桑City Therapeutics Inc.是一家处于初创阶段的RNA干扰疗法药物研发企业，目前正计划通过在美国上市募集最多1.847亿美元的资金。
Therapeutics Inc., an early-stage developer of RNAi-based drugs, is seeking to raise as much as $184.7 million in a US initial public offering.
根据该公司周五向美国证券交易委员会提交的招股文件，这家公司的投资方包括Arch Venture Partners与富达管理研究公司。此次上市计划发行972万股股票，发行价定在每股17美元至19美元之间。
The company, which counts Arch Venture Partners and Fidelity Management & Research among its investors, is marketing 9.72 million shares for $17 to $19 apiece, according to its filing Friday with the US Securities and Exchange Commission.
按照上述价格区间的上限计算，这家总部位于马萨诸塞州剑桥市的企业上市后的市值预计将达约9.563亿美元。
At the top of the price range, the Cambridge, Massachusetts-based firm would have a market value of roughly $956.3 million, based on the outstanding shares in the filing.
此次上市计划正值基因治疗领域的同行企业Adarx Pharmaceuticals Inc.获得投资者热捧之际——后者上个月上市时成功募集了4.463亿美元。据彭博社统计，今年已有多家生物科技与制药领域的新企业成功上市，累计募集资金达78亿美元；而2025年同期的这一数值仅为13亿美元。
The proposed listing follows investors’ warm welcome to peer gene therapy developer Adarx Pharmaceuticals Inc. which raised $446.3 million in its debut last month. New entrants in biotech and pharma have raised $7.8 billion this year, versus $1.3 billion in the corresponding period in 2025, according to data compiled by Bloomberg.
City Therapeutics正在研发基于RNA干扰技术的药物，用于治疗血栓栓塞性疾病以及斯塔加特病——这是一种多发于儿童及青少年的遗传性黄斑变性疾病。该公司的核心研发产品目前正处于预防血栓栓塞性疾病的早期临床试验阶段，其他候选药物则处于临床前研发或药物发现阶段。City预计今年将公布该1期临床试验的相关数据。
City is developing RNAi-based drugs to treat thromboembolic diseases and Stargardt disease, an inherited macular degenerative disease in children and young adults. The firm’s lead product is in an early-stage trial for the prevention of thromboembolic diseases, and other product candidates are in preclinical development or drug discovery. City expects to report data from the phase 1 study this year.
目前，该公司已分别与博士伦公司和渤健公司建立了战略合作伙伴关系，分别致力于研发针对眼部疾病及中枢神经系统疾病的RNA干扰疗法。
The company has strategic collaborations with Bausch + Lomb Corp. and Biogen Inc. to advance RNAi therapeutics for diseases of the eye and the central nervous system respectively.
约翰·马拉加诺雷是RNA干扰疗法药物研发企业Alnylam Pharmaceuticals Inc.的创始首席执行官，他也是City Therapeutics的联合创始人并担任公司执行主席。
John Maraganore, the founding chief executive officer of RNAi drug developer Alnylam Pharamaceuticals Inc., co-founded City and serves as its executive chair.
招股文件显示，在截至2026年6月30日的半年内，City Therapeutics实现了640万美元的合作收入，但净亏损仍达5340万美元；而去年同期该公司的净亏损为2430万美元，实现收入560万美元。
City had a net loss of $53.4 million on collaboration revenue of $6.4 million in the six months ended June 30, 2026, compared with a net loss of $24.3 million on revenue of $5.6 million a year earlier, the filing shows.
根据相关文件显示，自2023年创立至6月30日，City已成功募集到2.388亿美元的私人资金。在IPO之前，Arch持有该公司35%的股份，富达投资则持有10%的股份。
Since it was founded in 2023 through June 30, City has raised $238.8 million in private funding, according to its filing. Arch controls 35% of the company prior to the IPO, while Fidelity has a 10% stake.
今年6月，City完成了约9950万美元的B轮融资。当时发布的公告称，维京全球投资者与索菲诺瓦投资成为新晋投资方，而Arch和富达投资等原有投资方也继续参与投资。
In June, City completed a roughly $99.5 million Series B funding round that saw Viking Global Investors and Sofinnova Investments come on as new investors, with existing backers including Arch and Fidelity also participating, a statement at the time showed.
此次IPO由高盛集团、杰富瑞金融集团、斯蒂费尔金融公司和奥本海默公司牵头负责。City预计其股票将在纳斯达克全球市场上市，股票代码为CTY。
The offering is being led by Goldman Sachs Group Inc., Jefferies Financial Group Inc., Stifel Financial Corp. and Oppenheimer & Co. City expects its shares to trade on the Nasdaq Global Market under the symbol CTY.