Braveheart Bio raises $382.5M in IPO to fund phase 3 trial of cardiac drug

Braveheart Bio, a San Francisco biotech, completed an IPO that raised $382.5 million, exceeding its original target.

The company increased the share count to 21.2 million and set the price at $18 per share, up from the planned 18.7 million shares at $15-$17. This could bring an additional $57.4 million if underwriters exercise their option.

Of the proceeds, $90 million has been earmarked to start a phase 3 trial of its oral cardiac myosin inhibitor BHB-1893 in patients with obstructive hypertrophic cardiomyopathy later this year.

Braveheart acquired BHB-1893 from China's Hengrui Pharmaceuticals in 2025 for an upfront payment of $65 million. The two firms released phase 2 data in March.