RNAi-focused clinical-stage biotech City Therapeutics (CTY) has officially priced its upsized initial public offering at $18.00 per share, hitting the mid-point of its anticipated range. The Cambridge-based company expanded its offering to 11.11 million shares, up from the previously planned 9.72 million, successfully raising approximately $199.98 million. Trading is slated to begin on the NASDAQ under the ticker symbol CTY, giving the company an initial market capitalization of roughly $931 million. Goldman Sachs, Jefferies, Stifel, and Oppenheimer & Co. served as joint book-runners for the deal.
Founded in July 2023, City Therapeutics leverages its proprietary platform to develop RNA interference therapeutics aimed at silencing disease-relevant proteins. The biotech’s clinical pipeline features three primary product candidates: CITY-FXI for thromboembolic diseases, CITY-RBP4 for Stargardt disease, and CITY-TFR2 targeting anemia of chronic disease. The company has already established key industry collaborations with Bausch + Lomb and Biogen.
While advancing its pipeline rapidly toward clinical milestones—including an expected Phase 2 trial for CITY-FXI in mid-2027—the company remains pre-revenue in terms of product sales. According to prospectus disclosures, City Therapeutics reported a net loss of $87.67 million against $14.34 million in collaboration revenue for the 12-month period ending June 30, 2026.
