Electra Therapeutics raises $350 million in oversubscribed IPO

Electra Therapeutics, a South San Francisco biotech focused on inflammation, completed its Nasdaq IPO, selling 23.3 million shares at $15 each and generating $350 million in gross proceeds.

This amount exceeds the company's earlier forecast of $296.6 million net proceeds and adds to the $97.7 million cash it held at the end of June, following a $183 million Series C raise in October 2025.

Underwriters have an option to purchase an additional 3.5 million shares, potentially increasing proceeds by $52.5 million. The company will list under ticker "ETRA".

The capital will primarily fund the development of ipsoprubart, a therapy targeting signal regulatory proteins to deplete pathological immune cells, with $220 million earmarked for its phase 2/3 global study in secondary hemophagocytic lymphohistiocytosis and a future approval filing.