Artiva increases IPO to $167 million ahead of Nasdaq listing

Artiva Biotherapeutics has increased its initial public offering (IPO) to $167 million as it prepares to commence trading on the Nasdaq Global Market today.

Earlier this week, Artiva announced its intention to sell 8.7 million shares, with a price range set between $14 and $16 per share. If the price had settled at $15, this would have generated $116 million in net proceeds for the company, potentially increasing to $135 million if underwriters exercised their 30-day option to purchase an additional 1.3 million shares at the same price.

However, in a statement released after the market closed yesterday, Artiva disclosed that while the share price had been reduced to $12, the number of shares on offer had been increased to 13.9 million. This adjustment means the gross proceeds would amount to $167 million before accounting for discounts and expenses.

The allocation for underwriters has also been raised to 2.08 million shares, which will be sold at the revised price of $12 each.

Artiva's shares will be traded on the Nasdaq under the ticker symbol "ARTV."

The primary objective for the funds raised through the IPO is to advance the clinical development of a non-genetically modified, cryopreserved NK cell therapy known as AlloNK. Currently, AlloNK is undergoing a phase 1 trial for lupus nephritis in combination with Roche’s Rituxan or Gazyva. Additionally, AlloNK is being studied in a separate basket trial covering multiple autoimmune diseases.

The company anticipates releasing data from at least one of these studies in the first half of 2025. Additionally, there is an ongoing phase 1/2 trial of AlloNK targeting B-cell non-Hodgkin lymphoma.

New investors in Artiva will likely be hopeful that the company can defy the trend of recent biotech IPOs that have struggled to sustain their initial valuations. For example, the most recent biotech to list publicly was Alumis, a company focused on TYK2 inhibitors, which saw its stock price fall 21% to $12.51 by the end of trading on Thursday, down from its $16 debut on June 28.