Electra Therapeutics is hoping to raise up to $341.9 million in a surge of IPO funding to power the clinical development of its inflammatory disorder drug ipsoprubart.
South San Francisco-based Electra already mapped out its ambition to go public last month, but the company waited until this morning to put some specific figures onto those plans. The aim is for the biotech to offer 21.7 million shares, priced between $14 and $16 apiece, according to a Securities and Exchange Commission filing.
Assuming the final price falls in the middle of this range, Electra expects to rake in net proceeds of $296.6 million—rising to $341.9 million if underwriters fully take their option to buy an additional 3.2 million shares at the same price.
The company was sitting on $97.7 million at the end of June, having raised a $183 million series C back in October.
Electra revealed in this morning’s filing that it is expecting to spend $220 million to advance ipsoprubart through an ongoing phase 2/3 global study in secondary hemophagocytic lymphohistiocytosis (sHLH) and on towards an approval application.
sHLH is a rare, life-threatening hyperinflammatory syndrome caused by overactivation of the immune system. Cancer, infection, autoimmune disease and immunotherapy can all trigger the syndrome, which requires immediate intervention after arising.
Electra CEO Kathy Dong told Fierce last year that the phase 2/3 sHLH trial was expected to wrap enrollment in 2027 with topline data to follow shortly after. The trial follows a phase 1b study in malignancy-associated HLH—the syndrome when it is tied to cancer—in which ipsoprubart achieved a 100% overall survival rate at eight weeks among 12 frontline patients.
Ipsoprubart targets signal regulatory proteins (SIRP) to selectively deplete pathological immune cells. The company will need a further $25 million of the IPO funds to bankroll an ongoing phase 1 study of ipsoprubart in patients with natural killer/T cell malignancies, according to the filing.
Electra has earmarked another $50 million to fund an ongoing phase 1 study of ELA822 in healthy trial volunteers and to kick off a planned phase 1/2 study of the SIRP-targeting drug in patients with T cell-mediated immune disorders. ELA822 is a monoclonal antibody targeting signal regulatory protein gamma (SIRPγ) on immune cells.
The company came online in 2018 with the aim of exploring a new approach to targeting SIRPs, a family of cell surface receptors whose expression is restricted to specific immune cell populations. The biotech employs 46 full-time staffers, although the company referred to plans to increase its headcount in the filing.
Electra’s plans for an IPO come at a time when a growing list of biotechs have entered the public market to a warm reception. The bumper run of IPOs in 2026 has included record-breaking listings from the likes of Parabilis Medicines and Kailera Therapeutics.