LLC serves as the transfer agent and registrar for our common stock.

Listing

Our common stock is listed on The Nasdaq Global Market under the symbol “PROG.”

Preferred Stock

Under the terms of our certificate of incorporation, our board of directors has the authority, without further action by our stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series, to establish from time to time, the number of shares to be included in each such series, to fixtransactions exempt from the dividend, voting and other rights, preferences and privilegesregistration requirements of the shares of each wholly unissued series and any qualifications,

limitations or restrictions thereon, and to increase or decreaseSecurities Act after the number of shares of any such series, but not below the number of shares of such series then outstanding.

Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in our control and may adversely affect the market price of our common stock and the voting and other rights of the holders of our common stock. As of June 30, 2021, there were no shares of preferred stock issued and outstanding, and we have no current plans to issue any shares of preferred stock.

Debt Securities

The paragraphs below describe the general terms and provisions of the debt securities we may issue. When we offer to sell a particular series of debt securities, we will describe the specific terms of the securities in a supplement to this prospectus, including any additional covenants or changes to existing covenants relating to such series. The prospectus supplement also will indicate whether the general terms and provisions described in this prospectus apply to a particular series of debt securities. You should read the actual indenture if you do not fully understand a term or the way we use it in this prospectus.

If we issue debt securities at a discount from their principal amount, then, for purposes of calculating the aggregate initial offering price of the offered securities issued under this prospectus, we will include only the initial offering price of the debt securities and not the principal amount of the debt securities.

We have summarized below the material provisions of the indenture, or indicateddate on which material provisions will be described in the related prospectus supplement. The prospectus supplement relating to any particular securities offered will describe the specific terms of the securities, which may be in addition to or different from the general terms summarized in this prospectus. We have included the form of the indenture as an exhibit to our registration statement of which this prospectus is a part, and it is incorporated into this prospectus by reference. Because the summary in this prospectus and in any prospectus supplement does not contain all ofthey provided the information that you may find useful, you should readset forth on the documents relating to the securities that are described in this prospectus or in any applicable prospectus supplement. Please read “Where You Can Find Additional Information” in this prospectus to find out how you can obtain a copy of those documents. References below to an “indenture” are references to the indenture, as supplemented, under which a particular series of debt securities is issued. As used under this caption, the term “debt securities” includes the debt securities being offered by this prospectus and all other debt securities issued by us under the indenture.

General

The indenture:table below:

 

does not limit the amount of debt securities that we may issue;

Selling Stockholders

  

Shares
Beneficially
Owned Before
this Offering

   

Percentage  of
Outstanding
Shares
Beneficially
Owned
Before
this Offering

  

Shares to be
Sold in
this
Offering(1)

   

Shares
Beneficially
Owned
After
this
Offering

   

Percentage of
Outstanding
Shares
Beneficially
Owned  After
this
Offering(2)

 

Funds associated with Athyrium Capital Management(3)

   16,214,525    49.9  18,267,556    34,409,157    49.9

Funds associated with Davidson Kempner Capital Management LP(4)

   2,989,698    9.9  17,718,860    —      —  

Funds associated with Highbridge Capital Management LLC(5)

   2,951,015    9.9  7,697,424    352,054    1.29

 

allows us to issue debt securities in one or more series;

(1)

Figures herein are also deemed to include an additional indeterminable number of Interest Payment and Make-Whole Shares that may be issued pursuant to the terms of the 2028 Convertible Notes.

(2)

Assumes all Shares offered by each of the Selling Stockholders hereby are sold and that each of the Selling Stockholders buy or sell no additional shares of common stock prior to the completion of this offering.

(3)

Consists of (i) 2,692,307 shares of common stock issuable upon the conversion of the 2028 Convertible Notes held by Athyrium Opportunities III Acquisition LP, (ii) 1,720,981 shares of common stock issuable

 

does not require us to issue all of the debt securities of a series at the same time; and7

allows us to reopen a series to issue additional debt securities without the consent of the holders of the debt securities of such series.

The prospectus supplement for each offering of debt securities will provide the following terms, where applicable:

the title of the debt securities and whether they are senior, senior subordinated or subordinated debt securities;

the aggregate principal amount of the debt securities being offered and any limit on their aggregate principal amount, and, if the series is to be issued at a discount from its face amount, the method of computing the accretion of such discount;

the price at which the debt securities will be issued, expressed as a percentage of the principal and, if other than the full principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof or, if applicable, the portion of the principal amount of such debt securities that is convertible into common stock or preferred stock or the method by which any such portion shall be determined;

if convertible, the terms on which such debt securities are convertible, including the initial conversion price or rate or the method of calculation, how and when the conversion price or exchange ratio may be adjusted, whether conversion or exchange is mandatory, at the option of the holder or at our option, the conversion or exchange period, and any other provision in relation thereto, and any applicable limitations on the ownership or transferability of common stock or preferred stock received on conversion;

the date or dates, or the method for determining the date or dates, on which the principal of the debt securities will be payable;

the fixed or variable interest rate or rates of the debt securities, or the method by which the interest rate or rates is determined;

the date or dates, or the method for determining the date or dates, from which interest will accrue;

the dates on which interest will be payable;

the record dates for interest payment dates, or the method by which we will determine those dates;

the persons to whom interest will be payable;

the basis upon which interest will be calculated if other than that of a 360-day year of twelve 30-day months;

Any collateral securing the performance of our obligations under the debt securities;

the place or places where the principal of, premium, if any, and interest on, the debt securities will be payable;

where the debt securities may be surrendered for registration of transfer or conversion or exchange;

where notices or demands to or upon us in respect of the debt securities and the applicable indenture may be served;

any provisions regarding our right to redeem or purchase debt securities or the right of holders to require us to redeem or purchase debt securities;

any right or obligation we have to redeem, repay or purchase the debt securities pursuant to any sinking fund or analogous provision;

the currency or currencies (including any composite currency) in which the debt securities are denominated and payable if other than United States dollars, and the currency or currencies (including any composite currency) in which principal, premium, if any, and interest, if any, will be payable, and if such payments may be made in a currency other than that in which the debt securities are denominated, the manner for determining such payments, including the time and manner of determining the exchange rate between the currency in which such securities are denominated and the currency in which such securities or any of them may be paid, and any additions to, modifications of or deletions from the terms of the debt securities to provide for or to facilitate the issuance of debt securities denominated or payable in a currency other than U.S. dollars;

whether the amount of payments of principal of, premium, if any, or interest on, the debt securities may be determined according to an index, formula or other method and how such amounts will be determined;

whether the debt securities will be in registered form, bearer form or both, and the terms of these forms;

whether the debt securities will be issued in whole or in part in the form of a global security and, if applicable, the identity of the depositary for such global security;

any provision for electronic issuance of the debt securities or issuance of the debt securities in uncertificated form;

whether and upon what terms the debt securities of such series may be defeased or discharged, if different from the provisions set forth in the indenture for the series to which the supplemental indenture or authorizing resolution relates;

any provisions granting special rights to holders of securities upon the occurrence of such events as specified in the applicable prospectus supplement;

any deletions from, modifications of, or additions to our events of default or covenants or other provisions set forth in the indenture for the series to which the supplemental indenture or authorizing resolution relates; and

any other material terms of the debt securities, which may be different from the terms set forth in this prospectus.

