City Therapeutics, based in Cambridge, Massachusetts, is building RNA interference medicines. Its pipeline includes therapies for thromboembolic diseases and for Stargardt disease, which is an inherited macular condition found in children and young adults. The lead program is in an early-stage clinical study for preventing thromboembolic diseases, and the company says it expects to share phase 1 results this year.
City has research tie ups with Bausch + Lomb Corp. for eye disorders and with Biogen Inc. for central nervous system diseases. John Maraganore, the founding CEO of Alnylam Pharmaceuticals Inc., co-founded City and serves as executive chair.
City is offering 9.72 million shares in a US IPO, guiding to a price range of $17 to $19. At the high end, the filing points to an implied market value of about $956.3 million based on shares outstanding. The details were disclosed in a submission to the US Securities and Exchange Commission on Friday.
City plans to list on the Nasdaq Global Market with the ticker CTY, and it expects trading to occur on that venue. Goldman Sachs Group Inc., Jefferies Financial Group Inc., Stifel Financial Corp. and Oppenheimer & Co. are leading the deal.
Before the IPO, Arch Venture Partners holds 35% and Fidelity Management & Research owns 10%.
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From its 2023 founding through June 30, City raised $238.8 million in private financing. That includes an approximately $99.5 million Series B round completed in June that brought in new investors Viking Global Investors and Sofinnova Investments, alongside continued support from Arch and Fidelity.
For the first half of 2026, ending June 30, City posted a net loss of $53.4 million and generated $6.4 million in collaboration revenue. A year earlier for the comparable period, it recorded a $24.3 million net loss on $5.6 million in revenue.
Investor appetite for drug developers has picked up: according to Bloomberg, biotech and pharma newcomers have raised $7.8 billion year-to-date, compared to $1.3 billion during the same period of 2025. The timing also follows Adarx Pharmaceuticals Inc.'s debut last month, which collected $446.3 million.
For your wallet, the read is simple: if City prices near the top, you are looking at a roughly $956.3 million valuation for a platform still early in the clinic, backed by brand-name partners and investors. The key near term swing factor is the phase 1 update this year, while any Nasdaq debut under CTY would test just how far this biotech IPO window can open.
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