City Therapeutics, a clinical-stage biotechnology company developing RNA interference therapies, has announced terms for an initial public offering that could raise $175 million. The Cambridge, Massachusetts-based company plans to offer 9.7 million shares at $17 to $19 each, with a midpoint valuation of approximately $1.0 billion on a fully diluted basis. The offering is expected to price during the week of October 12, 2026.

IPO Terms and Nasdaq Listing

City Therapeutics plans to offer 9.7 million shares at a proposed price range of $17 to $19, targeting $175 million in gross proceeds. At the midpoint of the range, the company would command a fully diluted market value of approximately $1.0 billion.

The company plans to list on the Nasdaq under the symbol CTY. Goldman Sachs, Jefferies, Stifel and Oppenheimer & Co. are serving as joint bookrunners for the offering.

RNA Interference Platform Targets Disease-Relevant Proteins

City Therapeutics is developing RNA interference, or RNAi, therapeutics designed to silence disease-relevant proteins. The company’s pipeline focuses on conditions with significant unmet medical needs, including thromboembolic diseases, Stargardt disease type 1 and anemia of chronic disease.

RNAi therapies are designed to interfere with the production of selected proteins by targeting their underlying RNA. City Therapeutics is pursuing this approach across several disease areas where it believes RNAi may offer a differentiated treatment strategy.

Lead Candidate CITY-FXI Enters Phase 1

The company’s lead candidate, CITY-FXI, is a City-engineered, GalNAc-conjugated small interfering RNA (siRNA) therapeutic targeting Factor XI (FXI).

City Therapeutics initiated a Phase 1 trial in 2026, beginning with three single-ascending-dose cohorts involving healthy volunteers. Additional Phase 1 single-ascending-dose data are expected in late 2026.

The program represents the company’s initial clinical effort in thromboembolic diseases. Further clinical findings will be important in assessing the candidate’s safety and potential as development progresses.

Pipeline and Company Background

Beyond CITY-FXI, City Therapeutics is developing RNAi treatments targeting Stargardt disease type 1 and anemia of chronic disease. These programs extend the company’s platform across multiple indications, although the supplied information does not specify their individual clinical stages or upcoming milestones.

Founded in 2023, City Therapeutics is based in Cambridge, Massachusetts. The company reported approximately $14 million in revenue for the 12 months ended June 30, 2026.

Market Context & Opportunities

City Therapeutics is entering the public markets with a platform focused on selectively reducing the production of disease-relevant proteins. Its pipeline spans several conditions, while its lead program provides a defined clinical development pathway through which investors can assess the approach.

The proposed $1.0 billion midpoint valuation places significant attention on the company’s ability to translate its RNAi technology into clinical progress. The additional Phase 1 data expected later in 2026 could provide an important early indicator as the company advances its lead candidate.

Risks & Challenges

City Therapeutics remains a clinical-stage biotechnology company, and its pipeline carries the uncertainty associated with experimental therapies. CITY-FXI is in Phase 1, with additional early-stage data still pending, while the available information does not establish clinical efficacy or commercial viability.

The company must also demonstrate that its RNAi platform can produce meaningful results across its targeted diseases. The proposed IPO valuation will therefore need to be assessed against clinical progress, future development requirements and the risks of advancing therapies through subsequent trial stages.

Closing Paragraph

City Therapeutics plans to raise $175 million in a Nasdaq IPO, with a proposed share price of $17 to $19 and an estimated midpoint fully diluted valuation of $1.0 billion. Its lead candidate, CITY-FXI, has entered Phase 1, with additional data expected in late 2026. The upcoming offering will provide public-market investors an opportunity to evaluate the company’s RNAi platform as it advances its early-stage pipeline.