City Therapeutics, a Phase 1 biotech developing RNA interference therapies for thromboembolic diseases, announced terms for its IPO on Friday.
The Cambridge, MA-based company plans to raise $175 million by offering 9.7 million shares at a price range of $17 to $19. At the midpoint of the proposed range, City Therapeutics would command a fully diluted market value of $1.0 billion.
City Therapeutics is a clinical-stage biotech developing RNA interference (“RNAi”) therapeutics designed to silence disease-relevant proteins. Its pipeline targets indications with significant unmet medical need, including thromboembolic diseases, Stargardt disease type 1, and anemia of chronic disease, where it believes RNAi offers a differentiated approach. Its lead candidate, CITY-FXI, is a City-engineered GalNAc-conjugated small interfering RNA (“siRNA”) therapeutic targeting Factor XI (“FXI”). City Therapeutics initiated a Phase 1 trial for CITY-FXI in 2026, starting three single-ascending dose (“SAD”) cohorts in healthy volunteers. Additional Phase 1 SAD data is expected in late 2026.
City Therapeutics was founded in 2023 and booked $14 million in revenue for the 12 months ended June 30, 2026. It plans to list on the Nasdaq under the symbol CTY. Goldman Sachs, Jefferies, Stifel, and Oppenheimer & Co. are the joint bookrunners on the deal. It is expected to price during the week of October 12, 2026.