We may issue debt securities at a discount below their principal amount and provide for less than the entire principal amount thereof to be payable upon declaration of acceleration of the maturity of the debt securities. We refer to any such debt securities throughout this prospectus as “original issue discount securities.” The applicable prospectus supplement will describe the United States federal income tax consequences and other relevant considerations applicable to original issue discount securities.

Neither the Delaware General Corporation Law nor our governing instruments define the term “substantially all” as it relates to the sale of assets. Additionally, Delaware cases interpreting the term “substantially all” rely upon the facts and circumstances of each particular case. Consequently, to determine whether a sale of “substantially all” of our assets has occurred, a holder of debt securities must review the financial and other information that we have disclosed to the public.

The applicable prospectus supplement will also describe any material covenants to which a series of debt securities will be subject and the applicability of those covenants to any of our subsidiaries to be restricted thereby, which are referred to herein as “restricted subsidiaries.” The applicable prospectus supplement will also describe provisions for restricted subsidiaries to cease to be restricted by those covenants.

Events of Default

Unless the applicable prospectus supplement states otherwise, when we refer to “events of default” as defined in the indentures with respect to any series of debt securities, we mean:

our failure to pay interest on any debt security of such series when the same becomes due and payable and the continuance of any such failure for a period of 30 days;

our failure to pay the principal or premium of any debt security of such series when the same becomes due and payable at maturity, upon acceleration, redemption or otherwise;

our failure or the failure of any restricted subsidiary to comply with any of its agreements or covenants in, or provisions of, the debt securities of such series or the indenture (as they relate thereto) and such failure continues for a period of 60 days after our receipt of notice of the default from the trustee or


 

fromupon the holdersexercise of at least 25 percent in aggregate principal amountWarrants held by Athyrium Opportunities III Acquisition 2 LP, (iii) 8,450,641 shares of common stock issuable upon the conversion of the then outstanding debt securities2028 Convertible Notes and (iv) 5,403,627 shares of common stock issuable upon the exercise of Warrants held by Athyrium Opportunities III Co-Invest 1 LP, together with an additional indeterminable number of Interest Payment and Make-Whole Shares, all of which are being offered by this prospectus. Conversion of, and receipt of shares of common stock pursuant to the terms of, the 2028 Convertible Notes and the exercise of the Warrants by each Selling Stockholder is subject to a beneficial ownership limitation of 49.9%, which limitation restricts the Selling Stockholder from converting that series (exceptportion of the 2028 Convertible Notes, receiving shares of common stock pursuant to the terms of the 2028 Convertible Notes, or exercising that portion of the Warrants that would result in the caseSelling Stockholder and its affiliates owning, after conversion, receipt or exercise, as applicable, a number of a default with respectshares of common stock in excess of the applicable beneficial ownership limitation. Certain other securities that held by the Selling Stockholders and are exercisable for shares of Company common stock contain similar beneficial ownership limitations applicable to the provisionsSelling Stockholders. The amounts and percentages in the table give effect to these beneficial ownership limitations. Athyrium Opportunities Associates III GP LLC is the general partner of Athyrium Opportunities Associates III LP, which is the general partner of Athyrium Opportunities III Acquisition LP and Athyrium Opportunities III Acquisition 2 LP. Athyrium Opportunities Associates Co-Invest LLC is the general partner of Athyrium Opportunities III Co-Invest 1 LP. Jeffrey A. Ferrell, a member of the indenture regardingCompany’s board of directors, is President of Athyrium Opportunities Associates Co-Invest LLC and Athyrium Opportunities Associates III GP LLC and the consolidation, merger, sale, lease, conveyanceManaging Member of Athyrium Funds GP Holdings LLC, which is the Managing Member of Athyrium Opportunities Associates Co-Invest LLC and Athyrium Opportunities Associates III GP LLC, and in his capacity as such may be deemed to exercise shared voting and investment power over the shares owned by Athyrium Opportunities III Acquisition LP, Athyrium Opportunities III Acquisition 2 LP and Athyrium Opportunities III Co-Invest 1 LP. Jeffrey A. Ferrell and each of the foregoing entities disclaims beneficial ownership of such shares except to the extent of his or other dispositionits pecuniary interest therein. The business address for each of all or substantiallythe foregoing is c/o Athyrium Capital Management, LP, 505 Fifth Avenue, Floor 18, New York, New York 10017.

(4)

Consists of 10,635,897 shares of common stock issuable upon the conversion of the 2028 Convertible Notes and 7,082,963 shares of common stock issuable upon the exercise of Warrants, together with an additional indeterminable number of Interest Payment and Make-Whole Shares, all of which are being offered by this prospectus. Conversion of, and receipt of shares of common stock pursuant to the assetsterms of, us (or any other provision specifiedthe 2028 Convertible Notes and the exercise of the Warrants by each Selling Stockholder is subject to a beneficial ownership limitation of 9.9%, which limitation restricts the Selling Stockholder from converting that portion of the 2028 Convertible Notes, receiving shares of common stock pursuant to the terms of the 2028 Convertible Notes, or exercising that portion of the Warrants that would result in the Selling Stockholder and its affiliates owning, after conversion, receipt or exercise, as applicable, supplemental indenture or authorizing resolution),a number of shares of common stock in excess of the applicable beneficial ownership limitation. The amounts and percentages in the table give effect to these beneficial ownership limitations. The business address for Davidson Kempner Capital Management LP (“DKCM”) is 520 Madison Avenue, 30th Floor, New York, NY 10022. DKCM is a Delaware limited partnership and a registered investment adviser with the U.S. Securities and Exchange Commission and is responsible for the voting and investment decisions of the funds covered hereby. DKCM GP LLC, a Delaware limited liability company, is the general partner of DKCM. The managing members of DKCM are Anthony A. Yoseloff, Eric P. Epstein, Conor Bastable, Shulamit Leviant, Morgan P. Blackwell, Patrick W. Dennis, Gabriel T. Schwartz, Zachary Z. Altschuler, Joshua D. Morris and Suzanne K. Gibbons. Anthony A. Yoseloff, through DKCM, is responsible for the voting and investment decisions relating to the securities reported herein, and each of the foregoing, other than funds covered hereby, disclaims any beneficial ownership of such securities except to the extent of any pecuniary interest therein.

