After Aprinoia Therapeutics, which filed for listing at the end of January, another biotech company is preparing for an IPO. Boundless Bio’s IPO filing comes at a time of initial optimism for biotech IPOs, as eight drugmakers have already raised a combined $1.2 billion in 2024, the fastest start in the sector in three years.
About Boundless Bio
Boundless Bio is an American company founded in 2018 in Sand Diego. It engages in precision oncology with a focus on extrachromosomal DNA, which are double-stranded molecules that can be the source of cancer-causing genes.
The company is currently working to develop three types of cancer drugs, a diagnostic test to identify patients for its drugs, and its own platform to explore other potential DNA targets for cancer.
As of Dec. 31, the company had raised more than $253.5 million and has cash, cash equivalents and short-term investments of $120.8 million. Between 2022 and 2023, Boundless Bio increased its cash flow by approximately $36 million.
What do we know about Boundless Bio’s IPO?
Boundless Bio plans to float 6.25 million shares at a price range of $15 to $17. In total, it plans to raise more than US$100 million. The company’s securities would then be listed on Nasdaq under the symbol “BOLD.” The IPO will be led by Goldman Sachs & Co, Leerink Partners, Piper Sandler and Guggenheim Securities.
The company plans to reinvest the funds raised from the IPO in cancer research and in advancing clinical trials of its drugs.
The final date of the IPO is not yet known. Boundless Bio filed with the US Securities and Exchange Commission (SEC) on 6 March 2024 and the sale will be able to commence once the proposal is approved.
