City Therapeutics (CTY Proposed) unveiled its IPO’s terms early today – 9.72 million shares at a price range of $17.00 to $19.00 to raise $174.96 million, if priced at the $18.00 mid-point of its range, according to its S-1/A filing dated Oct. 9, 2026. This is a NASDAQ listing. (Please see our IPO Calendar for the pricing date next week.)
At pricing, City Therapeutics would have a market cap of $905.98 million, if priced at the $18.00 mid-point of its range.
Goldman Sachs, Jefferies, Stifel and Oppenheimer & Co. are the joint book-runners.
City Therapeutics, based in Cambridge, Massachusetts, is a clinical biotech focused on developing RNA interference (RNAi) therapeutics to silence disease-relevant proteins, according to the prospectus.
“We are focused on thromboembolic diseases, Type 1 Stargardt disease, and anemia associated with chronic disease,” City Therapeutics said in the prospectus.
“Led by pioneers and experts in the field of RNAi, we have made rapid progress since founding our company in July 2023, discovering and advancing three programs into or toward the clinic in under three years, and our goal is for our City Platform to deliver one to two new investigational new drug application (“IND”) or IND-equivalent applications per year.”
Stroke Prevention, Stargardt Disease & Anemia
City Therapeutics has three drug product candidates in clinical development:
-Its most advanced drug candidate, CITY-FXI, targets Factor XI. CITY-FXI is in development to prevent thromboembolic diseases based on its potential to reduce FXI activity and prevent thromboembolic events, including secondary stroke and a certain type of AFib (atrial fibrillation) while mitigating bleeding risk. The company expects to report more data from its Phase 1 study in late 2026.
It plans to evaluate the drug’s efficacy and safety in thrombotic disease through a Phase 2 trial in total knee arthroplasty (“TKA”) in a clinical setting in which patients are at increased risk of postoperative thrombosis. The Phase 2 study in TKA is expected to start in mid-2027.
-Its second product candidate, CITY-RBP4, is a City-engineered GalNAc-conjugated siRNA therapeutic, in development to treat Stargardt disease, which is the most common inherited macular degenerative disease in children and young adults. There are currently no approved therapies for the disease.
-Its third program, CITY-TFR2, is a City-engineered GalNAc-conjugated siRNA therapeutic candidate in development for anemia of chronic disease, which accounts for up to 40 percent of all anemias and affects more than 5 million people in the United States.
City Therapeutics has collaboration and license agreements with Bausch + Lomb and Biogen, the prospectus said.
City Therapeutics is not profitable: Net loss of $87.67 million on collaboration revenue of $14.34 million for the 12 months that ended on June 30, 2026, according to financial statements in the prospectus.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
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