Braveheart charges past expectations with $382.5M IPO to fund cardio drug from Hengrui

Biotech Braveheart charges past expectations with $382.5M IPO to fund cardio drug from Hengrui By James Waldron Aug 6, 2026 8:27am Braveheart Bio cardiovascular biotech IPO Jiangsu Hengrui Pharmaceuticals Braveheart Bio has overcome its own IPO expectations, rallying $382.5 million in an upsized listing to fund its cardiovascular ambitions. The San Francisco-based biotech had previously sketched out a battle plan of offering 18.7 million shares priced between $15 and $17 apiece. But as the company prepared to go public this morning, Braveheart announced it had not only boosted the number of shares on offer to 21.2 million, but had also bumped up the price to $18.

It means the IPO is set to bring in gross proceeds of $382.5 million—above the $274.5 million in net proceeds the company had previously anticipated. This haul could rise by around $57.4 million if underwriters fully take up their option to acquire an additional 3.2 million shares at the same price. The company has already allocated $90 million to kick off a phase 3 trial of its oral cardiac myosin inhibitor BHB-1893 in patients with obstructive hypertrophic cardiomyopathy (oHCM) later this year.

Braveheart acquired BHB-1893 from China’s Hengrui Pharmaceuticals for $65 million upfront in 2025. HCM is a genetic disease in which the heart muscle abnormally thickens, making it harder to pump blood and increasing the risk of arrhythmias and sudden cardiac death. The two companies unveiled phase 2 data in March that they said demonstrated “rapid and substantial reductions in left ventricular outflow tract gradient, an established measure of cardiac obstruction.” A further $100 million of the IPO funds has been earmarked for the launch of a phase 3 study of BHB-1893 in non-obstructive hypertrophic cardiomyopathy (nHCM) in the first half of 2027.

In May, the companies shared phase 2 data in this indication that showed “improvements across biomarkers of cardiac wall stress and tissue injury.” Braveheart expects BHB-1893 to compete with Bristol Myers Squibb’s Camzyos and Cytokinetics’ Myqorzo in the cardiac myosin inhibitor class, as both drugs are approved for oHCM. There are no FDA-approved treatments for nHCM, though Cytokinetics reported in May that a phase 3 trial of Myqorzo in the disease met its dual primary endpoints. Braveheart hopes that BHB-1893 could simplify what it describes as complex dosing and monitoring requirements.

The company has estimated that fewer than 20% of eligible oHCM patients have received targeted therapies and said the drug’s rapid onset of action and potential convenience could offer advantages over existing treatments. Braveheart launched in November 2025 armed with a $185 million series A backed by the likes of Forbion, OrbiMed and Frazier Life Sciences. The company of 30 full-time employees is led by CEO Travis Murdoch, M.D., who co-founded eye disease biotech Ollin Biosciences and immunology company HI-Bio.

Braveheart’s stock will list on the Nasdaq on Thursday under the ticker “BRVE.” The upsized IPO comes a day after atopic dermatitis company Attovia Therapeutics went public and arrives during a busy period for biotech IPOs that have seen record-breaking listings from the likes of Kailera Therapeutics and Parabilis Medicines. Braveheart Bio cardiovascular biotech IPO Jiangsu Hengrui Pharmaceuticals Biotech