(5)

Consists of 4,428,205 shares of common stock issuable upon the conversion of the 2028 Convertible Notes and 3,269,219 shares of common stock issuable upon the exercise of Warrants, together with an additional indeterminable number of Interest Payment and Make-Whole Shares, all of which will constitute an eventare being offered by this prospectus, as well as 352,054 shares of default with notice but without passagecommon stock owned by the Selling Stockholder not being offered by this prospectus. Conversion of, time); orand receipt of shares of common stock pursuant to the terms of, the 2028

 

certain events of bankruptcy, insolvency or reorganization occur with respect to Progenity or any restricted subsidiary of Progenity that is a significant subsidiary (as defined in the indenture).8

If an event of default occurs and is continuing with respect to debt securities of any series outstanding, then the trustee or the holders of 25% or more in principal amount of the outstanding debt securities of that series will have the right to declare the principal amount of all the debt securities of that series to be due and payable immediately. However, the holders of at least a majority in principal amount of outstanding debt securities of such series may rescind and annul such declaration and its consequences, except an acceleration due to nonpayment of principal or interest on such series, if the rescission would not conflict with any judgment or decree and if all existing events of default with respect to such series have been cured or waived.

The indenture also provides that the holders of at least a majority in principal amount of the outstanding debt securities of any series, by notice to the trustee, may, on behalf of all holders, waive any existing default and its consequences with respect to such series of debt securities, other than any event of default in payment of principal or interest.

The indenture will require the trustee to give notice to the holders of debt securities within 90 days after the trustee obtains knowledge of a default that has occurred and is continuing. However, the trustee may withhold notice to the holders of any series of debt securities of any default, except a default in payment of principal or interest, if any, with respect to such series of debt securities, if the trustee considers it in the interest of the holders of such series of debt securities to do so.

The holders of a majority of the outstanding principal amount of the debt securities of any series will have the right to direct the time, method and place of conducting any proceedings for any remedy available to the trustee with respect to such series, subject to limitations specified in the indenture.

Amendment, Supplement and Waiver

Without notice to or the consent of any holder, we and the trustee may amend or supplement the indenture or the debt securities of a series:


Convertible Notes and the exercise of the Warrants by each Selling Stockholder is subject to a beneficial ownership limitation of 9.9%, which limitation restricts the Selling Stockholder from converting that portion of the 2028 Convertible Notes, receiving shares of common stock pursuant to the terms of the 2028 Convertible Notes, or exercising that portion of the Warrants that would result in the Selling Stockholder and its affiliates owning, after conversion, receipt or exercise, as applicable, a number of shares of common stock in excess of the applicable beneficial ownership limitation. The amounts and percentages in the table give effect to these beneficial ownership limitations. Highbridge Capital Management, LLC is the trading manager of the funds covered hereby (the “Highbridge Selling Shareholders”). The Highbridge Selling Shareholders disclaim beneficial ownership over these shares. The business address of Highbridge Capital Management, LLC is 277 Park Avenue, 23rd floor, New York, NY 10172.

 

to cure any ambiguity, omission, defect or inconsistency;

to comply with the provisions of the indenture regarding the consolidation, merger, sale, lease, conveyance or other disposition of all or substantially all of our assets;

to provide that specific provisions of the indenture shall not apply to a series of debt securities not previously issued or to make a change to specific provisions of the indenture that only applies to any series of debt securities not previously issued or to additional debt securities of a series not previously issued;

to create a series and establish its terms;

to provide for uncertificated debt securities in addition to or in place of certificated debt securities;

to release a guarantor in respect of any series which, in accordance with the terms of the indenture applicable to such series, ceases to be liable in respect of its guarantee;

to add a guarantor subsidiary in respect of any series of debt securities;

to secure any series of debt securities;

to add to the covenants of Progenity for the benefit of the holders or surrender any right or power conferred upon Progenity;

to appoint a successor trustee with respect to the securities;

to comply with requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture Act;

to make any change that does not adversely affect the rights of holders; or

to conform the provisions of the indenture to the final offering document in respect of any series of debt securities.

The indenture will provide that we and the trustee may amend or supplement any provision of the debt securities of a series or of the indenture relating to such series with the written consent of the holders of at least a majority in principal amount of the outstanding debt securities of such series. However, without the consent of each holder of a debt security the terms of which are directly amended, supplemented or waived, an amendment, supplement or waiver may not:

reduce the amount of debt securities of such series whose holders must consent to an amendment, supplement or waiver;

reduce the rate of or extend the time for payment of interest, including defaulted interest;

reduce the principal of or extend the fixed maturity of any debt security or alter the provisions with respect to redemptions or mandatory offers to repurchase debt securities of a series in a manner adverse to holders;

make any change that adversely affects any right of a holder to convert or exchange any debt security into or for shares of our common stock or other securities, cash or other property in accordance with the terms of such security;

modify the ranking or priority of the debt securities of the relevant series;

release any guarantor of any series from any of its obligations under its guarantee or the indenture otherwise than in accordance with the terms of the indenture;

make any change to any provision of the indenture relating to the waiver of existing defaults, the rights of holders to receive payment of principal and interest on the debt securities, or to the provisions regarding amending or supplementing the indenture or the debt securities of a particular series with the written consent of the holders of such series, except to increase the percentage required for modification or waiver or to provide for consent of each affected holder of debt securities of such series;

waive a continuing default or event of default in the payment of principal of or interest on the debt securities; or

make any debt security payable at a place or in money other than that stated in the debt security, or impair the right of any holder of a debt security to bring suit as permitted by the indenture.

The holders of a majority in aggregate principal amount of the outstanding debt securities of such series may, on behalf of all holders of debt securities of that series, waive any existing default under, or compliance with, any provision of the debt securities of a particular series or of the indenture relating to a particular series of debt securities, other than any event of default in payment of interest or principal.9

Defeasance

The indenture will permit us to terminate all our respective obligations under the indenture as they relate to any particular series of debt securities, other than the obligation to pay interest, if any, on and the principal of the debt securities of such series and certain other obligations, at any time by:

depositing in trust with the trustee, under an irrevocable trust agreement, money or government obligations in an amount sufficient to pay principal of and interest, if any, on the debt securities of such series to their maturity or redemption; and

complying with other conditions, including delivery to the trustee of an opinion of counsel to the effect that holders will not recognize income, gain or loss for federal income tax purposes as a result of our exercise of such right and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case otherwise.

