Electra Therapeutics Inc. shares began trading on The Nasdaq Global Select Market under the ticker symbol ETRA on September 18, 2026. The late-stage biopharmaceutical company priced its initial public offering at $15.00 per share, down from an indicated price of $19.00.

The company sold 23.33 million shares to raise approximately $350.0 million in gross proceeds before expenses. Underwriters hold a 30-day option to purchase an additional 3,500,000 shares at the same price. This potential over-allotment would raise further capital if exercised.

Deal Structure and Trading

The transaction is expected to close on September 21, 2026, subject to customary conditions. Jefferies, TD Cowen, Evercore ISI, and Cantor acted as joint book-running managers. Registration statements filed with the U.S. Securities and Exchange Commission became effective on September 17, 2026.

Pipeline Focus

Electra focuses on signal regulatory proteins (SIRP) to target disease-driving cells while preserving normal immune function. Its lead candidate, ipsoprubart (ELA026), is in a global registrational program for secondary hemophagocytic lymphohistiocytosis (sHLH).

Ipsoprubart is also being evaluated in a Phase 1 trial for relapsed/refractory T-cell and natural-killer cell malignancies. A second candidate, ELA822, targets chronic T cell-mediated immune and inflammatory diseases.

What the Numbers Show

The decision to upsize the offering indicates robust institutional appetite for late-stage biopharma assets targeting unmet needs in hyperinflammatory syndromes. The $350.0 million raise provides substantial runway for the registrational program of ipsoprubart, where no broadly approved therapies currently exist. The gap between the indicated price of $19.00 and the final price of $15.00 suggests investors demanded a discount relative to initial expectations, even as the total capital raised increased through upsizing.