Braveheart Bio, Inc. IPO DOSSIER · Nasdaq Global Market: BRVE

Braveheart Bio, Inc. (BRVE) IPO

Braveheart Bio is developing BHB-1893, an oral cardiac myosin inhibitor for hypertrophic cardiomyopathy — a thickening of the heart muscle that can obstruct blood flow out of the heart. The candidate was discovered by Jiangsu Hengrui in China and in-licensed; every trial completed to date was run by Hengrui. It is clinical-stage — no approved product, no revenue — and priced 21,250,000 shares at $18.00, above its $15.00-$17.00 marketed range.

WHERE THIS DEAL STANDS

Braveheart Bio, 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 $18.00 Priced Shares offered 21,250,000 Deal size ~$382.5M At the offer price First trade Aug 6 On Nasdaq Global Market

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

Braveheart Bio is a clinical-stage biopharmaceutical company developing a treatment for hypertrophic cardiomyopathy, a disease in which the heart muscle thickens and can obstruct blood flow. Its lead candidate, BHB-1893, is an oral small-molecule cardiac myosin inhibitor in development for both obstructive and non-obstructive forms of the disease. The filing states BHB-1893 was discovered and developed by Jiangsu Hengrui Pharmaceuticals in China and in-licensed under an exclusive license agreement, and that all clinical trials completed to date were designed, sponsored and conducted by Hengrui, primarily in China, with one Phase 1 trial in Australia. The company states it was not involved in the design, conduct or oversight of those trials. It is based in San Francisco and incorporated in Delaware, and has no approved product and no revenue. Everything in this dossier is read from the filing.

Industry Clinical-Stage Biotechnology Listing BRVE · Nasdaq Global Market Website braveheart.bio

Lead program as filed

Lead candidate BHB-1893 Oral cardiac myosin inhibitor Indications named oHCM and nHCM Hypertrophic cardiomyopathy Origin In-licensed from Hengrui Trials to date run by the licensor Next trials named Phase 3 oHCM, then nHCM oHCM in H2 2026; NOBLEHEART-HCM in H1 2027, per the filing Employees 30 full-time 20 engaged in research and development CEO Travis Murdoch Named as CEO and agent for service in the filing

The arc

FY2025 Net loss of $66.1 million for the year ended December 31, 2025. Q1 2026 Net loss of $14.3 million; accumulated deficit of $80.3 million and cash and cash equivalents of $89.2 million as of March 31, 2026. Jul 29, 2026 1-for-4.38 reverse stock split of issued and outstanding common stock effected. Jul 30, 2026 Amendment No. 1 filed with terms: 18,750,000 shares at $15.00-$17.00, Nasdaq Global Market, symbol BRVE. Expected Aug 6, 2026 Expected first trade per exchange calendars. Not a company statement.
  1. The clinical record for BHB-1893 was generated by the licensor, not by the issuer. The company states it did not design, conduct or oversee those trials.
  2. The offering is contingent on Nasdaq listing approval.

Form S-1/A, accession 0001628280-26-050756 (filed 2026-07-30).

The Bellipo Take

A cardiovascular company built around one in-licensed asset, three years old, with no trial it ran itself, asking for $300.0 million gross at the midpoint. The read is about provenance and what has not started.

What the filing supports
  1. Cash of $89.2 million at March 31, 2026 before the raise, and the company states proceeds plus existing cash fund operations into 2029 under its current operating plan.
  2. The cover discloses a non-binding indication of interest from Fidelity Management & Research Company LLC for up to $75 million - an indication, not a commitment.
  3. Specialist capital is on the register before the deal: Forbion, OrbiMed, Frazier Life Sciences Public Fund and AH Bio.
  4. A five-bank cover led by Goldman Sachs and Jefferies, with TD Cowen, Stifel and Cantor.
  5. Two Phase 3 trials are named and dated by the company - LIONHEART-HCM in H2 2026 and NOBLEHEART-HCM in H1 2027.
What the filing does not settle
  1. Every completed trial of the lead candidate was designed, sponsored and conducted by the licensor, primarily in China; the company states it had no role in their design, conduct or oversight.
  2. No Phase 3 has begun. Both are plans with company-stated start windows.
  3. The lead asset is in-licensed from Hengrui for a $58.2 million upfront plus milestones, and the licensor is also an 11.3% pre-offering holder.
  4. Losses are recent and steep: $66.1 million in 2025 and $14.3 million in Q1 2026 against an $80.3 million accumulated deficit.
  5. The filing carries two different post-offering share counts - 70,652,838 in the offering summary and 84,351,469 in the ownership table.
The line

No approval decision is pending on this deal and there is no PDUFA date. The next disclosed catalyst is a company-planned Phase 3 start in the second half of 2026.

All figures read from Form S-1/A, accession 0001628280-26-050756 (filed 2026-07-30). We do not handicap regulatory outcomes.

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