Electra Therapeutics Raises $350 Million in Upsized IPO for Immune-Disease Drug

Electra Therapeutics priced an upsized initial public offering at $15 per share, selling 23.3 million shares for approximately $350 million in gross proceeds.

The South San Francisco biotech will use the funding primarily to advance ipsoprubart (ELA026), its lead pan-SIRP monoclonal antibody, through a global Phase 2/3 registrational trial.

The lead indication is secondary hemophagocytic lymphohistiocytosis (sHLH), a severe, potentially fatal hyperinflammatory syndrome with no broadly approved therapies.

Ipsoprubart is designed to selectively deplete disease-driving immune cells while preserving healthier immune cells, potentially offering an alternative to broad immunosuppression.

Electra expects to complete enrollment in the pivotal sHLH study in the second half of 2027 and may pursue a regulatory filing afterward.

The company also plans to fund studies in T-cell and natural-killer-cell malignancies, as well as development of its second candidate, ELA822, for chronic T-cell-mediated immune and inflammatory diseases.

Underwriters have an option to buy up to 3.5 million additional shares, potentially raising total gross proceeds to about $402.5 million. Shares trade on Nasdaq under the ticker ETRA.