Boundless Bio is bringing in $100 million from its IPO as the precision oncology company becomes the latest biotech to go public in 2024.
The company has priced its 6.25 million shares at $16 apiece, squarely in the middle of the $15 to $17 range the biotech set out in a Securities and Exchange Commission filing last week. Those gross proceeds could swell to $115 million if underwriters take up the offer of buying an additional 937,500 shares at the same price.
Boundless' stock is due to start trading on the Nasdaq Global Select Market this morning under the ticker “BOLD.”
When ranked against the crop of biotech IPOs that emerged in the opening weeks of the year, Boundless sits toward the bottom of the scale. So far, preclinical gene editing company Metagenomi is the only traditional biotech to have brought in less than $100 million, while CG Oncology has retained the top spot for 2024 so far with its eyebrow-raising $380 million IPO in January.
Boundless describes itself as “the world’s leading ecDNA company” and is focused on extrachromosomal DNA, which are double-stranded molecules that can be the source of cancer-driving genes.
The first program, BBI-355, looks to inhibit checkpoint kinase 1 in the hopes of cooling down ecDNA replication. Boundless said in its original IPO filing earlier this month that proof-of-concept and anti-tumor activity data on up to 90 patients are expected in the second half of the year. That asset is followed up by BBI-825, which was launched into its first trial last month. An investigational new drug application for a third program isn't expected to be filed until the first half of 2026.
Boundless isn’t the only biotech IPO set for spring. Contineum Therapeutics also filed paperwork this month to raise money for phase 2 trials of its lead prospect and a Johnson & Johnson-partnered molecule.