City Therapeutics (CTY), a Phase 1 biotech, upsized its IPO at pricing to 11.11 million shares – up from 9.72 million shares in the prospectus – and priced the deal at $18.00 – the mid-point of its range – to raise $199.98 million on Thursday night, Oct. 15, 2026. The RNAi-focused biotech’s stock is expected to start trading tomorrow – Friday, Oct. 16, 2026 – on the NASDAQ. At pricing, City Therapeutics had a market cap of $931 million.
Goldman Sachs, Jefferies, Stifel and Oppenheimer & Co. were the joint book-runners.
City Therapeutics 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.”
City Therapeutics has collaboration and license agreements with Bausch + Lomb and Biogen, the prospectus said.
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.
The Cambridge-based biotech is not profitable. City Therapeutics reported a net loss of $87.67 million on collaboration revenue of $14.34 million for the 12 months that ended on June 30, 2026.
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