City Therapeutics, Inc. (Nasdaq: CTY), a clinical-stage biotechnology company focused on next-generation RNA interference (RNAi) therapeutics, has announced the pricing of its upsized initial public offering. The company priced 11,111,111 shares of its common stock at a public offering price of US$18.00 per share. Gross proceeds from the offering are expected to reach approximately US$200 million before underwriting discounts, commissions, and estimated offering expenses payable by City.
IPO Pricing and Financial Terms
All shares in the offering are being issued and sold directly by City Therapeutics. The underwriters have received a 30-day option to purchase up to an additional 1,666,666 shares at the initial public offering price, less underwriting discounts and commissions. If the underwriters exercise this option in full, the company could receive additional proceeds beyond the initial US$200 million.
City's common stock is expected to begin trading on the Nasdaq Global Market on October 16, 2026, under the ticker symbol CTY. The offering is expected to close on October 19, 2026, subject to the satisfaction of customary closing conditions. Registration statements related to the securities were filed and declared effective by the U.S. Securities and Exchange Commission on October 15, 2026.
Underwriting Syndicate and Prospectus Access
Goldman Sachs & Co. LLC, Jefferies, Stifel, and Oppenheimer & Co. are serving as joint book-running managers for the offering. The final prospectus, when available, may be obtained from the offices of these underwriters, including through their prospectus departments. The offering is being made only by means of a written prospectus.
The company stated that the press release does not constitute an offer to sell or a solicitation of an offer to buy these securities. No sale of these securities may occur in any state or jurisdiction where such an offer, solicitation, or sale would be unlawful. These statements reflect standard legal compliance for securities offerings.
Company Focus and Lead Programs
City Therapeutics is a clinical-stage biotechnology company engineering the next generation of RNA interference therapeutics, with an aim to deliver meaningful and durable benefits for patients. Its lead development programs are CITY-FXI for thromboembolic diseases, CITY-RBP4 for Stargardt disease and other retinal diseases, and CITY-TFR2 for anemia associated with chronic diseases. These programs reflect the company's focus on genetically driven target selection.
The City Platform serves as the engine behind every therapeutic the company develops. It integrates deep expertise in trigger engineering, including proprietary cityRNA triggers designed to address limitations of conventional RNAi approaches, tissue-selective delivery, and genetics-driven target selection. This platform supports the advancement of multiple programs across distinct disease areas.
Capital Position and Next Steps
The expected gross proceeds of approximately US$200 million provide City Therapeutics with capital to support its clinical-stage pipeline and platform development. The underwriters' option to purchase additional shares could further increase the total capital raised. The company has not detailed specific use of proceeds, but the funds are expected to advance its research and development activities.
Trading under CTY is set to begin on October 16, 2026, on the Nasdaq Global Market. The offering's closing remains subject to customary conditions and is expected on October 19, 2026. City Therapeutics will continue to build its clinical pipeline as it transitions to operating as a publicly traded company.
The upsized initial public offering marks a significant capital markets milestone for City Therapeutics as it advances its next-generation RNAi platform and clinical programs. With joint book-running managers in place and trading scheduled to begin, the company is positioned to broaden its investor base. The expected gross proceeds of US$200 million will support City's ongoing efforts to develop meaningful therapies for patients in need.