Clinical-stage immunology drug developer Electra Therapeutics, Inc. has raised $350 million through an upsized U.S. initial public offering, pricing shares at the midpoint of its indicated range. The OrbiMed-backed company sold 23.3 million shares at $15 apiece, according to a statement released Thursday, exceeding its initial plan to offer 21.67 million shares at a price between $14 and $16 per share, as outlined in a filing with the U.S. Securities and Exchange Commission. The offering was reportedly multiple times oversubscribed.

Based on the number of shares outstanding detailed in the filing, the San Francisco-headquartered firm holds a market capitalization of roughly $941.5 million at the IPO price. Electra's lead drug candidate is designed to address secondary hemophagocytic lymphohistiocytosis, a severe overreaction of the immune system. According to its filing, the company is conducting a global mid-stage clinical trial of the therapy in newly diagnosed patients. The treatment has secured Breakthrough Therapy designation from the U.S. Food and Drug Administration and Priority Medicines status from the European Medicines Agency.

This listing arrives amid a robust period for pharmaceutical IPOs. Data compiled by industry trackers show that biotech and pharma companies have raised $6.8 billion in public offerings so far this year, compared with $1.3 billion during the same timeframe in 2025. Electra's investor base includes affiliates of OrbiMed, Westlake BioPartners, and Redmile Group. The company completed a roughly $182.7 million Series C financing in October, led by a unit of French pharmaceutical giant Sanofi, along with OrbiMed and Redmile, according to the filing. As of June 30, it held $97.7 million in cash and cash equivalents. For the six months ending June 30, the company posted a net loss of $58.6 million, versus a net loss of $25.4 million in the year-ago period.

Jefferies Financial Group Inc., Toronto-Dominion Bank, Evercore Inc., and Cantor Fitzgerald are leading the IPO. The company's shares are expected to commence trading on the Nasdaq Global Select Market on Friday under the ticker symbol "ETRA."