Aspen IPO: Trading Begins in the Biotech Company in Which Sam Altman Invested

Pre-market trading in shares of biotech company Aspen Neuroscience has begun on the Freedom client trading platform. The company, whose early investors included OpenAI CEO Sam Altman, is developing a treatment for Parkinson’s disease by converting human skin cells into dopamine-producing neurons. Later on October 30, Aspen’s shares will be listed on Nasdaq under the ticker symbol ASPE.

The biotechnology company Aspen Neuroscience raised $140.6 million in its IPO on the Nasdaq. It sold 9.37 million shares at $15 each—the lower end of its previously announced price range.

Leerink Partners, Piper Sandler, Stifel, UBS, and Oppenheimer served as underwriters for the offering. They were granted a 30-day option to purchase up to 1.4 million shares.

Most of the proceeds from the transaction will be used to continue clinical trials of a treatment for Parkinson's disease, according to Aspen's IPO prospectus. The drug is currently undergoing early-stage Phase 1/2a clinical trials, and the biotech company plans to begin Phase 3 trials before these are completed.

Aspen was founded in 2018 by stem cell researchers Jeanne F. Loring and Andrés Bratt-Leal, along with the nonprofit organization Summit for Stem Cell, which helps people with Parkinson's disease.

Aspen’s business is based on research conducted at the Loring Laboratory. The approach centers on reprogramming ordinary human skin cells into stem cells capable of transforming into various cell types—as if they had “forgotten” what they once were. The cells are then “trained” in the lab to become neuron precursors, which, after being transplanted into the brain, mature and produce dopamine. The motor symptoms of Parkinson’s disease are specifically linked to the damage and death of dopamine-producing neurons in the brain.

For now, the company is applying this approach to people with Parkinson's disease—its development in this area is called Sasineprocel—but believes it can be used in the development of treatments for other neurodegenerative diseases.

Since its founding, Aspen has raised approximately $347 million, including funding from venture capital firms such as OrbiMed, ARCH Venture Partners, Frazier Life Sciences, and Medical Excellence Capital, as well as Kite, one of the pioneers in the field of cancer cell therapy, according to the prospectus.

Cell therapy has already demonstrated powerful results in the treatment of certain types of cancer; Aspen could become the first publicly traded company to offer cell therapy for Parkinson’s disease, according to BioPharma Dive. However, such drugs are complex, expensive, and difficult to manufacture.

Since its founding, the biotech company has posted operating losses— $28.5 million for the first half of 2026—and these losses will continue for the foreseeable future, the company warns in its IPO prospectus. Its net loss for the same period amounted to $36.5 million.

Aspen estimates that, based on the proceeds from its IPO, it will have enough funds to last until the second half of 2028. However, the biotech company warns that additional capital will still be needed to complete development.

The company is currently focusing its efforts on developing Sasineprocel, and if that effort fails, it will have a negative impact on Aspen's business and its prospects, the report states.

Freedom uses the “survival probability” method when calculating its target price, says Alem Bektemirov, an analyst at the company. He explains that the drug is currently in Phase ½ clinical trials, and the risk of failure is 55%; with each subsequent phase, this risk will decrease, while the company’s value will increase. Taking all risks into account, Freedom has valued Aspen at $659 million, or $22.6 per share, which is 50.7% higher than the offering price.

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Freedom Broker clients will be able to trade Aspen shares before the main trading session opens. Trading will begin in the early pre-market session 2–3 hours before the U.S. markets open (from 3:30 p.m. to 4:30 p.m. Astana time). To participate, click on the ASPE ticker.