Braveheart Bio, a Phase 3-ready biotech developing oral small molecules for cardiovascular diseases, announced terms for its IPO on Thursday.
The San Francisco, CA-based company plans to raise $300 million by offering 18.8 million shares at a price range of $15 to $17. Fidelity has indicated on $75 million worth of shares in the offering (25% of the deal). At the midpoint of the proposed range, Braveheart Bio would command a fully diluted market value of $1.4 billion.
Braveheart Bio is a clinical-stage biopharmaceutical company developing therapies for hypertrophic cardiomyopathy (HCM) and other cardiovascular diseases. Its lead candidate, BHB-1893, is an oral small-molecule cardiac myosin inhibitor licensed from Jiangsu Hengrui Pharmaceuticals in September 2025, being developed for both obstructive (oHCM) and non-obstructive (nHCM) forms of HCM. In Phase 2 trials conducted by Hengrui, BHB-1893 showed rapid, substantial reductions in LVOT-G in oHCM patients and statistically significant improvements in cardiac biomarkers and diastolic function versus placebo in nHCM patients. The company's Phase 3 strategy draws on this data along with Hengrui's ongoing Phase 3 oHCM trial in Greater China of the same compound; Braveheart plans to initiate its own global Phase 3 trials in oHCM (LIONHEART-HCM) in the second half of 2026 and nHCM (NOBLEHEART-HCM) in the first half of 2027.
Braveheart Bio was founded in 2024. It plans to list on the Nasdaq under the symbol BRVE. Goldman Sachs, Jefferies, TD Cowen, Stifel, and Cantor Fitzgerald are the joint bookrunners on the deal. It is expected to price the week of August 3, 2026.
