ADARx Pharmaceuticals, Inc. (ADRX) is preparing to sell 21.875 million shares of common stock on the Nasdaq Global Select Market at an expected price of $15.00 to $17.00 per share. At the $16.00 midpoint, the offering would raise $350.0 million and value the company at approximately $1.64 billion. J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital are serving as underwriters.
The San Diego-based biotechnology company is developing a new generation of small interfering RNA, or siRNA, treatments. These therapies are designed to silence the genetic instructions that cause the body to produce certain disease-related proteins. ADARx is attempting to make these treatments more precise and longer-lasting, potentially allowing patients to receive injections every three, six or even 12 months.
ADARx currently has three clinical-stage programs and two preclinical programs. Its most advanced candidate, onvuzosiran, is being evaluated in a Phase 3 trial for the prevention of hereditary angioedema attacks. The condition can cause sudden and potentially life-threatening swelling. The company believes onvuzosiran could eventually be administered every three or six months, compared with some competing treatments that require more frequent dosing.
Enrollment in the 90-patient Phase 3 trial is underway, with topline results expected by the end of 2027. If the trial is successful, ADARx expects that it could submit a New Drug Application in 2028. The FDA granted onvuzosiran Fast Track designation in August 2026, and the candidate has also received orphan drug designation.
The company’s second major program, agazisiran, is being studied across several diseases involving the body’s complement system, including rare kidney diseases, paroxysmal nocturnal hemoglobinuria and geographic atrophy. Initial Phase 2 results from several of those trials are expected during the middle to second half of 2027.
ADARx is also developing ADX-626 for the prevention of secondary strokes, with a Phase 2 trial expected to begin in 2027. Two earlier programs are aimed at obesity and Alzheimer’s disease. The obesity candidate is designed to reduce body fat while preserving lean mass, while the Alzheimer’s program is intended to reduce production of a protein associated with the disease. Both remain early in development, with initial clinical results not expected until 2028.
The company’s relationship with AbbVie provides outside support for its technology. AbbVie paid ADARx $335.0 million upfront in 2025 as part of a research partnership covering several therapeutic areas. ADARx could also receive up to $385.0 million in additional option-related payments, as much as $7.45 billion in potential development and commercial milestones, and royalties on any resulting product sales.
AbbVie is now increasing that commitment by purchasing shares alongside the IPO. The pharmaceutical company plans to buy approximately 5.0 million shares at the public offering price, which would give it ownership of approximately 4.9% of ADARx following the transactions. At the $16.00 midpoint, AbbVie’s investment would total approximately $80.1 million.
ADARx remains a clinical-stage company without product revenue. Collaboration revenue totaled $3.4 million in 2025, while the company reported a net loss of $73.1 million, compared with a $46.4 million loss in 2024. During the first six months of 2026, collaboration revenue reached $2.9 million and the net loss widened to $48.4 million from $33.6 million during the same period last year. Research and development spending increased 61% to $48.3 million as the company advanced its clinical programs.
The company held $427.3 million in cash, cash equivalents and short-term investments as of June 30, 2026. After the IPO and AbbVie investment, that balance is expected to rise to approximately $826.2 million. Management believes its available capital will fund planned operations into 2030, although additional financing would still be required to complete development and commercialization of its drug candidates.
ADARx expects to direct approximately $180.0 million toward agazisiran, $65.0 million toward onvuzosiran and $80.0 million toward ADX-626. Another $45.0 million is expected to support the obesity and Alzheimer’s programs, with the remainder available for additional research, working capital and general corporate purposes.
The IPO gives investors exposure to a well-funded siRNA developer with a Phase 3 program, several additional clinical opportunities and an established relationship with one of the world’s largest pharmaceutical companies. AbbVie’s decision to purchase shares at the IPO price adds credibility to the offering, but ADARx’s value will ultimately depend on clinical results that are still more than a year away.
