Hemab IPO: Novo-backed blood disorder biotech debuts on the Nasdaq

Shares of biotech Hemab Therapeutics, founded by former Novo Nordisk executives, are now available for early trading on the Freedom client trading platform. The company’s lead asset, sutacimig, is being developed for rare blood-clotting disorders. Later on Friday, the stock will debut on the Nasdaq during the regular session under the ticker symbol COAG.

Hemab Therapeutics, a developer of therapies for blood-clotting disorders, raised $301.5 million in its Nasdaq IPO. The company priced the offering at $18 per share, the top end of the previously marketed range. The size of the offering was increased twice, from the initially planned 11 million shares to a final 16.75 million shares. Based on the listing terms, Bloomberg estimates the company’s valuation at about $764 million.

The IPO was led by Goldman Sachs, Jefferies Financial Group, and Evercore. Underwriters received a 30-day option to purchase up to 1.76 million additional shares at the IPO price, minus underwriting discounts and commissions, according to the company’s prospectus filed with the U.S. Securities and Exchange Commission.

The company plans to use most of the proceeds from the deal to continue clinical development of its lead programs, with the remainder allocated to new programs and working capital, the filing said.

Until March, Hemab was a Danish company. It was founded in 2019 by Johan Faber and Søren Bjørn, who previously held senior roles in hemophilia drug R&D at Novo Nordisk. The startup obtained an exclusive license from the Danish pharmaceutical giant for intellectual property related to therapies for rare blood-clotting disorders. Novo Seeds, the venture arm of Novo Holdings, Novo Nordisk’s largest shareholder, later announced an investment in the company. The parties did not disclose the amount invested. In its IPO prospectus, Hemab said it had raised about $346 million from investors since its founding, including Novo Holdings, RA Capital Management, and Sofinnova Partners.

In 2026, specifically for the IPO, Hemab created a Delaware-registered holding company, Hemab Therapeutics, while the original Danish entity became its subsidiary.

The small cap aims to build a leading pipeline of therapies for blood-clotting disorders, according to the prospectus. Its portfolio currently includes two core programs. One of them, sutacimig, is being tested in patients with two clotting disorders – Glanzmann thrombasthenia and Factor VII deficiency. The second candidate, HMB-002, is being developed as a preventive treatment for Von Willebrand Disease, the most common blood-clotting disorder. According to the SEC filing, the company plans to bring the therapies to market by 2030.

Hemab does not currently generate revenue and will not do so unless it successfully commercializes at least one therapy, the prospectus said. The company continues to spend all of the capital it raises: in 2025, its R&D outlays jumped nearly 44% to $59.6 million.

Hemab began preparing for the IPO after reporting positive clinical-trial results for its therapy, IPO analyst Donovan Jones wrote in a blog post on Seeking Alpha. In December, the company said its therapy sutacimig demonstrated “transformational potential for people living with Glanzmann thrombasthenia” during a mid-stage phase II clinical trial. That could allow the company to move into phase III trials later this year.

Hemab is only preparing to begin phase III clinical trials, meaning there is still a risk sutacimig may not receive regulatory approval, said Alem Bektemirov, an analyst at Freedom Finance. The company’s other programs remain at even earlier stages of development.

Freedom Finance uses a probability metric to evaluate Hemab, according to which the risk of failure for the company’s therapies stands at 45%. That risk should decline with each subsequent phase of clinical trials, while the company’s valuation should increase, Bektemirov said. Taking those risks into account, Freedom Finance values Hemab Therapeutics at $915 million and has a target price of $23.30 per share. That implies upside of nearly 30% versus the IPO price.

Hemab is one of two biotech companies that go public on Friday. Like Seaport Therapeutics, it is seeking to capitalize on growing investor appetite for new listings, Reuters wrote.

Their IPOs marked another major biotech listing this year, according to industry news outlet Pharmaceutical Technology. It recalled the $625 million IPO of obesity-drug developer Kailera Therapeutics on April 17, which Bloomberg said was the sector’s largest since 2021. According to Bloomberg data, health-care listings on U.S. exchanges have raised $3.6 billion since the start of 2026, versus $1.4 billion at the same point last year.

_______________________________

Freedom clients will be able to trade Hemab Therapeutics 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. Investors can participate by selecting the symbol COAG on the Freedom platform.