ADARx files for IPO to fund three

ADARx Pharmaceuticals aims to fund a broad clinical trial agenda through a new initial public offering. The AbbVie-backed biotech plans to list on Nasdaq, directing most proceeds to three clinical-stage small interfering RNA (siRNA) medicines.

A significant portion of the IPO funds will advance agazisiran through ongoing phase 2 studies. These trials are testing the complement factor B-targeting therapy in several renal diseases and rare disorders.

The phase 2 programs cover IgA nephropathy, complement 3 glomerulopathy, and immune complex membranoproliferative glomerulonephritis. They also include paroxysmal nocturnal hemoglobinuria and geographic atrophy secondary to age-related macular degeneration. ADARx stated in a Securities and Exchange Commission filing that some IPO proceeds are reserved for potential phase 3 studies in these same indications, pending mid-stage results.

Funding late-stage and early-phase trials

The company has already moved onvuzosiran into phase 3 development for preventing hereditary angioedema. IPO funds are expected to continue this late-stage trial and support pre-commercial activities.

The third asset is the factor XI-targeted ADX-626, currently in a phase 1 study with healthy participants. ADARx hopes the public listing will finance this trial plus a phase 2 study for secondary stroke prevention. An exploratory trial for stroke prevention in atrial fibrillation is also planned.

Expanding the clinical pipeline

Remaining proceeds from the offering will be used to initiate clinical trials for two additional siRNA therapies next year. These are the adipose-targeted obesity program ADX-077 and the Alzheimer's disease-focused ADX-199.

SiRNA medicines aim to prevent disease-causing protein production by targeting messenger RNA. ADARx has touted its therapies as offering long-lasting effects without genome alterations.

Backing from AbbVie and investors

This approach attracted a major deal from AbbVie last year. The pharmaceutical giant paid $335 million upfront to secure options on next-gen siRNA therapeutics across several disease areas.

That deal was larger than the company's $200 million series C round in 2023. That private round was backed by investors including Blackrock, Lilly Asia Ventures, OrbiMed and SR One Capital Management.

Combined with the AbbVie deal, these financings left ADARx with $427.3 million in cash entering 2026. The company stated it will need more capital to bankroll its wide-ranging clinical agenda. The biotech currently employs 100 full-time staffers under CEO and co-founder Zhen Li, Ph.D., who first hinted at an IPO consideration in 2023.

ADARx's leadership will likely hope for a warm reception on public markets. 2026 has seen a bumper run of biotech IPOs, including record-breaking listings from companies like Parabilis Medicines and Kailera Therapeutics.