BlossomHill Therapeutics, Inc. IPO DOSSIER · NASDAQ: BLSM

BlossomHill Therapeutics, Inc. (BLSM) IPO

BlossomHill is developing small molecules against two cancers: BH-30643, a brain-penetrant EGFR inhibitor for EGFR-mutant non-small cell lung cancer, and BH-30236, a CLK inhibitor for relapsed or refractory acute myeloid leukemia. Unlike most of the biotechs pricing this week its candidates were designed in-house rather than in-licensed. It is clinical-stage — no approved product, no revenue — and carries a going-concern paragraph and a reverse split effected three days before terms. It priced an upsized 9,375,000 shares at $16.00, the midpoint of its $15.00-$17.00 range, for gross proceeds of $150.0 million before the underwriters option.

WHERE THIS DEAL STANDS

BlossomHill Therapeutics, Inc. is trading, and Bellipo tracks it through lock-up.

RADAR Reported, nothing filed READY Terms on file, awaiting pricing PING Priced, not yet trading STRIKE The first trade crosses ORBIT Trading, through lock-up

AT A GLANCE

Offer range $16.00 Priced Shares offered 9,375,000 Deal size ~$150.0M At the offer price First trade Aug 7 On Nasdaq

How this Dossier is built

A Bellipo Dossier is built from the filing itself. We aggregate the company's S-1 and its amendments, extract the disclosures that move a deal, and compile them into a single structured brief — the financial statements normalized into comparable lines, the use-of-proceeds split between primary and secondary, the capitalization and ownership table, the underwriting syndicate, insider selling, the auditor and its prior engagements, and the ranked risk factors. Every figure is traced to the source filing rather than the press release. The result is a desk-grade read of what the company disclosed, not what it announced — in plain English, in about five minutes.

Company Information

BlossomHill Therapeutics is a clinical-stage biopharmaceutical company working on cancer. Two programs are in the clinic: BH-30643, a non-covalent macrocyclic brain-active mutant-selective OMNI-EGFR inhibitor for EGFR-mutant non-small cell lung cancer, and BH-30236, a macrocyclic CLK inhibitor for relapsed or refractory acute myeloid leukemia (AML) and higher-risk myelodysplastic syndromes (MDS). A third candidate, BH-501284, targeting activated KRAS, is preclinical. Unlike three of the other four biotechs pricing this week, its candidates are internally designed rather than in-licensed: the filing describes a chemistry-based, structure-based rational drug design approach. The company is based in San Diego and incorporated in Delaware. It has no approved product and no revenue. Everything in this dossier is read from the filing.

Industry Clinical-Stage Biotechnology Listing BLSM · NASDAQ Website bhtherapeutics.com

Lead program as filed

Lead candidate BH-30643 OMNI-EGFR inhibitor, EGFR-mutant NSCLC Stage Phase 1/2 SOLARA, global, enrolling at over 40 sites in 10 countries Second candidate BH-30236 CLK inhibitor, Phase 1 in R/R AML and HR-MDS Third candidate BH-501284 Preclinical, activated KRAS Employees 63 full-time No part-time employees Listing venue Nasdaq Global Select Market Offering contingent on approval

The arc

FY2024 Net loss of approximately $30.7 million. FY2025 Net loss of approximately $60.6 million. The audit report on these statements includes a going-concern explanatory paragraph. Q1 2026 Net loss of $21.0 million, versus $10.5 million in Q1 2025. Accumulated deficit of $156.0 million and cash and cash equivalents of $116.0 million as of March 31, 2026. Jul 31, 2026 One-for-4.6855 reverse stock split of common and convertible preferred stock effected. Aug 3, 2026 Amendment filed with terms: 7,812,500 shares at $15.00-$17.00, Nasdaq Global Select Market, symbol BLSM. Expected Aug 7, 2026 Expected first trade per exchange calendars. Not a company statement.
  1. The reverse split was effected on July 31, 2026 and the terms amendment landed three days later on August 3.
  2. The company concluded there is substantial doubt about its ability to continue as a going concern, and the auditor's report on the 2025 statements includes an explanatory paragraph to that effect.

Form S-1/A, accession 0001193125-26-329416 (filed 2026-08-03).

The Bellipo Take

An oncology company with two candidates in the clinic, a founder-controlled register and a reverse split effected three days before terms, asking for $125.0 million gross at the midpoint.

What the filing supports
  1. Two programs are already dosing patients: BH-30643 in a global Phase 1/2 across 40+ sites in 10 countries, and BH-30236 in Phase 1.
  2. The candidates are internally designed; the filing does not describe an in-licensed lead asset.
  3. Cash of $116.0 million at March 31, 2026, with estimated net proceeds of approximately $111.7 million at the midpoint.
  4. A five-bank cover with J.P. Morgan on the left - the only one of the five biotechs this week where J.P. Morgan leads.
  5. The register is concentrated in specialists: Cormorant, OrbiMed, Vivo and Janus Henderson alongside the founders.
What the filing does not settle
  1. The FY2025 statements carry a going-concern explanatory paragraph.
  2. No registrational trial has started. The potential registrational Phase 2 is a plan the proceeds are earmarked to fund.
  3. The KRAS candidate, BH-501284, has not dosed a human.
  4. Every efficacy characterisation disclosed is preliminary; the filing states a majority of SOLARA patients have progressed after a third-generation EGFR TKI.
  5. Q1 2026 net loss of $21.0 million against $116.0 million of cash implies the raise is doing real work, not topping up.
The line

No approval decision is pending on this deal and there is no PDUFA date. The next disclosed step is a potential registrational Phase 2 the company says it will decide on in a data-driven manner.

All figures read from Form S-1/A, accession 0001193125-26-329416 (filed 2026-08-03). We do not handicap regulatory outcomes.

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