Electra Therapeutics Goes Public, Raising $350 Million to Advance Novel SIRP‑Targeting Immunotherapy Platform

Electra Therapeutics completed an upsized initial public offering, raising $350 million and listing its shares on the Nasdaq under the ticker “ETRA.” The offering was increased to more than 23.3 million shares sold at $15 per share, down from the preliminary range of $14‑$16. Shares opened at $13.25, representing a roughly 12 % decline from the IPO price. The company plans to use the proceeds to fund its clinical programs and advance commercialization activities.

“By replacing broad immunosuppression with selective elimination of principal cells that drive disease, we believe our approach can do for immune‑mediated diseases what precision oncology has done for cancer, transforming the treatment paradigm for patients,” Electra said in its filing.

Founded in 2018 as a subsidiary of Star Therapeutics, Electra spun out of its parent in 2023 and is now led by CEO Kathy Dong, a veteran of True North Therapeutics. The firm has raised approximately $300 million in private financing, most recently a $183 million Series C round co‑led by Nextech and EQT Life Sciences. Westlake Biopartners holds a 10.4 % post‑IPO stake, followed by OrbiMed at 9.1 %. Cash on hand as of June 30 was $97.7 million.

Electra’s platform targets signal‑regulatory proteins (SIRPs) expressed on activated immune cells, which play a key role in maintaining immune balance. The company’s lead candidate, ipsoprubart, is a pan‑SIRP‑directed monoclonal antibody that selectively depletes SIRP‑expressing myeloid cells and T cells—key drivers of cytokine storms in hyperinflammatory conditions such as secondary hemophagocytic lymphohistiocytosis (sHLH). In a Phase 1b study of malignancy‑associated HLH, ipsoprubart achieved 100 % overall survival and a 100 % overall response rate at eight weeks, with a favorable safety profile.

The program has advanced to a Phase 2/3 trial in newly diagnosed, treatment‑naïve sHLH patients, which will be compared to historic controls. Enrollment is anticipated to be completed in the second half of 2027. Ipsoprubart also has potential applications in T‑cell and natural‑killer‑cell malignancies, with a Phase 1 study underway and preliminary data expected in H2 2025.

Electra’s next pipeline asset, ELA822, is an antibody that selectively depletes activated T cells expressing SIRPγ. A Phase 1 trial in healthy volunteers is projected to report data in the first half of 2027, with plans for a Phase 1/2 study in T‑cell‑mediated disorders slated for mid‑2027 if early results are positive.

Financially, Electra intends to allocate roughly $220 million to complete the Phase 2/3 development of ipsoprubart, including interim data readout and preparation for a potential FDA submission and commercialization in sHLH. An additional $25 million will support the ongoing Phase 1 trial in T/NK malignancies, while $50 million is budgeted for ELA822’s Phase 1 and Phase 1/2 studies. The company estimates its cash runway will extend through 2029.

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