Artiva seeks IPO funding for NK cell therapy after losing Merck partnership

Artiva Biotherapeutics, a company specializing in allogeneic natural killer (NK) cell therapy, has announced its intentions to launch an IPO this summer. The San Diego-based biotech disclosed its plans in a Securities and Exchange Commission (SEC) filing on June 28. Although specific details regarding the number of shares and their pricing have not been revealed, the company has made clear its primary objective for the funds: continuing the clinical development of its lead program, AlloNK.

AlloNK is a non-genetically modified, cryopreserved NK cell therapy currently under investigation. It is being tested in a phase 1/1b trial in combination with either Roche’s monoclonal antibodies Rituxan or Gazyva. This trial targets patients suffering from class III or IV lupus nephritis (LN). Additionally, there is a separate basket study examining multiple autoimmune indications. The company expects to release results from at least one of these indications in the first half of 2025.

In April, Artiva reported that the first patient had been dosed in the LN study, marking a significant milestone. This was the first instance of an allogeneic, off-the-shelf NK cell therapy being administered in a U.S. clinical trial for an autoimmune disease. This notable achievement underscores the potential of NK cell therapies in treating autoimmune conditions.

Furthermore, Artiva referred to an ongoing phase 1/2 trial of AlloNK for B-cell non-Hodgkin lymphoma in the same SEC filing. According to the biotech, this trial demonstrated that the treatment could effectively deplete B-cells in the periphery and showed complete responses in heavily pre-treated patients who had not previously received auto-CAR-T treatments. Artiva suggests that these preliminary oncology results could be indicative of the therapy's potential effectiveness in treating autoimmune diseases, given the similar mode of action.

Should there be any remaining funds from the IPO, Artiva plans to allocate them towards additional discovery activities, preclinical development, and clinical development across its pipeline programs. Other areas of investment include headcount costs, manufacturing and supply activities, working capital, and general corporate purposes.

Artiva had previously garnered attention from Merck & Co., which had initially invested $30 million upfront for global licenses for two off-the-shelf solid tumor cell therapies. However, Merck decided to terminate the agreement in October 2023. Despite this, Artiva maintains a partnership with Affimed. In November 2022, the two companies agreed to evaluate the combination of Affimed’s innate cell engager AFM13 with Artiva’s NK cell product AB-101.

The announcement of Artiva’s IPO ambitions coincided with Alumis’s entry into the Nasdaq via a downsized offering. Alumis, a biotech focused on TYK2 inhibitors, adjusted its share price from $17 to $16. However, it experienced a challenging first day of trading, with shares closing down 17% at $13.30, reflecting a broader trend seen among newly listed biotechs this year.

By setting its sights on an IPO, Artiva aims to secure the necessary funds to advance its pioneering NK cell therapies, potentially offering new hope for patients with autoimmune diseases and certain cancers.