Braveheart Bio, Inc. (Nasdaq: BRVE), a San Francisco-based clinical-stage biopharmaceutical company developing a next-generation oral cardiac myosin inhibitor (CMI) for hypertrophic cardiomyopathy (HCM), priced an upsized IPO at USD 18.00 per share on August 5, 2026, raising USD 382.5 million gross before expenses — among the largest biotech IPOs by proceeds in recent years.
The IPO - initially priced to raise around USD 185 million - also represents one of the clearest validations of the increasingly popular "NewCo" model, in which Chinese biopharma companies contribute late-stage assets to venture-backed US startups that finance global development outside Greater China.
Braveheart Bio's sole pipeline asset is BHB-1893 (HRS-1893), an oral small-molecule CMI in-licensed from Hengrui Pharma in September 2025 under an exclusive agreement covering all territories outside Greater China. Under that deal, Braveheart paid USD 65 million upfront — comprising USD 32.5 million in cash and USD 32.5 million in equity — with Hengrui eligible to receive up to USD 1.013 billion in development and commercial milestones plus tiered royalties.