Inflammatory disease-focused biotech Invea Therapeutics has set the terms for its initial public offering, marking a renewed attempt to access public capital markets after shelving an earlier IPO effort in 2024. The move comes amid a selective reopening of the biotech IPO window, particularly for clinical-stage companies with differentiated platforms and targeted pipelines.

IPO Structure and Valuation

The Guilford, Connecticut–based Invea Therapeutics plans to raise $35 million by offering 3.2 million shares at a proposed price range of $10 to $12. At the midpoint of the range, the deal would value the company at approximately $127.5 million on a fully diluted basis.

Invea originally filed for an IPO in October 2023 but withdrew its application in March 2024, reflecting challenging market conditions for early-stage biotech issuers at the time. The renewed filing suggests improved confidence that investor appetite has stabilized for smaller, focused life sciences offerings.

Pipeline and Technology Focus

Invea is a clinical-stage biotech developing oral small-molecule therapies targeting immune-mediated inflammatory diseases, or IMIDs—a broad category that the company estimates affects between 200 million and 500 million people globally.

Its lead asset, INVA8001, is being developed for chronic inducible urticaria. The program was in-licensed from Daiichi Sankyo after it failed to meet endpoints in a different indication. Invea plans to submit a Clinical Trial Application (CTA) in the European Union to initiate a Phase 2a trial for this indication.

The company’s second candidate, INVA8003, is a novel preclinical program. Invea also highlights the use of AI-driven discovery and development methods to identify and optimize therapies for IMIDs, an approach increasingly emphasized by early-stage biotech companies seeking efficiency and differentiation.

Listing Details and Underwriters

Founded in 2021, Invea Therapeutics intends to list its shares on the Nasdaq under the ticker symbol INAI. ThinkEquity is serving as the sole bookrunner for the offering.

The relatively modest deal size reflects both the company’s early clinical stage and a continued investor preference for smaller, more conservatively structured biotech IPOs in the current market environment.

Outlook and What to Watch

Invea’s IPO will test investor appetite for early-stage inflammatory disease plays that combine repurposed assets with novel discovery efforts. Key factors to monitor include progress toward the planned Phase 2a trial for INVA8001, regulatory feedback in Europe, and the company’s ability to advance its preclinical pipeline with limited capital.

More broadly, the deal will serve as another data point for whether smaller biotech issuers can successfully return to public markets in 2026—or whether investors will remain highly selective until clearer clinical validation emerges.