City Therapeutics just filed for IPO. The Cambridge-based biotech is developing next-gen RNAi therapeutics to silence disease-causing proteins, with lead candidate CITY-FXI in early clinical trials fo

The financial picture: net loss of $58.5M for the year ended December 31, 2025, and an accumulated deficit of $142.5M as of June 30, 2026. Founded just July 2023, so this is very much an early-stage story. Key risks worth flagging: limited operating history, no approved products, and candidates still in early development that could fail or never get regulatory approval. That's the standard biotech gamble, but the deficit figures make it real. Underwriters: Goldman Sachs, Jefferies, Stifel, and Oppenheimer. The company has raised over $230M privately and has collaborations with Bausch + Lomb and Biogen, with RNAi pioneer John Maraganore as co-founder and executive chairman. Bottom line: RNAi platform with strong backers, but preclinical-stage biotechs have been shut out of IPOs since 2024. Platform peers like Eikon and Generate priced below private valuations and now trade below their offering prices. Worth watching how this one prices.

The financial picture: net loss of $58.5M for the year ended December 31, 2025, and an accumulated deficit of $142.5M as of June 30, 2026. Founded just July 2023, so this is very much an early-stage s