Cambridge, Massachusetts-based clinical biotech firm City Therapeutics has set terms for its upcoming initial public offering on the NASDAQ under the proposed symbol CTY. According to an S-1/A filing, the company is offering 9.72 million shares at an expected price range of $17.00 to $18.00, aiming to raise approximately $175 million at the midpoint. At this valuation, City Therapeutics would command a market capitalization of roughly $906 million. Goldman Sachs, Jefferies, Stifel, and Oppenheimer & Co. are serving as joint book-runners for the offering, which is slated to price next week.
Founded in July 2023, City Therapeutics focuses on developing RNA interference (RNAi) therapeutics designed to silence disease-relevant proteins. The company currently has three candidates in clinical development: CITY-FXI for thromboembolic disease prevention, CITY-RBP4 for Type 1 Stargardt disease, and CITY-TFR2 for anemia associated with chronic disease. The biotech also maintains existing collaboration and license agreements with prominent industry players Bausch + Lomb and Biogen.
While the firm has made rapid pipeline progress, financial disclosures in the prospectus indicate that City Therapeutics is not yet profitable. For the 12-month period ending June 30, 2026, the company reported a net loss of $87.67 million against collaboration revenue of $14.34 million.
