Electra Therapeutics raises $350 million in upsized US IPO

Electra Therapeutics raised $350 million in an upsized initial public offering on September 17, 2026, selling 23.3 million shares at $15 each. The debut marks the 21st biotech IPO of 2026, signaling a strong market resurgence that matches 2021's peak. Electra will use the proceeds to advance ipsoprubart, an experimental antibody targeting secondary hemophagocytic lymphohistiocytosis, a rare and life-threatening immune disorder.

Electra Therapeutics IPO pricing

• ▪Electra Therapeutics Inc. is backed by OrbiMed and will begin trading on the Nasdaq under the ticker symbol ETRA on September 18, 2026.
• ▪Electra Therapeutics Inc. priced its initial public offering at the mid-point of its marketed range of $14 to $16 per share, after initially offering 21.67 million shares.
• ▪Electra Therapeutics Inc. raised $350 million in an upsized initial public offering on September 17, 2026, selling 23.3 million shares for $15 each.

2026 biotech IPO market resurgence

• ▪In 2026, 11 biotechnology firms have raised $300 million or more in initial public offerings, matching the total from 2021 and exceeding the previous four years combined.
• ▪Electra Therapeutics Inc. became the 21st biotechnology company to price an initial public offering in 2026.
• ▪All 21 biotechnology companies that have gone public in 2026 had drugs in human testing, and all 11 that raised $300 million or more had drugs in at least Phase 2 development.

Ipsoprubart development for secondary HLH

• ▪Electra Therapeutics Inc. plans to use its initial public offering proceeds to develop ipsoprubart, an experimental drug for secondary hemophagocytic lymphohistiocytosis.
• ▪Secondary hemophagocytic lymphohistiocytosis is a rare, life-threatening immune disorder with no approved treatments, characterized by overactive white blood cells overproducing cytokines.
• ▪Electra Therapeutics Inc. expects to complete enrollment for its registrational trial of ipsoprubart in secondary hemophagocytic lymphohistiocytosis in the second half of 2027.

SIRP-targeted antibody platform

• ▪Electra Therapeutics Inc. is developing antibodies targeting signal regulatory proteins, or SIRPs, which are found on the surface of specific immune cells.
• ▪Electra Therapeutics Inc. is testing whether ipsoprubart can deplete myeloid and T cells expressing signal regulatory proteins to achieve a pinpoint effect without broadly suppressing immune defenses.
• ▪Electra Therapeutics Inc. is testing ipsoprubart in an early-stage study for certain blood cancers, and has entered Phase 1 testing for ELA822, a monoclonal antibody for T-cell related inflammatory conditions.

Star Therapeutics subsidiary spinout

• ▪Electra Therapeutics Inc. is a former subsidiary of Star Therapeutics, a biotechnology company creator.
• ▪Vega Therapeutics, another company created by Star Therapeutics, was acquired by Incyte in June 2026 in a deal valued at up to $2 billion.

Previous venture funding rounds

• ▪In 2025, Electra Therapeutics Inc. secured $183 million in venture funding.
• ▪Electra Therapeutics Inc.'s venture backers include Nextech Invest, EQT Life Sciences, and OrbiMed.