Electra Therapeutics, Inc.

iStock, venimo Two RNA biotechs, ADARx Pharmaceuticals and City Therapeutics, are taking advantage of the IPO frenzy, which has led to a total of 27 newly public biotechs so far this year. ADARx Pharmaceuticals has surpassed its own IPO expectations, raising $446.3 million to go public. Meanwhile, City Therapeutics has filed plans to make its own public debut. ADARx hit the markets Friday with an upsized offering at $17 per share, higher than its previously expected $318.6 million target at an estimated $16 per share. In total, the California biotech sold 26.25 million shares of common stock, with underwriters given the option to purchase 3.9 million more shares within 30 days. Additionally, AbbVie is conducting a simultaneous private placement that will give the pharma about 4.9% of ADARx’s outstanding shares after the IPO closes. The pharma already has ties to ADARx, linking up last year via a licensing deal that included $335 million upfront to find new treatments across neuroscience, immunology and oncology. ADARx’s financing is the third largest biotech IPO so far this year, coming in after two industry record-breakers: Kailera Therapeutics at $625 million and Parabilis Medicines’ $670 million debut. ADARx will use the newfound cash to advance its siRNA candidate agazisiran, a complement factor B program, through mid-stage studies and beyond for several complement-mediated diseases. The biotech believes agazisiran represents a pipeline-in-a-product opportunity, with the potential to reduce infection risk across several indications. The proceeds will also move ADARx’s most mature asset onvuzosiran through Phase 3 testing in hereditary angioedema (HAE), with topline data expected by the end of next year. ADARx is led by CEO Zhen Li, who started her pharma career at Merck before cofounding the biotech. The company is the most recent industry addition to the public market, becoming the 27th industry IPO after Electra Therapeutics’ upsized $350 million last week. C-suite Zhen Li: A Reluctant Engineer Shaping the World of siRNA ADARx Pharmaceuticals CEO Zhen Li found her way to biopharma through Merck, where she was inspired by the application of powerful science to human medicine. July 23, 2025 · 4 min read · Annalee Armstrong Read more Meanwhile, another RNA biotech also plans to join the IPO frenzy. City Therapeutics, a member of BioSpace ’s 2026 NextGen class of startups to watch, intends to go public, according to a Thursday SEC filing . The RNAi biotech did not lay out how much money it planned to raise. Founded in 2023 by former Alnylam leader John Maraganore, City broke ground with a $135 million series A in the fall of 2024 and raised an additional $99.5 million in series B money this summer, with backing from big name investors such as ARCH Venture Partners, Fidelity and Regeneron Ventures, among others. The proceeds will go toward the clinical development of CITY-FXI, which is currently being evaluated in a Phase 1 trial for thrombosis, or the abnormal formation of blood clots. The IPO will also fuel trials for other assets and continue to build out City’s RNA platform. Over the past two weeks, three other biotechs—AI-centric Iambic Therapeutics, immunology-focused TRex Bio and cardiovascular company Retension Pharmaceuticals—have also filed to go public .

Electra Therapeutics 已于 2026年9月18日 开始在纳斯达克全球精选市场交易，股票代码 ETRA，发行价 15美元/股，发行 23,333,334股，募资总额约 3.5亿美元（承销折扣和费用前）。 公司总部位于美国加州南旧金山，是一家临床后期生物制药企业，核心方向是靶向 SIRP 的精准免疫药物。 核心管线：      ipsoprubart：泛SIRP单克隆抗体，正在开展针对 继发性噬血细胞性淋巴组织细胞增生症 的全球注册性临床试验；已获FDA突破性疗法认定和EMA优先药物认定。 ipsoprubart 肿瘤管线：同时在开展针对复发/难治性T细胞和NK细胞恶性肿瘤的I期试验。 ELA822：SIRPγ特异性抗体，面向慢性T细胞介导的免疫和炎症疾病，2026年8月已在欧洲启动I期试验。 上市背景与市场表现：     此次IPO属于扩大规模发行，原计划发行约2,167万股、募资约3.25亿美元，最终扩大至2,333万股、募资约3.5亿美元。 上市首日股价表现偏弱，收盘下跌约 11.67%，按收盘价计算市值约 8.1亿美元。       公司主要投资者包括 OrbiMed、Westlake BioPartners、Redmile Group；2025年10月完成约1.827亿美元C轮融资，由赛诺菲旗下投资部门、OrbiMed和Redmile领投。 截至2026年6月30日，公司持有现金及现金等价物约9,770万美元，2026年上半年净亏损约4,891万美元。 声明：本文信息来源于公开资料，仅供参考，不作为投资依据！

Novo plans to hit $23B in revenue by 2035, has further reduced its workforce by 4,000 and is boosting manufacturing capacity for its Wegovy pill, but investors are unconvinced it will be enough to turn things around; Viking Therapeutics and Roche report positive results for their weight loss assets; Ultragenyx snags FDA approval for its Sanfilippo syndrome gene therapy; IPOs keep on coming. > Listen on Spotify > Listen on Apple Products > Listen on Amazon Music > Listen on iHeart > Watch on YouTube Following Novo’s rebrand last week, the Danish pharma hosted its Capital Markets Day on Monday, unveiling CEO Maziar Mike Doustdar’s path to hitting $23 billion in sales in 2035 . Other updates include an additional workforce reduction of 4,000 staff , bringing the total number of Novo employees to 13,000 fewer than last year, before Doustdar implemented a major restructuring effort, plus plans to boost manufacturing capacity for the Wegovy pill to bring on 10-fold more patients . Still, investors were underwhelmed, sending the company’s stock down 8% by close on Monday. In the meantime, Novo is looking to expand its weight loss pipeline with three early-stage obesity molecules from Kallyope, including a potentially first-in-class therapeutic peptide and two small-molecule candidates. Novo also struck a partnership with fellow Danish company Orbis Medicines in a multi-drug deal worth up to $1.4 billion . This agreement focuses on the development of oral cardiometabolic drugs. While Novo and Eli Lilly are the undisputed frontrunners in the weight loss space, Viking Therapeutics has been a closely watched contender. In a Phase 1 exploratory study that read out on Tuesday, Truist Securities said the biotech landed in a “ best-case scenario ” with the injectable version of its GLP-1/GIP dual agonist VK2735 achieving 17.7% weight loss after 21 weeks—and the efficacy held up under less frequent dosing regimens, indicating the candidate’s potential in a maintenance setting. VK2735 also had a strong safety profile. Also on Tuesday, Roche announced that an asset picked up in its $2.7 billion acquisition of Carmot Therapeutics in 2023 reduced blood glucose and body weight in patients with type 2 diabetes in a mid-stage trial. This is one of many key catalysts that analysts had been watching for in Roche’s metabolic portfolio, which also includes work with Zealand Pharma. Meanwhile, Eli Lilly is exploring the many things GLPs can do outside of weight loss. Late last week, the Indianapolis pharma presented early data supporting the use of a GLP-1/GIP dual agonist called brenipatide in alcohol use disorder and depression. In the rare disease space, the FDA last week approved Ultragenyx’s gene therapy for Sanfilippo syndrome, a rare, fatal genetic brain disease in children that causes severe neurodegeneration. This followed last month’s approval for the company’s first gene therapy, for glycogen storage disease type Ia. But it’s not all good news for Ultragenyx. Earlier this month, the biotech announced that another asset, apazunersen, failed to improve cognition in a Phase 3 trial in Angelman syndrome. Finally, the IPO window continues to be wide open. Last week, Electra Therapeutics debuted on the market , making it the 26th biotech to go public this year. And at least four more biotechs have announced their intention to follow suit.