Scribe Therapeutics, a clinical-stage developer of gene therapies for heart disease, is seeking to raise as much as $107.2 million through a U.S. initial public offering. The Alameda, California-based biotechnology company plans to sell 7.2 million shares at between $13 and $15 each, according to a filing submitted Monday to the U.S. Securities and Exchange Commission. At the top of the proposed range, Scribe could achieve a market valuation of approximately $242.7 million based on the outstanding share count disclosed in the filing. The company expects its shares to trade on the Nasdaq Global Market under the symbol SCTX.
Sanofi, which is expected to participate in a private placement alongside the IPO, plans to purchase approximately $7.5 million of Scribe shares. Scribe is studying gene-editing technologies for heart and metabolic diseases, with its initial work focused on atherosclerotic cardiovascular disease, or ASCVD. The company expects to report initial data during the first half of 2027 from an Australian trial involving adults with an increased risk of ASCVD. Investors may view this clinical update as an important future milestone as they assess Scribe's early-stage technology and development progress.
Scribe reported a net loss of $17.4 million on collaboration revenue of $2.2 million for the three months ended March 31, compared with a $3.5 million loss on collaboration revenue of $17.1 million during the same period a year earlier. The figures suggest that investors may weigh the company's rising losses and lower collaboration revenue against the potential of its gene-editing programs. Eli Lilly & Co. NYSE:LLY, a financial backer of Scribe, is joined in the company's investor base by entities affiliated with Andreessen Horowitz and Avoro Life Sciences Fund. Leerink Partners, Goldman Sachs Group Inc., Guggenheim Securities and Wells Fargo & Co., the banks leading the offering, are managing Scribe's proposed Nasdaq debut.