City Therapeutics, Inc. IPO DOSSIER · NASDAQ: CTY

City Therapeutics, Inc. (CTY) IPO

City Therapeutics is a clinical-stage Cambridge, Massachusetts RNAi drug developer with no product sales; its revenue comes from research collaborations. It sold 11,111,111 shares on Nasdaq at $18.00.

WHERE THIS DEAL STANDS

The price is set and the shares have not traded yet. City Therapeutics, Inc. is Priced, and trades next session.

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 11,111,111 Deal size ~$200.0M At the offer price First trade Oct 16 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

In its own words, City is "a clinical-stage biotechnology company developing the next-generation of RNAi therapeutics designed to silence the expression of disease-relevant proteins" (S-1/A Oct 9, 2026, Business). Its most advanced product candidate, CITY-FXI, targets FXI for the prevention and treatment of thrombosis and "is currently in a Phase 1 clinical trial" (S-1/A Oct 9, 2026, Business). It was incorporated in Delaware in July 2023, with offices at 399 Binney Street, Cambridge, Massachusetts (S-1/A Oct 9, 2026, Prospectus Summary).

Industry Biotech Listing CTY · NASDAQ Website citytherapeutics.com

As filed

Executive Chair and co-founder John Maraganore, Ph.D. S-1/A Oct 9, 2026, Prospectus Summary President and Chief Executive Officer Andrew (Andy) Orth, M.B.A. S-1/A Oct 9, 2026, Prospectus Summary Chief Medical Officer Baisong Mei, M.D., Ph.D. S-1/A Oct 9, 2026, Prospectus Summary Chief Scientific Officer Tracy Zimmermann, Ph.D. S-1/A Oct 9, 2026, Prospectus Summary Full-time employees (Sep 1, 2026) 81 S-1/A Oct 9, 2026, Business, Employees and Human Capital Resources

The record

Jul 2023 Incorporated in Delaware (S-1/A Oct 9, 2026, Prospectus Summary). Oct 9, 2026 Form S-1/A filed, accession 0001104659-26-114815, with a $17.00 to $19.00 range for 9,722,222 shares. Oct 15, 2026 SEC notice of effectiveness, accession 9999999995-26-003256; Form S-1MEF filed, accession 0001104659-26-116363. Oct 15, 2026 Priced at $18.00 a share, upsized to 11,111,111 shares (GlobeNewswire pricing release, 10:37 PM ET).

Form S-1/A, accession 0001104659-26-114815 (filed 2026-10-09). https://www.sec.gov/Archives/edgar/data/2143850/000110465926114815/tm2619715-8_s1a.htm · GlobeNewswire pricing release, Oct 15, 2026 10:37 PM ET. https://www.globenewswire.com/news-release/2026/10/16/3382239/0/en/city-therapeutics-announces-pricing-of-upsized-initial-public-offering.html

The Bellipo Take

The gist · This dossier states what the filings say. It makes no forecast of the price or of trading.

A Cambridge RNAi drug developer with a Phase 1 lead program, collaboration revenue, no product sales and continuing losses.

Bull case
  1. What the filing shows: cash on hand.Cash and cash equivalents were $169.6 million on June 30, 2026, before this offering (S-1/A Oct 9, 2026, Prospectus Summary).
  2. What the filing shows: partners paying.Collaboration revenue was $13.6 million in 2025 under agreements including Bausch + Lomb and Biogen (S-1/A Oct 9, 2026, Summary Consolidated Financial Data; Prospectus Summary).
  3. What the release shows: an upsized deal.The offering grew from 9,722,222 to 11,111,111 shares at the $18.00 midpoint (S-1/A Oct 9, 2026, cover; pricing release Oct 15, 2026).
Bear case
  1. The filing warns: continuing losses.Net loss was $53.4 million in the six months to June 30, 2026, and the accumulated deficit was $142.5 million (S-1/A Oct 9, 2026, Risk Factors summary).
  2. The filing warns: early stage.Its most advanced candidate, CITY-FXI, is in a Phase 1 trial, and it has no approved products (S-1/A Oct 9, 2026, Business; Risk Factors summary).
  3. The filing warns: more money needed.It says it will need substantial additional capital even if this offering succeeds (S-1/A Oct 9, 2026, Risk Factors summary).
Bottom line

Everything here is read from City Therapeutics' S-1/A of Oct 9, 2026 and its pricing release of Oct 15, 2026.

Form S-1/A, accession 0001104659-26-114815 (filed 2026-10-09). https://www.sec.gov/Archives/edgar/data/2143850/000110465926114815/tm2619715-8_s1a.htm · GlobeNewswire pricing release, Oct 15, 2026 10:37 PM ET. https://www.globenewswire.com/news-release/2026/10/16/3382239/0/en/city-therapeutics-announces-pricing-of-upsized-initial-public-offering.html

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