City Therapeutics (CTY) Registration filing summary

Company overview and business model

• Clinical-stage biotech focused on next-generation RNAi therapeutics for silencing disease-relevant proteins, targeting unmet needs in thromboembolic diseases, Stargardt disease, and anemia of chronic disease.

• Founded in July 2023, rapidly advanced three programs into or toward the clinic in under three years.

• Platform integrates RNAi trigger engineering, novel delivery conjugates for tissue selectivity, and genetics-led target discovery.

• Strategic collaborations with Bausch + Lomb (ocular) and Biogen (CNS) to expand extrahepatic RNAi applications.

Financial performance and metrics

• No revenue from product sales; revenue to date from research collaborations and license agreements.

• Net losses: $27.8M (2024), $58.5M (2025), $24.3M (H1 2025), $53.4M (H1 2026); accumulated deficit of $142.5M as of June 30, 2026.

• Cash, cash equivalents, and restricted cash: $172.1M as of June 30, 2026.

• Raised $238.8M in equity capital from top-tier life sciences investors since inception.

Use of proceeds and capital allocation

• IPO proceeds, combined with existing cash, to fund clinical development of lead programs (CITY-FXI, CITY-RBP4, CITY-TFR2), platform advancement, and working capital.

• Proceeds also allocated to advance preclinical candidates and support ongoing collaborations.