Electra Files For Nasdaq IPO To Fund Ipsoprubart Phase 2/3 Program In sHLH

Electra Therapeutics has filed to go public, extending this year’s biotech IPO run with a financing centered on a clinical-stage immunology asset rather than an earlier platform pitch. The South San Francisco-based company applied to list on the Nasdaq Global Select Market under the symbol ETRA, according to an SEC filing.

The proposed IPO would fund several programs, but the lead use of proceeds is clear: Electra wants to keep advancing ipsoprubart, formerly named ELA026, through late-stage development in secondary hemophagocytic lymphohistiocytosis, or sHLH. That focus suggests the current IPO window remains most open to companies that can tie fundraising to a specific registrational path.

The lead program

Ipsoprubart is a monoclonal antibody in an ongoing global phase 2/3 trial in patients with sHLH, a rare, life-threatening hyperinflammatory syndrome caused by overactivation of the immune system. The condition can be triggered by cancer, infection, autoimmune disease or immunotherapy and requires immediate intervention.

Electra said IPO proceeds would support the phase 2/3 program, a potential biologics license application and commercial readiness. CEO Kathy Dong told Fierce last year that enrollment in the trial was expected to wrap in 2027, with topline data to follow shortly after.

Mechanistically, ipsoprubart targets signal regulatory proteins, or SIRP, to selectively deplete pathological immune cells. In a phase 1b study in malignancy-associated HLH, Electra said ipsoprubart achieved a 100% overall survival rate at eight weeks among 12 frontline patients.

The drug has also received breakthrough therapy designation from the FDA and PRIME designation from the European Medicines Agency. Electra said ipsoprubart is the first asset to receive both designations for sHLH.

Where the money would go

The filing says IPO proceeds would also fund ipsoprubart in T/NK cell malignancies through a phase 1 clinical trial. Beyond that, Electra plans to continue development of ELA822, a monoclonal antibody targeting signal regulatory protein gamma, or SIRPγ, on immune cells.

ELA822 is in an ongoing phase 1 trial in healthy volunteers, and Electra has planned a phase 1/2 trial in patients with T cell-mediated immune disorders. That gives the company a second immunology program, but the investment case still appears to depend primarily on execution in sHLH.

Electra raised a $183 million series C in October to support its lead asset. The company had previously raised $84 million in a 2022 series B, and in 2025 added a round in which Sanofi was a new investor. For public-market investors, the signal is that Electra is arriving after substantial private financing, with a late-stage rare-disease program carrying both regulatory designations and a defined next milestone.