Aspen Neuroscience ($ASPE) is seeking a Nasdaq IPO. The clinical-stage biotech is developing sasineprocel, a cell therapy for Parkinson's disease now in a Phase 1/2a trial, with a Phase 3 planned.

No revenue, no profitability — and the filing says it plainly: this is a clinical-stage company that may never get there. The Phase 1/2a ASPIRO trial is ongoing, and a Phase 3 in sporadic and genetic PD is the next big swing. Proceeds go to clinical development of sasineprocel, including the ongoing Phase 1/2a trial and the Phase 3 launch, plus R&D for other candidates and general corporate purposes. Leerink, Piper Sandler, Stifel, and UBS are underwriting. Risks to weigh: no active trading market may develop, shares could trade below the IPO price, and there's no revenue yet. Cell and gene therapy IPOs have been largely shut out of the market since Artiva in July 2024. Bottom line: a clinically grounded Parkinson's cell therapy with Phase 3 ambitions, but biotech IPO investors are still selective. Promising data won't matter if the market isn't buying cell therapy stories right now.

No revenue, no profitability — and the filing says it plainly: this is a clinical-stage company that may never get there. The Phase 1/2a ASPIRO trial is ongoing, and a Phase 3 in sporadic and genetic