Boundless dips during first day of trading
28 Mar 2024
IPOOligonucleotide
After a two-year slump, biotech IPOs came in hot to kick off 2024 with rapid fire and high figure raises. However, Boundless Bio’s lacklustre performance on its first day of trading may signal cooling enthusiasm.
After raising $100 million late Wednesday through the sale of 6.25 million shares at $16 each – the midpoint of its proposed offering – the cancer drug developer fell about 11% on Thursday to close at $14.25. The slip in share price values Boundless Bio at about $317 million.
Earlier-stage companies including metabolic-disease focused Fractyl Health and genetic medicines firm Metagenomi have also struggled to post positive trading gains following their public debuts in February. The former has fallen 51% from its IPO price, and the latter is down 30%.
Boundless has Phase I/II trials underway for two cancer programmes. The first is evaluating BBI-335, an oral checkpoint kinase 1 inhibitorcheckpoint kinase 1 inhibitor, in patients with oncogene-amplified cancers; the the second is assessing BBI-825, which targets the ribonucleotide reductase enzyme in patients with resistance gene amplifications.
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