Attovia IPO: Goldman-backed biotech debuts on the Nasdaq

Early trading in Attovia Therapeutics, a small-cap developer of a treatment for chronic itch, has started on Freedom’s trading platform (to trade, clients should click on ATTO). The company, founded just three years ago, is backed by investors including Goldman Sachs Alternatives. Attovia stock is set to debut during the Nasdaq main session later Wednesday.

Biotech Attovia raised $289 million in an IPO on the Nasdaq. The company sold 17 million shares, around 36% more than initially planned, at $17 apiece, the top of its previously announced range of $15-17 per share. That gives the company a market capitalization of around $731.5 million, according to Bloomberg.

Morgan Stanley, Leerink Partners, Citigroup, RBC Capital Markets, and LifeSci Capital served as the book-running managers for Attovia’s IPO. They received a 30-day option to purchase up to an additional 2.55 million shares.

Attovia plans to use the proceeds to continue developing its drug candidates and for working capital, according to its prospectus.

Founded in 2023, U.S.-based Attovia develops treatments for immune-mediated diseases, conditions caused by immune system dysfunction. To design them, the company uses a platform called ATTOBODY, which it licensed from Alamar Biosciences in exchange for a stake in the company. Alamar currently owns more than 5% of Attovia.

Using ATTOBODY, Attovia developed three drug candidates in its first two years, including ATTO-1310, which is in clinical trials, the company stated in its prospectus. ATTO-1310 is being developed to treat chronic itch and atopic dermatitis. In the first quarter, the company completed the healthy-volunteer portion of its phase I trial. Its other two candidates – ATTO-2306 for inflammatory skin diseases and ATTO-1091 for inflammatory bowel disease – are undergoing IND-enabling studies ahead of clinical trials. Those trials could begin in the first half of 2027.

Attovia names Goldman Sachs Alternatives, Deep Track Capital, Frazier Life Sciences, and venBio among its investors with stakes of at least 5%.

Goldman Sachs led a $105 million funding round for the biotech in 2024. Colin Walsh, managing director of life sciences investing at Goldman Sachs Alternatives, said at the time that Attovia had generated “an impressive pipeline” in a short amount of time.

As of March 31, the company had raised $255.8 million from leading life sciences investors, according to its prospectus. Attovia has generated no product revenue, while the net loss increased 52% to $60.6 million in 2025.

The prospectus also states that the company does not expect to generate revenue from product sales for many years. Attovia warns investors that it may never do so because it depends on successfully advancing its drug candidates through clinical trials and obtaining regulatory approval.

Attovia’s IPO comes amid increasing investment in the biotech sector, Reuters writes. In late July, sleep apnea pill developer Apnimed raised $192 million in an IPO. In June, cardiovascular drug developer Kardigan sold $400 million of stock.

Attovia Therapeutics’ IPO represents a promising venture bet, IPO analyst Donovan Jones wrote in a column for Seeking Alpha. He pointed out that the company’s most advanced candidate has only completed dosing in a phase I clinical trial.

Attovia’s main competitive advantage is its platform. The risks of investing in the stock include the absence of completed clinical trials, continuing losses, and a high likelihood that the company will need additional capital, diluting existing shareholders, notes trading information and analytics platform Minichart.

Freedom Finance analyst Alem Bektemirov agrees. He identifies the main risks for Attovia as failure to secure approval for its drugs or weak trial results, which could significantly affect the stock price in the future, as well as future market competition. Nevertheless, Bektemirov is upbeat on the stock, having set a target price of $19.60 per share for Attovia, implying 15% upside from the IPO price.

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Freedom clients can trade Attovia shares before the start of the main U.S. session. Premarket trading will open 2-3 hours early, at 15:30-16:30 Astana time. To start trading, select the symbol ATTO on the Freedom platform.