The indenture will also permit us to terminate all of our respective obligations under the indenture as they relate to any particular series of debt securities, including the obligations to pay interest, if any, on and the principal of the debt securities of such series and certain other obligations, at any time by:

depositing in trust with the trustee, under an irrevocable trust agreement, money or government obligations in an amount sufficient to pay principal and interest, if any, on the debt securities of such series to their maturity or redemption; and

complying with other conditions, including delivery to the trustee of an opinion of counsel to the effect that (A) we have received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date such series of debt securities were originally issued, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion of counsel shall state that, holders will not recognize income, gain or loss for federal income tax purposes as a result of our exercise of such right and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case otherwise.

In addition, the indenture will permit us to terminate substantially all our respective obligations under the indenture as they relate to a particular series of debt securities by depositing with the trustee money or government obligations sufficient to pay all principal and interest on such series at its maturity or redemption date if the debt securities of such series will become due and payable at maturity within one year or are to be called for redemption within one year of the deposit.

Transfer and Exchange

A holder will be able to transfer or exchange debt securities only in accordance with the indenture. The registrar may require a holder, among other things, to furnish appropriate endorsements and transfer documents, and to pay any taxes and fees required by law or permitted by the indenture.

Concerning the Trustee

The indenture will contain limitations on the rights of the trustee, should it become our creditor, to obtain payment of claims in specified cases or to realize on property received in respect of any such claim as security or otherwise. The indenture will permit the trustee to engage in other transactions; however, if it acquires any conflicting interest, it must eliminate such conflict or resign.

The indenture will provide that in case an event of default occurs and is not cured, the trustee will be required, in the exercise of its power, to use the degree of care of a prudent person in similar circumstances in the conduct of such person’s own affairs. The trustee shall be under no obligation to exercise any of the rights or powers vested in it by the indenture at the request or direction of any of the holders pursuant to the indenture, unless such holders shall have offered to the trustee security or indemnity satisfactory to the trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

No Recourse Against Others

The indenture will provide that there is no recourse under any obligation, covenant or agreement in the applicable indenture or with respect to any debt security against any of our or our successor’s past, present or future stockholders, employees, officers or directors.

Governing Law

The laws of the State of New York will govern the indenture and the debt securities.

Warrants

We may issue warrants for the purchase of common stock, preferred stock and/or debt securities in one or more series, from time to time. We may issue warrants independently or together with common stock, preferred stock and/or debt securities, and the warrants may be attached to or separate from those securities.

If we issue warrants, they will be evidenced by warrant agreements or warrant certificates issued under one or more warrant agreements, which are contracts between us and an agent for the holders of the warrants. We urge you to read the prospectus supplement related to any series of warrants we may offer, as well as the complete warrant agreement and warrant certificate that contain the terms of the warrants. If we issue warrants, forms of warrant agreements and warrant certificates relating to warrants for the purchase of common stock, preferred stock and debt securities will be incorporated by reference into the registration statement of which this prospectus is a part from reports we would subsequently file with the SEC.

Units

We may issue units consisting of any combination of the other types of securities offered under this prospectus in one or more series. We may evidence each series of units by unit certificates that we will issue under a separate agreement. We may enter into unit agreements with a unit agent. Each unit agent will be a bank or trust company that we select. We will indicate the name and address of the unit agent in the applicable prospectus supplement relating to a particular series of units.

The following description, together with the additional information included in any applicable prospectus supplement, summarizes the general features of the units that we may offer under this prospectus. You should read any prospectus supplement and any free writing prospectus that we may authorize to be provided to you related to the series of units being offered, as well as the complete unit agreements that contain the terms of the units. Specific unit agreements will contain additional important terms and provisions and we will file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference from another report that we file with the SEC, the form of each unit agreement relating to units offered under this prospectus.

If we offer any units, certain terms of that series of units will be described in the applicable prospectus supplement, including, without limitation, the following, as applicable:

the title of the series of units;

identification and description of the separate constituent securities comprising the units;

the price or prices at which the units will be issued;

the date, if any, on and after which the constituent securities comprising the units will be separately transferable;

a discussion of certain United States federal income tax considerations applicable to the units; and

any other terms of the units and their constituent securities.


PLAN OF DISTRIBUTION

We are registering the resale by the Selling Stockholders or their permitted transferees of up to 71,068,767 Shares as described in this prospectus.

We will not receive any of the proceeds from the sale of the Shares offered by this prospectus. However, upon any cash exercise of the Warrants by the Selling Stockholders, we will receive cash proceeds per share equal to the exercise price of the Warrants.

We will not pay any brokers’ or underwriters’ discounts and commissions in connection with the registration and sale of the Shares covered by this prospectus. The Selling Stockholders reserve the right to accept and, together with their respective agents, to reject, any proposed purchases of Shares to be made directly or through agents.

Subject to the limitations set forth in any applicable registration rights agreement, the Shares offered by this prospectus may sell the securitiesbe sold from time to time pursuant to underwritten public offerings, negotiated transactions, block tradespurchasers:

directly by the Selling Stockholders;

through underwriters, broker-dealers or agents, who may receive compensation in the form of discounts, commissions or agent’s commissions from the Selling Stockholders or the purchasers of the Shares; or

through a combination of any of these methods.methods of sale.

Any underwriters, broker-dealers or agents who participate in the sale or distribution of the Shares may be deemed to be “underwriters” within the meaning of the Securities Act. As a result, any discounts, commissions or concessions received by any such broker-dealer or agents who are deemed to be underwriters will be deemed to be underwriting discounts and commissions under the Securities Act.

In compliance with the guidelines of the Financial Industry Regulatory Authority (“FINRA”), the aggregate maximum discount, commission, fees or other items constituting underwriting compensation to be paid by the Company and to be received by any FINRA member or independent broker-dealer will not exceed 8% of the gross proceeds of any offering by the Company pursuant to this prospectus and any applicable prospectus supplement. If at the time of any offering made under this prospectus a member of FINRA participating in the offering has a “conflict of interest” as defined in FINRA Rule 5121 (“Rule 5121”), that offering will be conducted in accordance with the relevant provisions of Rule 5121. Underwriters are subject to the prospectus delivery requirements of the Securities Act and may be subject to certain statutory liabilities under the Securities Act and the Exchange Act. We will make copies of this prospectus available to the Selling Stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act.

To our knowledge, there are currently no plans, arrangements or understandings between the Selling Stockholders and any underwriter, broker-dealer or agent regarding the sale of the Shares by the Selling Stockholders. Upon our notification by a Selling Stockholder that any material arrangement has been entered into with an underwriter or broker-dealer for the sale of Shares through a block trade, special offering, exchange distribution, secondary distribution or a purchase by an underwriter or broker-dealer, we will file, if required by applicable law or regulation, a supplement to this prospectus pursuant to Rule 424(b) under the Securities Act disclosing certain material information relating to such underwriter or broker-dealer and such offering.

