Electra Therapeutics is the latest biotech to overshoot its own IPO expectations this year, with the inflammation-focused company bringing in $350 million from this morning’s Nasdaq listing.
South San Francisco-based Electra had been betting on selling 21.7 million shares priced around $15 apiece. But the biotech revealed Thursday evening that it managed to sell 23.3 million shares.
It means the IPO has brought in gross proceeds of $350 million—above the $296.6 million net proceeds that the company had predicted earlier this week. Electra has a chance to boost this windfall by a further $52.5 million if underwriters fully take up their option to buy an additional 3.5 million shares at the same price.
The stock is set to list on the Nasdaq Friday morning under the ticker “ETRA.”
The IPO funds will be added to the $97.7 million that the biotech was sitting on at the end of June, having raised a $183 million series C back in October 2025.
Top of the list of spending priorities is ipsoprubart, which targets signal regulatory proteins (SIRP) to selectively deplete pathological immune cells. The company has already earmarked $220 million to push 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 complete 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.
Another $25 million is needed to fund an ongoing phase 1 study of ipsoprubart in patients with natural killer/T cell malignancies, while $50 million is expected to be used to fund an ongoing early-stage 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.
Electra 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 a Securities and Exchange Commission filing earlier this week.
Electra has joined a growing list of biotechs that have entered the public market to a warm reception this year. The bumper run of IPOs in 2026 has included record-breaking listings from the likes of Parabilis Medicines and Kailera Therapeutics.