$ETRA · Electra Therapeutics, Inc.

Electra Therapeutics filed Amendment No. 1 to its S-1 registration for an IPO of 21,666,667 shares of common stock at an expected price range of $14.00 to $16.00 per share, with an underwriters' option for an additional 3,250,000 shares. The company is a late clinical-stage biopharmaceutical company developing SIRP-targeted precision immune cell depletion therapies, with lead candidate ipsoprubart in a global Phase 2/3 registrational trial for sHLH. Ipsoprubart demonstrated 100% 8-week OS and 100% ORR in 12 frontline mHLH patients in its Phase 1b trial and holds both FDA Breakthrough Therapy (

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First company to advance SIRP-targeted precision immune cell depletion into clinical proof-of-concept; lead asset has dual FDA/EMA expedited designations and compelling Phase 1b data in a disease with

Late clinical-stage biopharma IPO in the precision immunology space. SIRP-targeted immune cell depletion is a novel mechanism distinct from prior CD47-SIRPα checkpoint approaches that showed limited monotherapy activity. Competes in sHLH, T/NK malignancies, and chronic inflammatory disease markets.

No approved products and no revenue; will require substantial additional capital post-IPO to fund operations. Ipsoprubart's registrational program may fail; sHLH is a severe hyperinflammatory syndrome with historical 2-month OS of ~50% in mHLH. ELA822 is early-stage with no human efficacy data.