City Therapeutics Raises $200 Million in Upsized IPO and Surges 28% in Nasdaq Debut

City Therapeutics, a Cambridge, Massachusetts-based clinical-stage biotech developing RNA interference therapies, raised approximately $200 million in its initial public offering on Nasdaq and jumped 28% on its first day of trading on October 16, 2026. The company priced 11.1 million shares at $18 each, the midpoint of its $17-to-$19 marketed range, after upsizing the offering from an original 9.72 million shares that had been expected to raise as much as $184.7 million. Underwriters also received a 30-day option to purchase up to an additional 1.67 million shares, which could lift total proceeds further.

City Therapeutics, which trades under the ticker CTY on the Nasdaq Global Market, counts Arch Venture Partners and Fidelity Management and Research among its investors. The company has collaboration arrangements with Bausch + Lomb and Biogen, and had an accumulated deficit of $142.5 million as of June 30, 2026. Proceeds from the IPO are intended to advance the company's RNAi platform, including early-stage trials targeting thromboembolic diseases and Stargardt disease, an inherited form of macular degeneration, as well as a program to treat anemia associated with myelofibrosis.