The Shares may sell the securities to or through underwriters or dealers, through agents, or directly tobe sold in one or more purchasers. Wetransactions at:

fixed prices;

prevailing market prices at the time of sale;

10


prices related to such prevailing market prices;

varying prices determined at the time of sale; or

negotiated prices.

These sales may distribute securities from time to timebe effected in one or more transactions:

 

atthrough one or more underwritten offerings on a fixed pricefirm commitment or prices, which may be changed;best efforts basis;

 

settlement of short sales entered into after the date of this prospectus;

agreements with broker-dealers to sell a specified number of the Shares at marketa stipulated price per share;

in “at the market” offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale;

sale or at prices related to such prevailing market prices;prices, including sales made directly on a national securities exchange or sales made through a market maker other than on an exchange or other similar offerings through sales agents;

in privately negotiated transactions;

through trading plans entered into by the Selling Stockholders pursuant to Rule 10b5-1 under the Exchange Act that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of their securities on the basis of parameters described in such trading plans;

in ordinary brokerage transactions in which the broker solicits purchasers;

in block trades in which the broker-dealer so engaged will attempt to sell the Shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

directly to purchasers, including through a specific bidding, auction or other process;

through the writing of options (including the issuance by the Selling Stockholders of derivative securities) or other hedging transactions, whether through an options exchange or otherwise;

in distributions to members, limited partners or stockholders of the Selling Stockholders;

on any national securities exchange or quotation service on which the Shares may be listed or quoted at the time of sale, including Nasdaq;

in the over-the-counter market;

in transactions otherwise than on such exchanges or services or in the over-the-counter market;

any other method permitted by applicable law; or

 

at negotiated prices.through any combination of the foregoing.

WeThese transactions may include block transactions or crosses. Crosses are transactions in which the same broker acts as an agent on both sides of the trade.

In connection with distributions of the Shares or otherwise, the Selling Stockholders may enter into hedging transactions with broker-dealers or other financial institutions. In connection with such transactions, broker-dealers or other financial institutions may engage in short sales of the securities in the course of hedging transactions, broker-dealers or other financial institutions may engage in short sales of the Shares in the course of hedging the positions they assume with the Selling Stockholders. The Selling Stockholders may also sell equity securities coveredthe Shares short and redeliver the Shares to close out such short positions. The Selling Stockholders may also enter into option or other transactions with broker-dealers or other financial institutions which require the delivery to such broker-dealer or other financial institution of the Shares offered by this registration statement in an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act. Such offeringprospectus, which Shares such broker-dealer or other financial institution may be made into an existing trading market for such securities in transactions at other than a fixed price, either:

on or through the facilities of The Nasdaq Global Market or any other securities exchange or quotation or trading service on which such securities may be listed, quoted or traded at the time of sale; and/or

to or through a market maker otherwise than on The Nasdaq Global Market or such other securities exchanges or quotation or trading services.

Such at the market offerings, if any, may be conducted by underwriters acting as principal or agent.

A prospectus supplement or supplements (and any related free writing prospectus that we may authorize to be provided to you) will describe the terms of the offering of the securities, including, to the extent applicable:

the name or names of any underwriters, dealers or agents, if any;

the purchase price of the securities and the proceeds we will receive from the sale;

any options under which underwriters may purchase additional securities from us;

any agency fees or underwriting discounts and other items constituting agents’ or underwriters’ compensation;

any public offering price;

any discounts or concessions allowed or re-allowed or paid to dealers; and

any securities exchange or market on which the securities may be listed.

Only underwriters named in the prospectus supplement are underwriters of the securities offered by the prospectus supplement.

If underwriters are used in the sale, they will acquire the securities for their own account and may resell the securities from time to time in one or more transactions at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase the securities will be subject to the conditions set forth in the applicable underwriting agreement. We may offer the securities to the public through underwriting syndicates represented by managing underwriters or by underwriters without a syndicate. Subject to certain conditions, the underwriters will be obligated to purchase all of the securities offered by the prospectus supplement. Any public offering price and any discounts or concessions allowed or re-allowed or paid to dealers may change from time to time. We may use underwriters with whom we have a material relationship. We will describe in the prospectus supplement, naming the underwriter, the nature of any such relationship.

We may sell securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of securities, and we will describe any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, our agent will act on a best-efforts basis for the period of its appointment.

We may authorize agents or underwriters to solicit offers by certain types of institutional investors to purchase securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. We will describe the conditions to these contracts and the commissions we must pay for solicitation of these contracts in the prospectus supplement.

We may provide agents and underwriters with indemnification against civil liabilities related to offerings pursuant to this prospectus including liabilities under(as supplemented or amended to

11


reflect such transaction). The Selling Stockholders may also pledge the Securities Act,Shares to a broker-dealer or contribution with respectother financial institution, and, upon a default, such broker-dealer or other financial institution, may effect sales of the pledged Shares pursuant to paymentsthis prospectus (as supplemented or amended to reflect such transaction).

It is possible that the agentsone or underwriters may make with respect to these liabilities. Agents and underwriters may engage in transactions with, or perform services for, us in the ordinary course of business.

All securities we offer, other than our shares of common stock, will be new issues of securities with no established trading market. Anymore underwriters may make a market in these securities,our Shares, but such underwriters will not be obligated to do so and may discontinue any market making at any time without notice. We cannot guaranteegive any assurance as to the liquidity of the trading marketsmarket for any securities.our Shares.

Any underwriterOur shares are currently listed on the Nasdaq Global Market under the symbol “BIOR.”

In effecting sales, broker-dealers or agents engaged by the Selling Stockholders may arrange for other broker-dealers to participate. Broker-dealers or agents may receive commissions, discounts or concessions from the Selling Stockholders in amounts to be negotiated immediately prior to the sale.

The underwriters, broker-dealers and agents that may engage in overallotment, stabilizing transactions with us or the Selling Stockholders, may have banking, lending or other relationships with us or perform services for us or the Selling Stockholders, in the ordinary course of business.

In order to comply with the securities laws of certain states, if applicable, the Shares must be sold in such jurisdictions only through registered or licensed brokers or dealers. In addition, in certain states the Shares may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

The Selling Stockholders and any other persons participating in the sale or distribution of the Shares will be subject to applicable provisions of the Securities Act and the Exchange Act, and the rules and regulations thereunder, including, without limitation, Regulation M. These provisions may restrict certain activities of, and limit the timing of purchases and sales of any of the Shares by, the Selling Stockholders or any other person, which limitations may affect the marketability of the Shares.

