Electra Therapeutics has exceeded its initial fundraising plans as it becomes the 26th biotech to debut publicly this year and outlines pivotal development plans for its monoclonal antibody ipsoprubart.
Electra Therapeutics is charging toward the public markets, raising an upsized $350 million initial public offering to help push its lead asset through pivotal testing and to potential market approval.
The IPO encompasses 23.3 million shares sold at $15 per share, with underwriters given 30 days to purchase up to an additional 3.5 million shares of common stock, according to a Thursday evening release.
The offering is up from the California biotech’s expectations laid out earlier this week, when it projected selling 21.6 million shares of its stock at $15 per share for a total of up to $341.9 million.
Electra’s lead asset is ipsoprubart, a monoclonal antibody targeting signal regulatory proteins on immune cells. The drug is designed to precisely target and remove abnormal immune cells while avoiding healthy ones.
The candidate is currently being evaluated in an open-label, Phase 2/3 pivotal trial for a life-threatening hyperinflammatory syndrome known as secondary hemophagocytic lymphohistiocytosis (sHLH). The Phase 1b portion of the study demonstrated an 100% objective tumor response rate among eight patients with lymphoma-associated sHLH, with a complete response rate of 88%.
The biotech has earmarked the funds to help support an approval application with the FDA for ipsoprubart and ramp up potential commercial activities. Electra also plans to bankroll continued clinical testing of the asset in T cell and natural killer cell malignancies.
Electra is also advancing ELA822, a monoclonal antibody being studied in a Phase 1 trial of healthy volunteers. Electra believes the candidate holds potential across chronic T cell–mediated immune and inflammatory diseases.
The biotech is led by industry veteran Kathy Dong, who previously held senior leadership roles at Star Therapeutics and Vega Therapeutics after a long stint at Gilead Sciences. Electra’s public debut follows a $183 series C financing raised last October. That round was led by Nextech and EQT Life Sciences and included participation from new investor Sanofi.
Electra is one of the numerous biotechs flooding to the public markets this year after a sluggish 2025. Fueled by resilient stock performances and improving market sentiment, Electra is the 26th biotech to go public this year.
