Artiva Biotherapeutics (ARTV) added stock and priced its IPO at $12.00 – $2.00 below the bottom of its range – to raise $167.04 million on Thursday night, July 18, 2024. The Phase I autoimmune biotech’s IPO was increased in size at pricing to 13.92 million shares – up from 8.7 million shares in the prospectus – and the IPO’s price was cut to $12.00. The prospectus set the price range at $14.00 to $16.00. (Editor’s Note: This column, published early Friday, was updated at midday on Friday with news on Artiva’s debut on the NASDAQ.)
Artiva Biotherapeutics’ stock surged $4.00 – up from the $12.00 IPO price – to open at $16.00 on the NASDAQ on Friday afternoon.
Jefferies, TD Cowen and Cantor acted as the lead joint book-runners.
Artiva Biotherapeutics is developing its lead product candidate, AlloNK, an NK (a Natural Killer) cell therapy – in combination with B-cell targeted monoclonal antibodies (mAbs) – in a Phase 1/1b trial in systemic lupus erythematosus (SLE) with or without lupus nephritis (LN) and a basket investigator-initiated trial (IIT) in multiple autoimmune indications, the prospectus said. Results from at least one of these trials are expected in the first half of 2025.
A biotech company typically reports a net loss ahead of going public. Artiva Biotherapeutics followed that script. For the 12 months that ended March 31, 2024, Artiva Biotherapeutics reported a net loss of $25.97 million on licensing and collaboration revenue of $32.75 million, according to the prospectus.
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