Braveheart Bio (BRVE) of San Francisco upsized its IPO at pricing and priced the deal at $18.00 – $1.00 above the top of its range – to raise $382.5 million on Wednesday night, Aug. 5, 2026. The Phase 3 biotech’s deal was increased at pricing to 21.25 million shares – up 2.5 million shares – from 18.75 million shares in the prospectus. The price range was $15.00 to $17.00. At pricing, the deal was upsized by 27.5 percent. Braveheart Bio has a market cap of $1.32 billion.
Braveheart Bio’s (BRVE) stock jumped in its NASDAQ debut – opening at $30.20 – up $12.20 from its IPO price for a gain of 67.8 percent – when it started trading at midday on Thursday, Aug. 6, 2026.
By the closing bell, Braveheart Bio had eased up a little on the accelerator – but it still ended the day with a significant gain. Braveheart Bio‘s stock ended at $29.80 – up $11.80 from its $18.00 IPO price for a gain of 65.6 percent in its first day of NASDAQ trading on Thursday, Aug. 6, 2026.
Goldman Sachs, Jefferies, TD Cowen, Stifel and Cantor were the joint book-runners.
Fidelity had indicated an interest in buying up to $75 million of stock in Braveheart Bio’s IPO – equivalent to 25 percent of the deal under its original terms.
Braveheart Bio (BRVE) is a Phase 3 biotech developing a pill called BHB-1893 to treat hypertrophic cardiomyopathy (HCM), a genetic disease that causes the heart to beat with excessive force. HCM increases the risk of heart failure and sudden cardiac death.
HCM is the most common cause of sudden cardiac death among athletes under age 35, according to the Cleveland Clinic.
Braveheart Bio (BRVE) intends to use the IPO’s proceeds to help finance Phase 3 clinical trials of BHB-1893, its leading drug candidate.
From the prospectus:
Braveheart Bio (BRVE) plans “to advance BHB‑1893 through global Phase 3 development in both obstructive HCM (oHCM) and non-obstructive HCM (nHCM),” the prospectus said. “We expect to initiate LIONHEART-HCM, our global Phase 3 trial in oHCM, in the second half of 2026, and NOBLEHEART-HCM, our global Phase 3 trial in nHCM in the first half of 2027.”
Principal shareholders include Andreessen Horowitz – through its AH Bio Fund IV, L.P. – along with Forbion and OrbiMed.
Braveheart Bio is not profitable: Net loss of $80.23 million on no revenue for the 12 months that ended on March 31, 2026, according to the prospectus.
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