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Adarx files for U.S. IPO to advance RNA drugs that tune gene expression

Milena Thomas
Published Sep 4, 2026
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Summary:
  • Adarx Pharmaceuticals Inc. filed Friday with the U.S. Securities and Exchange Commission for an initial public offering.
  • Proceeds are slated to advance five small interfering RNA programs, including finishing Phase 2 trials for a therapy in rare renal and other diseases.
  • In May last year, Abbvie Inc. paid $335 million upfront in a collaboration that could deliver several billion dollars more if milestones are hit.

What Adarx is building and why it matters

San Diego based Adarx is developing medicines that dial gene activity up or down to tackle a range of conditions. IPO funds are earmarked for five small interfering RNA drug candidates spanning clinical and preclinical stages, including completing a mid stage Phase 2 program for a therapy in rare kidney disorders and other indications. The approach targets disease at the gene level without making permanent changes to a person's DNA or genome.

Who is backing the company

Abbvie's 2023 deal with Adarx covers programs in neuroscience, immunology and oncology, starting with a $335 million upfront payment and milestone paths that could add several billion dollars more. Major holders include OrbiMed Advisors, LAV, Chief Executive Officer Zhen Li and SR One, with OrbiMed owning 31% before the offering. In 2023, Bain Capital Life Sciences and TCGX co-led a $200 million Series C that brought in new investors BlackRock Inc., Invus, Marshall Wace and T. Rowe Price Group Inc.

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What to watch in the deal

JPMorgan Chase & Co., Morgan Stanley, Toronto-Dominion Bank, UBS Group AG and LifeSci Capital are leading the offering. Adarx expects to list on the Nasdaq Global Market under the ticker ADRX. For everyday investors watching the space, the setup is clear enough: a mid stage program to complete, a big pharma partner already engaged and a cap table stacked with specialist healthcare funds.

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