If pricing lands at the high end, the filing indicates a valuation near $978 million, calculated from the outstanding share count listed.
Electra develops medicines for immunology and is running a global mid-stage study of its lead candidate in newly diagnosed patients with secondary hemophagocytic lymphohistiocytosis, a severe immune overreaction. The program has secured a Breakthrough Therapy tag from the US Food and Drug Administration and a Priority Medicine designation from the European Medicines Agency.
Investors on the cap table include entities tied to OrbiMed, Westlake BioPartners and Redmile Group. In October, Electra brought in about $182.7 million via a Series C round led by a Sanofi SA unit alongside OrbiMed and Redmile. As of June 30, the company reported cash and equivalents of $97.7 million. For the first half of this year, it posted a net loss of $58.6 million, versus a net loss of $25.4 million in the same stretch last year.
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It is a lively moment for drug offerings. Data compiled by Bloomberg show biotech and pharmaceutical IPOs have raised $6.8 billion so far this year, compared with $1.3 billion in the same period in 2025. Jefferies Financial Group Inc., Toronto-Dominion Bank, Evercore Inc. and Cantor Fitzgerald are heading Electra's offering, and the company plans to list on the Nasdaq Global Select Market with the ticker ETRA.
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