Polaryx Therapeutics, a Phase 2-ready biotech developing oral formulations of drugs for rare lysosomal storage disorders, announced that it plans to list on the Nasdaq today through a direct listing.
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; however, in September 2025, Polaryx Therapeutics sold 471,469 shares at a price of $2.51. If the company listed its shares at that price, it would command a market cap of about $119 million. The Nasdaq will conduct its usual process of accepting but not executing pre-opening buy and sell orders to arrive at a reference price for the direct listing ahead of trading.
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, is an oral formulation of gemfibrozil 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.
Polaryx Therapeutics plans to list on the Nasdaq under the symbol PLYX. Maxim Group acted as the financial advisor on the deal.
