Aspen Neuroscience, Inc. (ASPE Proposed), a Phase 1/2a biotech targeting Parkinson’s Disease, unveiled the terms for its $150 million IPO early today – Monday, Oct. 26, 2026. The San Diego-based biotech is offering 9.38 million shares at a price range of $15.00 to $17.00 to raise $150 million, if priced at the $16.00 mid-point of its range. At pricing, Aspen Neuroscience would have a market cap of $465.26 million, if priced at its $16.00 mid-point.
Leerink Partners, Piper Sandler, Stifel, UBS Investment Bank and Oppenheimer & Co. are the joint book-runners.
Aspen Neuroscience is evaluating its lead product candidate, sasineprocel, as an investigational single-dose and autologous iPSC-based cell therapy in a Phase 1/2a ASPIRO clinical trial to treat patients with mid-stage to moderately advanced sporadic Parkinson’s Disease (PD), according to the prospectus. Note: iPSC stands for induced-pluripotent stem cell, the prospectus said.
“We believe sasineprocel has the potential to be disease-modifying by primarily replacing a patient’s lost dopaminergic (DA) neurons with dopaminergic neuron precursor cells (DANPCs),” Aspen Neuroscience said in the prospectus.
In that trial, “patients have experienced, what we believe to be, sustained and clinically meaningful improvements in motor, quality of life, and non-motor symptoms as measured by comparison to clinically meaningful change benchmarks,” Aspen Neuroscience said in the prospectus. “Based on these findings, we believe sasineprocel has the potential to improve upon the current standard of care in PD and address the significant unmet need in PD for a disease-modifying therapy that may slow or halt the progression of this devastating disease.”
Aspen Neuroscience said it expects to dose patients in the Phase 3 trial in the second half of 2027.
From the prospectus: “Aspen Neuroscience was founded in 2018 based on more than two decades of research conducted by Jeanne F. Loring, Ph.D., Professor Emerita at the Scripps Research Institute and founding Director of the Center for Regenerative Medicine. Dr. Loring’s laboratory developed foundational methods for reprogramming adult human cells into iPSCs and subsequently differentiating them into dopamine-producing neurons, which form the basis of our autologous iPSC platform and sasineprocel. Since inception, we have focused on translating this academic innovation into a clinically scalable, regulatory-compliant therapeutics platform.”
Aspen Neuroscience is not profitable: Net loss of $66.84 million on no product revenue for the 12 months that ended on June 30, 2026, according to the prospectus