Polaryx Therapeutics, a Phase 2-ready biotech targeting rare lysosomal storage disorders, filed on Friday with the SEC to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; Polaryx Therapeutics will not raise new capital in its listing. The company did not disclose a reference price or anticipated timing of its listing.
In September 2025, Polaryx Therapeutics sold 1.9 million shares at a price of $0.64. If the company listed its shares at that price, it would command a market cap of $121 million.
Polaryx is a clinical-stage biotechnology company advancing four product candidates PLX-200, PLX-300, PLX-100, and PLX-400, to address lysosomal storage disorders, which affect an estimated 50,000 patients in the US, Europe, and other locations. Its lead candidate, PLX-200, holds three FDA orphan drug designations, is being pursued via a 505(b)(2) regulatory pathway, and is planned for a multi-indication Phase 2 basket trial expected to cover about 33% of the lysosomal storage disease (LSD) population; indications include neuronal ceroid lipofuscinoses, Krabbe disease, and Tay-Sachs and Sandhoff diseases.
The Paramus, NJ-based company was founded in 2014 plans to list on the Nasdaq under the symbol PLYX. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Maxim Group LLC will serve as a financial advisor.
