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Inflammatory disease biotech Third Harmonic Bio files for a $150 million IPO

August 23, 2022

Third Harmonic Bio, a Phase 1 biotech developing treatment for allergic and inflammatory diseases, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.

Third Harmony Bio's lead candidate, THB001, is an oral small molecular inhibitor of KIT, a cell surface receptor that regulates mast cells. Dysfunctional mast cell activity has been linked to crucial inflammatory disorders including urticaria, asthma, and gastrointestinal disorders, among others. THB001 recently completed its Phase 1a trial and submitted a CTA in Europe for a dose escalation Phase 1b proof-of-concept trial in chronic inducible urticaria in May 2022. It expects to initiate the trial in the second half of 2022 and report initial data from this trial in the second half of 2023, with hopes of commencing a Phase 2 trial in chronic spontaneous urticaria in the first half of 2024.

The Cambridge, MA-based company was founded in 2019 and plans to list on the Nasdaq under the symbol THRD. Morgan Stanley, Jefferies, and Cowen are the joint bookrunners on the deal. No pricing terms were disclosed.