The IPO Buzz: Boundless Bio Prices IPO at $16.00 Mid-Point – Stock Drops in NASDAQ Debut

Boundless Bio (BOLD) priced its IPO at $16.00 – the mid-point of its range – on just 6.25 million shares – the number of shares in the prospectus – to raise $100.0 million on Wednesday night, March 27, 2024. The Phase 1/Phase 2 cancer biotech’s stock sank in its first day of NASDAQ trading  on Thursday, March 28, 2024. Boundless Bio finished right where it started – down 10.94 percent at $14.25 – off $1.75 from its IPO price – on volume of 1.75 million shares. 

Goldman Sachs, Leerink Partners, Piper Capital and Guggenheim Securities were the joint book-runners.

Boundless Bio, based in San Diego, is targeting extrachromosomal DNA (ecDNA), a root cause of oncogene amplification in more than 14 percent of cancer patients. The company was founded in 2018 by ARCH Venture Partners, a leading biotech VC firm, and Paul Mischel, M.D., the vice chair of research and professor of pathology at Stanford University. Dr. Mischel is internationally recognized for his expertise in ecDNA and cancer biology.

The company has top biotech VC names behind it, but no collaborations so far, according to the prospectus.

Besides ARCH Venture Partners, Boundless Bio’s principal stockholders include Fidelity, RA Capital Management and Bayer Healthcare, the prospectus says.

Boundless Bio is developing two oral drug candidates:

–       BBI-355, a novel oral selective inhibitor of checkpoint kinase 1 (CHK1), which manages ecDNA replication and transcription in cancer cells. The company aims to have preliminary data from a clinical trial available in the second half of 2024.

–       BBI-825, a novel oral selective inhibitor of ribonucleotide reductase (RNR), which is essential for ecDNA assembly and repair in cancer cells. The company aims to have preliminary data from a clinical trial available in the second half of 2025.

 The company is not profitable. For the year ended Dec. 31, 2023, Boundless Bio had a net loss of $49.43 million and no revenue from product sales, the prospectus shows.


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