ADARx Pharmaceuticals, Inc.
ADARx Pharmaceuticals filed Amendment No. 2 to its S-1 for an IPO of 21,875,000 shares at an expected price range of $15.00 to $17.00 per share, targeting Nasdaq under symbol "ADRX." The company is a late-clinical-stage siRNA therapeutics developer with three clinical-stage hepatic-targeted programs and two preclinical extrahepatic programs. AbbVie has committed to a concurrent private placement of up to $100 million at the IPO price, taking approximately 4.9% of outstanding shares post-offering.
- IPO of 21,875,000 shares at $15.00-$17.00 per share, targeting ~$350M in gross proceeds at midpoint
- AbbVie committed to concurrent private placement of up to $100M at IPO price, taking ~4.9% post-offering stake
- Lead program onvuzosiran (HAE) in Phase 3 STOP-HAE trial; topline data expected by end of 2027, potential NDA in 2028
- Received $335M upfront from AbbVie in May 2025 collaboration; eligible for up to $7.45B in milestones plus royalties
- Three clinical-stage siRNA programs plus two preclinical extrahepatic programs targeting obesity and Alzheimer's
Price data unavailable.
A well-capitalized ($335M AbbVie upfront) late-clinical siRNA biotech with a Phase 3 asset and two additional clinical programs is testing the IPO window, with AbbVie anchor support de-risking the fl
Joins a wave of siRNA-focused biotech IPOs alongside peers like Alnylam and Arrowhead. The AbbVie partnership ($335M upfront, up to $7.45B milestones) provides validation and non-dilutive capital that differentiates this offering from cash-constrained peers.
No approved products; all revenue from AbbVie collaboration. Phase 3 data for lead asset onvuzosiran not expected until end of 2027. Extrahepatic delivery (adipose, CNS) remains unproven clinically. Heavy reliance on AbbVie partnership for near-term funding and validation.
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