Cambridge, Massachusetts-based City Therapeutics, Inc., a clinical-stage RNAi therapeutics company, set terms for its proposed initial public offering of 9,722,222 shares at an estimated USD 17–19 per share, following its initial September 24 filing. The company has applied to list on the Nasdaq Global Market under the ticker CTY.
At the USD 18.0 midpoint, gross proceeds are approximately USD 175.0 million and net proceeds approximately USD 158.3 million, rising to approximately USD 182.7 million if the overallotment option — covering up to 1,458,333 additional shares — is exercised in full. Goldman Sachs and Jefferies are leading the underwriting syndicate, which also includes Stifel and Oppenheimer.
City intends to use the proceeds alongside existing cash to advance its clinical pipeline and RNAi discovery platform, allocating approximately USD 70 million to the City Platform, including development of cityRNA triggers CITY-O02 and CITY-C02; USD 40 million to CITY-TFR2; USD 30 million to CITY-FXI; and USD 20 million to CITY-RBP4. Remaining funds would support working capital and general corporate purposes.
City's lead asset, CITY-FXI, is a GalNAc-conjugated small interfering RNA (siRNA) targeting coagulation factor XI for the prevention of thromboembolic diseases. The company initiated a Phase I trial in January 2026, with initial healthy-volunteer data showing greater than 60% factor XI knockdown following a 15 mg dose, approximately 80% at 50 mg, and 85% three weeks after a 150 mg dose. Additional Phase I data are expected in late 2026, with a Phase II study in total knee arthroplasty planned for mid-2027.