Rezera Inc. (RZRA Proposed), a Boston biotech planning a Phase 3 trial in 2027 of its leading drug candidate to treat peripheral artery disease (PAD), unveiled the terms for its $200 million IPO early today – Thursday, Nov. 5, 2026 – in an S-1/A filing. Rezera is offering 16.67 million shares at a price range of $11.00 to $13.00 to raise $200 million, if priced at the $12.00 mid-point of its range. This is a NASDAQ listing.
At pricing, Rezera would have a market cap of $249.32 million – assuming the deal is done at its $12.00 mid-point.
Jefferies, TD Cowen and Cantor are the joint book-runners, while Wedbush PacGrow is the lead manager, according to the prospectus.
Rezera is developing an internally invented portfolio of proprietary and wholly owned oral inhibitors of NOD-like receptor protein 3, or NLRP3, according to the prospectus. The biotech describes itself as “a leader in the research, discovery and development of NLRP3 inhibitors for over a decade.”
NLRP3 is the upstream driver of sterile inflammation – inflammation that is caused by damage signals, such as cholesterol crystals or misfolded proteins, rather than by infection, the prospectus said.
“We plan to develop ruvonoflast in peripheral artery disease, or PAD, as our lead indication. PAD is a form of atherosclerotic cardiovascular disease, or ASCVD, in which narrowed or blocked small arteries reduce blood flow to the limbs, most commonly the legs.”
Rezera plans to start a Phase 3 clinical trial of ruvonoflast in peripheral artery disease (PAD) in the first half of 2027. Results are expected in 2028. The company’s goal is to submit a planned new drug application (NDA) to the FDA in early 2029, the prospectus said.
“Assuming our Phase 3 trial progresses as anticipated, and the results of the clinical trial support NDA submission, we believe our current plan would put us on pace for NDA approval in 2029, subject to the FDA’s review and approval of our filing,” Rezera said in the prospectus.
“We plan to explore the use of ruvonoflast in ASCVD broadly, as well as in ASCVD indications similar to PAD, including others such as heart failure, that may be approved by the FDA and other regulatory authorities in the course of a larger ASCVD strategy.”
Rezera also plans to advance trabzanoflast, its earlier stage NLRP3 inhibitor, into a Phase 2 proof-of-concept trial, according to the prospectus. Trabzanoflast is designed to target neuroinflammation.
Rezera is not profitable: Net loss of $66.3 million on no product revenue for the 12 months that ended on June 30, 2026, according to financial statements in the prospectus.
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