Electra Therapeutics, a Phase 2/3 biotech developing SIRP-targeted antibodies for immune diseases and cancer, raised $350 million by offering 23.3 million shares at $15, within the $14 to $16 range. The company originally filed to offer 21.6 million shares at the same price range. At pricing, the company commands a fully diluted market value of $1.0 billion.
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.
The South San Francisco, CA-based company will trade on the Nasdaq under the symbol ETRA. Jefferies, TD Cowen, Evercore ISI, and Cantor Fitzgerald acted as joint bookrunners on the deal.
