1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. đť•Ź Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. đť•Ź Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
ETRA
Event Date
2026-09-18
Sector
Health Care
Subsector
Biotechnology
Offer Range
$15.00
Shares Offered
23.33M
—
Implied Upside vs Midpoint
Description
We are a late clinical-stage biopharmaceutical company focused on pioneering a new class of precision medicines for the treatment of immune-mediated diseases and cancer. Our novel approach targets signal regulatory proteins (SIRP), a family of cell surface receptors whose expression is restricted to specific immune cell populations, and increases upon activation to enable selective depletion of disease-driving cells while preserving normal immune function. By replacing broad immunosuppression with selective elimination of principal cells that drive disease, we believe our approach can do for immune-mediated diseases what precision oncology has done for cancer, transforming the treatment paradigm for patients. To our knowledge, we are the first company to advance this SIRP-targeted precision immune cell depletion approach into clinical development and demonstrate proof-of-concept in humans. Our lead product candidate is ipsoprubart, a novel pan-SIRP monoclonal antibody designed to selectively deplete pathological myeloid cells and T cells via binding to SIRPa/Ăź1/g, which is currently in a global registrational program for patients with secondary hemophagocytic lymphohistiocytosis (sHLH). In our Phase 1b trial, ipsoprubart was generally well tolerated and demonstrated a 100% 8-week overall survival (OS) rate and 100% overall response rate (ORR) in 12 frontline patients with malignancy-associated HLH (mHLH), the largest subset of sHLH and the population associated with the poorest outcomes. Of the 12 mHLH frontline patients, 10 achieved a partial response (PR) and two achieved a modified complete response (mCR). We are conducting SURPASS, our global Phase 2/3 registrational trial in newly diagnosed, treatment-naĂŻve sHLH patients, as well as COMPASS, our natural history study designed to provide an external control comparator for SURPASS. We expect to complete enrollment in our registrational program in the second half of 2027. Ipsoprubart has received Breakthrough Therapy designation (BTD) from the U.S. Food and Drug Administration (FDA) and PRIority MEdicine (PRIME) designation from the European Medicines Agency (EMA), each granted for the treatment of sHLH broadly. In addition, eight evaluable sHLH patients with underlying T or B cell lymphomas treated with ipsoprubart across our Phase 1b trial and Expanded Access Program who had tumor response measurements within weeks of treatment ipsoprubart demonstrated a 100% objective tumor response rate, with seven out of eight patients achieving a complete response (CR). We are conducting a Phase 1 clinical trial evaluating ipsoprubart as a monotherapy in patients with relapsed/refractory T cell and natural killer (NK) cell malignancies, with initial data expected in the second half of 2027. We are also advancing ELA822, a novel SIRPg-specific monoclonal antibody designed to selectively deplete activated T cells, with potential applications across chronic T cell-mediated immune and inflammatory diseases. In August 2026, we obtained regulatory clearance and initiated a Phase 1 clinical trial of ELA822 in healthy volunteers (HV) in Europe, with data expected in the first half of 2027, followed by initiation of a Phase 1/2 clinical trial in patients with T cell-mediated immune disorders, which is expected in the middle of 2027, subject to regulatory approval. We have generated a proprietary library of SIRP-targeted antibodies with distinct profiles, developed over years of dedicated discovery and engineering. This platform provides substantial flexibility to align antibody design with the cellular biology and therapeutic objectives of each program, and we believe it positions us to pursue a broad range of indications involving pathogenic SIRP-expressing cells without requiring additional de novo discovery efforts. --- We were originally incorporated under the laws of the State of Delaware in October 2018 as a wholly-owned subsidiary of Star Therapeutics LLC (Star), a private biotechnology company. In February 2022, in connection with our Series B Preferred Stock financing, we became a majority-owned subsidiary of Star. In June 2023, Star formed Electra Therapeutics LLC (Electra LLC) and contributed its shares of our Series A redeemable convertible preferred stock to Electra LLC in exchange for units of Electra LLC. In connection with being spun out of Star, Star then distributed in-kind the units of Electra LLC to its members, resulting in Star no longer being our parent company or otherwise holding any shares in us (the Spin-Out). As a result of the Spin-Out, we are no longer directly affiliated with Star. Our principal executive office is located at 230 E Grand Avenue, Suite S-100, South San Francisco, California 94080, and our telephone number is (888) 743-2290. Our website is www.electra-therapeutics.com.