Electra Therapeutics, a Phase 2/3 biotech developing SIRP-targeted antibodies for immune diseases and cancer, announced terms for its IPO on Monday.
The South San Francisco, CA-based company plans to raise $325 million by offering 21.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Electra Therapeutics would command a fully diluted market value of $976.1 million.
Electra Therapeutics is developing a class of precision medicines directed at signal regulatory proteins (SIRP) expressed on specific immune cell populations. Lead candidate ipsoprubart is a pan-SIRP monoclonal antibody designed to selectively deplete pathological myeloid cells and T cells, currently in the registrational Phase 2/3 SURPASS trial for secondary hemophagocytic lymphohistiocytosis (sHLH); Phase 1b data showed a 100% eight-week overall survival rate and 100% overall response rate in 12 frontline malignancy-associated HLH patients. Ipsoprubart is also in a Phase 1 trial for relapsed/refractory T and NK cell malignancies. Second candidate ELA822, a SIRPγ-specific antibody for chronic T cell-mediated immune disorders, began a Phase 1 trial in Europe in August 2026.
Electra Therapeutics was founded in 2018. It plans to list on the Nasdaq under the symbol ETRA. Jefferies, TD Cowen, Evercore ISI, and Cantor Fitzgerald are the joint bookrunners on the deal. It is expected to price on Thursday, September 17, 2026.