The Selling Stockholders may enter into derivative transactions with third parties, or sell shares not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell the Shares covered by this prospectus and the applicable prospectus supplement, including in short coveringsale transactions. If so, the third party may use Shares pledged by any of the Selling Stockholders or borrowed from any of the Selling Stockholders or others to settle those sales or to close out any related open borrowings of stock, and may use Shares received from any of the Selling Stockholders in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and penalty bidswill be identified in the applicable prospectus supplement (or a post-effective amendment). In addition, any of the Selling Stockholders may otherwise loan or pledge the Shares to a financial institution or other third party that in turn may sell the Shares short using this prospectus. Such financial institution or other third party may transfer its economic short position to investors in our Shares or in connection with a concurrent offering of other securities.

At the time a particular offering of the Shares is made, to the extent required, an accompanying prospectus supplement, or, if appropriate, a post-effective amendment to the registration statement of which this prospectus forms a part, will be prepared and distributed, which will set forth the names of the Selling Stockholders, the aggregate amount of Shares being offered and the terms of the offering, including, to the extent required, (1) the name or names of any underwriters, broker-dealers or agents, (2) any discounts, commissions and other terms constituting compensation from the Selling Stockholders and (3) any discounts, commissions or concessions allowed or reallowed to be paid to broker-dealers. We may suspend the sale of Shares by the Selling Stockholders pursuant to this prospectus for certain periods of time for certain reasons, including if the prospectus is required to be supplemented or amended to include additional material information.

12


The Selling Stockholders also may transfer the Shares in other circumstances, in which case the transferees, pledgees or other successors-in-interest will be the selling beneficial owners for purposes of this prospectus. Upon being notified by either of the Selling Stockholders that a donee, pledgee, transferee, other successor- in-interest intends to sell our Shares, we will, to the extent required, promptly file a supplement to this prospectus to name specifically such person as a selling stockholder.

The Selling Stockholders will act independently of us in making decisions with respect to the timing, manner, and size of each resale or other transfer. There can be no assurance that the Selling Stockholders will sell any or all of the Shares under this prospectus. Further, we cannot assure you that the Selling Stockholders will not transfer, distribute, devise or gift the Shares by other means not described in this prospectus. In addition, any Shares covered by this prospectus that qualify for sale under Rule 144 of the Securities Act may be sold under Rule 144 rather than under this prospectus. The Shares may be sold in some states only through registered or licensed brokers or dealers. In addition, in some states the Shares may not be sold unless they have been registered or qualified for sale or an exemption from registration or qualification is available and complied with.

The Selling Stockholders may, from time to time, pledge or grant a security interest in some of the Shares owned by them and, if any of the Selling Stockholders default in their performance of its secured obligations, the pledgees or secured parties may offer and sell such Shares, from time to time, under this prospectus, or under an amendment or supplement to this prospectus amending the list of the Selling Stockholders to include the pledgee, transferee or other successors in interest as the Selling Stockholders under this prospectus. The Selling Stockholders also may transfer the Shares in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

The Selling Stockholders are each an entity that may elect to make an in-kind distribution of the Shares to its members, partners or shareholders pursuant to this prospectus by delivering a prospectus. To the extent that such members, partners or shareholders are not affiliates of ours, such members, partners or stockholders would thereby receive freely tradable Shares pursuant to the distribution through this prospectus.

For additional information regarding expenses of registration, see the section titled “Use of Proceeds” appearing elsewhere in this prospectus.

We have agreed with the Selling Stockholders to keep the registration statement of which this prospectus constitutes a part effective until such time as all of the Shares covered by this prospectus have been disposed of pursuant to and in accordance with Regulation M under the Exchange Act. Overallotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum. Short covering transactions involve purchases of the securities in the open market after the distribution is completed to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a stabilizingregistration statement or covering transaction to cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities at any time. These transactions may be effected on any exchange or over-the-counter market or otherwise.such Shares have been withdrawn.

Any underwriters who are qualified market makers on The Nasdaq Global Market may engage in passive market making transactions in the securities on The Nasdaq Global Market in accordance with Rule 103 of Regulation M, during the business day prior to the pricing of the offering, before the commencement of offers or sales of the securities. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker’s bid, however, the passive market maker’s bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.

13


LEGAL MATTERS

Certain legal matters includingrelating to the legalityvalidity of the securitiesShares offered by this prospectus will be passed upon for us by Gibson, Dunn & Crutcher LLP, San Francisco, California. Additional legal matters may be passed upon for us or any underwriters, dealers or agents, by counsel that we will name in the applicable prospectus supplement.

EXPERTS

The consolidated financial statements of Progenity,Biora Therapeutics, Inc. as of December 31, 20202022 and 2021, and for each of the years in the two-year period ended December 31, 2019, and for the years then ended,2022, have been incorporated by reference herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. The audit report covering the December 31, 20202022 consolidated financial statements contains an explanatory paragraph that states that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of that uncertainty.

14


WHERE YOU CAN FIND ADDITIONALMORE INFORMATION

We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet at the SEC’s website at http://www.sec.gov. Copies of certain information filed by us with the SEC are also available on our website at www.progenity.com.www.bioratherapeutics.com. Our website is not a part of this prospectus and is not incorporated by reference in this prospectus.

This prospectus is part of a registration statement that we filed with the SEC. This prospectus omits some information contained in the registration statement in accordance with SEC rules and regulations. You should review the information and exhibits in the registration statement for further information about us and our subsidiaries and the securities we are offering. Statements in this prospectus concerning any document we filed as an exhibit to the registration statement or that we otherwise filed with the SEC are not intended to be comprehensive and are qualified by reference to these filings. You should review the complete document to evaluate these statements.

15


INFORMATION INCORPORATED BY REFERENCE

The SEC allows us to “incorporate by reference” information from other documents that we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus. Information in this prospectus supersedes information incorporated by reference that we filed with the SEC prior to the date of this prospectus.

We incorporate by reference into this prospectus and the registration statement of which this prospectus is a part the information or documents listed below that we have filed with the SEC:

 

 1.

Our Annual Report on  Form 10-K for the fiscal year ended December 31, 2020,2022, filed with the SEC on March 18, 2021,30, 2023, including the information specifically incorporated by reference therein from our Definitive Proxy Statement on  Schedule 14A, filed with the SEC on April 15, 2021;27, 2023;

 

 2.

Our Quarterly Report on Form 10-Q for the quarterquarters ended March  31, 2021,2023, June  30, 2023 and September 30, 2023, filed with the SEC on May 15, 2023, August 14, 2023 and November 13, 2021;2023, respectively;

 

 3.

