ADARx Files For IPO To Fund Three Clinical siRNA Programs, Extending 2026 Biotech Listing Run

ADARx Pharmaceuticals has filed to go public, reopening plans the AbbVie-backed company had previously floated as it looks to fund a slate of next-generation small interfering RNA medicines. The San Diego-based biotech has not yet disclosed how much stock it plans to sell or at what price, according to its Securities and Exchange Commission filing.

The proceeds are set to concentrate on three clinical-stage programs rather than a single readout-driven asset. That makes the IPO a financing event tied to portfolio expansion: ADARx is asking public investors to support ongoing mid- and late-stage work, additional trial starts and early pre-commercial spending at the same time.

Where The Money Is Going

ADARx said the largest share of the IPO proceeds would go to agazisiran, a complement factor B-targeting siRNA therapy already in phase 2 studies. Those studies span renal diseases including IgA nephropathy, complement 3 glomerulopathy and immune complex membranoproliferative glomerulonephritis, along with paroxysmal nocturnal hemoglobinuria and geographic atrophy secondary to age-related macular degeneration.

The company also said some of the proceeds may be reserved to potentially start phase 3 studies of agazisiran in the same indications, depending on how the mid-stage studies perform. That qualifier matters: the filing frames late-stage expansion as contingent on phase 2 execution rather than as a committed next step.

ADARx's second major use of proceeds is onvuzosiran, a prekallikrein-targeted siRNA medicine that has already entered phase 3 development to prevent hereditary angioedema. The filing said IPO funding is expected to continue that study and support pre-commercial activities, suggesting the company is pairing development capital with early launch planning for its most advanced asset.

The third named clinical program is ADX-626, a factor XI-targeted therapy in a phase 1 study in healthy participants. ADARx said it wants to fund that trial, a phase 2 study in secondary stroke prevention and an exploratory trial for stroke prevention in atrial fibrillation.

The Broader Capital Signal

The remaining proceeds are earmarked to move two more siRNA candidates into the clinic next year: the adipose-targeted obesity program ADX-077 and the Alzheimer's disease-focused ADX-199. That breadth helps explain why a company with $427.3 million on hand at the start of 2026 is still seeking more capital.

ADARx has already raised substantial private funding, including a $200 million series C in 2023 backed by Blackrock, Lilly Asia Ventures, OrbiMed and SR One Capital Management. Last year, AbbVie paid $335 million upfront for options on next-generation siRNA therapeutics across several disease areas.

The IPO filing therefore reads less like a rescue financing than a scale financing. For public-market investors, the question is whether the renewed 2026 appetite for biotech listings extends to a company trying to advance multiple siRNA programs at once, with one phase 3 asset, one broad phase 2 complement franchise and two additional clinical entries planned for next year.