RNAi developer City Therapeutics raises $200 million in Nasdaq IPO at $18 a share

City Therapeutics, a clinical-stage company developing RNA interference (RNAi) medicines, raised about $200 million in its initial public offering at $18.00 a share, according to its prospectus filed on October 16.

The offering

The company sold 11,111,111 shares of common stock at $18.00, or $199,999,998 in total. Underwriting discounts were $1.26 a share, or $14,000,000, leaving proceeds of $16.74 a share before expenses. The underwriters, Goldman Sachs & Co. LLC, Jefferies, Stifel and Oppenheimer & Co., have an option to buy up to 1,666,666 additional shares. The shares are approved for listing on the Nasdaq Global Market under the symbol "CTY," and delivery was expected on or about October 19, 2026. The prospectus is dated October 15.

Immediately before the offering closes, a convertible note held by Biogen will convert into 2,133,788 shares at 85% of the offering price, according to the prospectus.

The company

City describes itself as "a clinical-stage biotechnology company developing the next generation of RNA interference ('RNAi') therapeutics designed to silence the expression of disease-relevant proteins." Its pipeline targets thromboembolic diseases, Stargardt disease type 1 and anemia of chronic disease. The company says it has advanced "three programs into or toward the clinic in under three years" since its founding in July 2023, and aims for its platform to produce one to two new investigational-drug applications a year.

The prospectus says its leadership team includes John Maraganore, co-founder and Executive Chair and a former founding chief executive of Alnylam Pharmaceuticals, and that it has research collaboration and license agreements with Bausch + Lomb and Biogen.

The financials

At June 30, 2026, City had cash and cash equivalents of $169.6 million, restricted cash of $2.5 million and an accumulated deficit of $142.5 million. It is an "emerging growth company" and a "smaller reporting company" under US securities law.