Our Current Reports on Form 8-K filed with the SECfiled on February 25, 2021January 9, 2023, January  12, 2023, January  20, 2023, April  7, 2023, June  2, 20218, 2023, June  14, 20212023, June 16, 2021  15, 2023, September  19, 2023, October  6, 2023, October  11, 2023, October  13, 2023, December  1, 2023, December  15, 2023 and June 30, 2021December 18, 2023; and

 

 4.

The description of our common stock contained in our Registration Statement on  Form 8-A filed with the SEC on June 16, 2020, as well as any subsequent amendments or reports filed for the purpose of updating such description.

In addition, all documents (other than current reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits filed on such form that are related to such items) that are filed by us with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial registration statement of which this prospectus is a part and prior to the effectiveness of such registration statement and all documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of the offering (excluding any information furnished rather than filed) shall be deemed to be incorporated by reference into this prospectus.

Notwithstanding the statements in the preceding paragraphs, no document, report or exhibit (or portion of any of the foregoing) or any other information that we have “furnished” to the SEC pursuant to the Exchange Act shall be incorporated by reference into this prospectus.

We will furnish without charge to you, on written or oral request, a copy of any or all of the documents incorporated by reference in this prospectus, including exhibits to these documents. You should direct any requests for documents to Progenity,Biora Therapeutics, Inc., 4330 La Jolla Village Drive, Suite 200,300, San Diego, CA 92122, telephone: (855) 293-2639.(833) 727-2841. You also may access these filings on our website at www.progenity.com.www.bioratherapeutics.com. We do not incorporate the information on our website into this prospectus and you should not consider any information on, or that can be accessed through, our website as part of this prospectus (other than those filings with the SEC that we specifically incorporate by reference into this prospectus).

Any statement contained in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed modified, superseded or replaced for purposes of this prospectus to the extent that a statement contained in this prospectus modifies, supersedes or replaces such statement.

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PART II

INFORMATION NOT REQUIRED IN THE PROSPECTUS

 

Item 14.

Other Expenses of Issuance and Distribution

The following table sets forth an estimate of the fees and expenses, other than the underwriting discounts and commissions, payable by the registrant in connection with the issuance and distribution of the securities being registered. All the amounts shown are estimates, except for the SEC registration fee.

 

   Amount 

SEC registration fee

  $21,820 

Printing and engraving expenses

   * 

Legal fees and expenses

   * 

Accounting fees and expenses

   * 

Transfer agent and registrar fees and expenses

   * 

Miscellaneous fees and expenses

   * 
  

 

 

 

Total

  $* 

*

These fees are calculated based on the securities offered and the number of issuances and accordingly cannot be estimated at this time.

Item 

  Amount 

SEC registration fee

  $12,641 

Legal fees and expenses

   50,000 

Accounting fees and expenses

   35,000 

Printing and miscellaneous expenses

   12,359 
  

 

 

 

Total

  $110,000 
  

 

 

 

 

Item 15.

Indemnification of DirectorsOfficers and OfficersDirectors

The companyCompany is a Delaware corporation. Section 145(a) of the Delaware General Corporation Law, or the DGCL, provides that a Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, other than an action by or in the right of the corporation, by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

Section 145(b) of the DGCL provides that a Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person acted in any of the capacities set forth above, against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation, unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine, upon application, that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.

Further subsections of DGCL Section 145 provide that:

(1) to the extent a present or former director or officer of a corporation has been successful on the merits or otherwise in the defense of any action, suit or proceeding referred to in subsections (i) and (ii) of Section 145 or in the defense of any claim, issue or matter therein, such person shall be

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indemnified against expenses, including attorneys’ fees, actually and reasonably incurred by such person in connection therewith;

(2) the indemnification and advancement of expenses provided for pursuant to Section 145 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise; and

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(3) the corporation shall have the power to purchase and maintain insurance of behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the corporation would have the power to indemnify such person against such liability under Section 145.

As used in this Item 14, the term “proceeding” means any threatened, pending or completed action, suit or proceeding, whether or not by or in the right of the company,Company, and whether civil, criminal, administrative, investigative or otherwise.

Section 145 of the DGCL makes provision for the indemnification of officers and directors in terms sufficiently broad to indemnify officers and directors of the companyCompany under certain circumstances from liabilities (including reimbursement for expenses incurred) arising under the Securities Act. The company’sCompany’s organizational documents provide, in effect, that, to the fullest extent and under the circumstances permitted by Section 145 of the DGCL, the companyCompany will indemnify any and all of its officers and directors. The companyCompany has entered into indemnification agreements with its officers and directors. The companyCompany may, in its discretion, similarly indemnify its employees and agents. The company’sCompany’s certificate of incorporation also relieves its directors from monetary damages to the companyCompany or its stockholders for breach of such director’s fiduciary duty as a director to the fullest extent permitted by the DGCL. Under Section 102(b)(7) of the DGCL, a corporation may relieve its directors from personal liability to such corporation or its stockholders for monetary damages for any breach of their fiduciary duty as directors except (i) for a breach of the duty of loyalty, (ii) for failure to act in good faith, (iii) for intentional misconduct or knowing violation of law, (iv) for willful or negligent violations of certain provisions in the DGCL imposing certain requirements with respect to stock repurchases, redemptions and dividends or (v) for any transactions from which the director derived an improper personal benefit.

The companyCompany has purchased insurance policies that, within the limits and subject to the terms and conditions thereof, cover certain expenses and liabilities that may be incurred by directors and officers in connection with proceedings that may be brought against them as a result of an act or omission committed or suffered while acting as a director or officer of the company.Company.

 

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Item 16.

Exhibits

A list of exhibits filed with this registration statement on Form S-3 is set forth on the Exhibit Index and is incorporated herein by reference.

 

Exhibit No.
Number
  

Description

    3.1Certificate of Incorporation, dated as of June 23, 2020 (incorporated by reference to the Company’s Form 8-K filed on June 26, 2020).
1.1*Form of Underwriting Agreement
3.1    3.2  Certificate of Amendment of the Eighth Amended and Restated Certificate of Incorporation of the registrant (filed with the SEC as Exhibit 3.1Biora Therapeutics, Inc., effective April  26, 2022 (incorporated by reference to the registrant’sCompany’s Form 8-K filed on April 27, 2022).
    3.3Second Certificate of Amendment of the Eighth Amended and Restated Certificate of Incorporation of Biora Therapeutics, Inc., effective January  3, 2023 (incorporated by reference to the Company’s Form 8-K filed on June 26, 2020)December 30, 2022).
3.2    3.4  Third Amended and Restated Bylaws of the registrant (filed with the SEC as Exhibit 3.2Biora Therapeutics, Inc. (incorporated by reference to the registrant’sCompany’s Form 8-K filed on June 26, 2020)November 28, 2022).
4.1  Form of common stock certificate of the registrant (filed with the SEC as Exhibit 4.1(incorporated by reference to the registrant’sCompany’s Form S-1/Afiled on June 4, 2020).
4.2Fourth Amended and Restated Investors’ Rights Agreement, dated as of August 27, 2019, by and among Progenity, Inc. and certain of its stockholders (filed with the SEC as Exhibit 4.5 to the registrant’s Form S-1 filed on May 27, 2020).
4.3Amendment No.  1 to Fourth Amended and Restated Investors’ Rights Agreement, dated as of November 10, 2020, by and among Progenity, Inc., and certain of its stockholders (filed with the SEC as Exhibit 4.6 to the registrant’s Form S-1 filed on November 30, 2020).
4.4Amendment No.  2 to Fourth Amended and Restated Investors’ Rights Agreement, dated as of December 7, 2020, by and among Progenity, Inc., and certain of its stockholders (filed with the SEC as Exhibit 4.7 to the registrant’s Form 10-K filed on March 18, 2021).
4.5Amendment No. 3 to Fourth Amended and Restated Investors’ Rights Agreement, dated as of May  27, 2021, by and among Progenity, Inc. and certain of its stockholders (filed with the SEC as Exhibit 4.8 to the registrant’s Form S-1 filed on June 17, 2021).
4.6  Indenture, dated as of December  7, 2020,19, 2023, between Progenity, Inc.the Company and The Bank of New York MellonGLAS Trust Company N.A.,LLC, as trustee (filed with the SEC as Exhibit 4.1(incorporated by reference to the registrant’sCompany’s Form 8-K filed on December 7, 2020)18, 2023).

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Exhibit
Number

Description

    4.3Form of certificate representing the 11.00 / 13.00% Convertible Senior Secured Notes due 2028 (included as Exhibit A to Exhibit 4.2).
4.7    4.4  Form of warrant (filed withCommitment Warrant (incorporated by reference to the SEC as Exhibit 4.1 to registrant’sCompany’s Form 8-K filed on February 25, 2021)December 18, 2023).
4.8    4.5  Form of Debt Indenture.Additional Warrant (incorporated by reference to the Company’s Form 8-K filed on December 18, 2023).
4.9*    4.6  Form of Debt Securities.Exchange Warrant (incorporated by reference to the Company’s Form 8-K filed on December 18, 2023).
4.10*Form of Warrant Agreement and Warrant Certificate.
4.11*Form of Unit Agreement and Unit Certificate.
5.1    5.1*  Opinion of Gibson, Dunn & Crutcher LLP.
23.1  10.1Form of Note Purchase Agreement between the Company and the Purchasers named therein (incorporated by reference to the Company’s Form 8-K filed on December 18, 2023).
  10.2Form of Note Exchange Agreement between the Company and the Holders named therein (incorporated by reference to the Company’s Form 8-K filed on December 18, 2023).
  10.3Form of Registration Rights Agreement between the Company and the Investors named therein (incorporated by reference to the Company’s Form 8-K filed on December 18, 2023).
  23.1*  Consent of Independent Registered Public Accounting Firm.
23.2  23.2*  Consent of Gibson, Dunn & Crutcher LLP (see(included in Exhibit 5.1).
24.1  24.1*  Power of Attorney (included on Signaturesignature page).
25.1**107*  Statement of Eligibility of Trustee under the Indenture.Filing Fee Table.

 

*

To be filed, if necessary, by amendment or as an exhibit to a document to be incorporated or deemed to be incorporated by reference in this registration statement, including a Current Report on Form 8-K.

**

To be filed in accordance with the requirements of Section 305(b)(2) of the Trust Indenture Act of 1939, as amended, and the applicable rules thereunder.Filed herewith.

 

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Item 17.

Undertakings

(a) The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) toTo include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

(ii) toTo reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the CommissionSEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and

(iii) toTo include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the CommissionSEC by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the

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registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which thatthe prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or

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prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(6)(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to sectionSection 13(a) or sectionSection 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual

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report pursuant to sectionSection 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(7) That, for purposes of determining any liability under the Securities Act, (i) the information omitted from the form of prospectus filed as part of the registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the registrant pursuant to Rule 424(b)(l) or (4) or 497(h) under the Securities Act shall be deemed to be a part of the registration statement as of the time it was declared effective; and (ii) each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(8)(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange CommissionSEC such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

(9) To file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.

 

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Diego, State of California, on July 30, 2021.December 22, 2023.

 

Progenity,Biora Therapeutics, Inc.

By: 

/s/ Harry Stylli, Ph.D.Aditya P. Mohanty

 Harry Stylli, Ph.D.Aditya P. Mohanty
 Chairman and Chief Executive Officer


POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Eric d’Esparbes and Clarke W. Neumann, and each of them, as true and lawful attorneys-in-fact and agents, with full powers of substitution and resubstitution, for them and in their name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement (or any registration statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC, and generally to do all such things in their names and behalf in their capacities as officers and directors to enable the Progenity,Biora Therapeutics, Inc. to comply with the provisions of the Securities Act of 1933 and all requirements of the SEC, granting unto said attorneys-in-fact and and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, ratifying and confirming all that said attorneys-in-fact and and agents, or any of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

 

SignaturesSignature

  

Title

 

Date

/s/ Harry Stylli, Ph. D.Aditya P. Mohanty

Aditya P. Mohanty

  

Chairman and Chief Executive Officer and Director

(principal executive officer)

 July 30, 2021
Harry Stylli, Ph. D.December 22, 2023

/s/ Eric d’Esparbes

Eric d’Esparbes

  

Chief Financial Officer

(principal financial and accounting officer)

 July 30, 2021
Eric d’EsparbesDecember 22, 2023

/s/ Jeffrey Alter

Jeffrey Alter

  

Director and Chairman of the Board

 July 30, 2021
Jeffrey AlterDecember 22, 2023

/s/ Jeffrey Ferrell

Jeffrey Ferrell

  

Director

 July 30, 2021
Jeffrey FerrellDecember 22, 2023

/s/ Dr. Brian L. KotzinJill Howe

Jill Howe

  

Director

 July 30, 2021
Dr. Brian L. KotzinDecember 22, 2023

/s/ Dr. Samuel NussbaumBrian Kotzin, M.D.

Brian Kotzin, M.D.

  

Director

 July 30, 2021
Dr. Samuel NussbaumDecember 22, 2023

/s/ Lynne Powell

DirectorJuly 30, 2021

Lynne Powell

/s/ Surbhi Sarna

  

Director

 July 30, 2021
Surbhi SarnaDecember 22, 2023

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