AgomAb Therapeutics prices IPO of 12,500,000 ADSs at $16.00

The pricing

AgomAb Therapeutics NV (Nasdaq: AGMB) priced its initial public offering of 12,500,000 American depositary shares, or ADSs, at $16.00 each, in a prospectus dated February 5, 2026. Each ADS represents one common share. The offering totals $200,000,000. Underwriting discounts and commissions are $1.12 per ADS, or $14,000,000, so proceeds to the company are $14.88 per ADS, or $186,000,000, before expenses. The company estimates net proceeds of about $181 million after discounts and offering expenses, and has agreed to reimburse the underwriters for certain expenses.

The ADSs have been approved for listing on the Nasdaq Global Select Market under the symbol AGMB. There was no public market for the ADSs or the common shares before the offering. The Bank of New York Mellon is the depositary. The underwriters expected to deliver the ADSs in New York on February 9, 2026.

Banks and share count

J.P. Morgan, Morgan Stanley, Leerink Partners and Van Lanschot Kempen are the underwriters named on the prospectus. They hold a 30-day option to buy up to an additional 1,875,000 ADSs at the offering price, less discounts and commissions. The filing text names no placement agent or lender, and it lists four law firms in its copies-to block without saying which acts for whom: Goodwin Procter LLP, Baker McKenzie BV/SRL, Clifford Chance LLP and Davis Polk & Wardwell LLP.

After the offering the company will have 48,736,779 common shares outstanding, or 50,611,779 if the underwriters take the full option. Those figures assume a 1-for-21.645 forward split of the common shares that takes effect only on closing, the conversion of all preferred shares, and the conversion of a profit sharing certificate held by argenx BV, all immediately before the offering. A further 2,908,454 common shares will be reserved under a new 2026 Global Stock Option Plan. AgomAb says it is an emerging growth company and a foreign private issuer, so it files with reduced requirements.

What the money funds

AgomAb, based in Antwerp, is a clinical-stage company that has not generated any revenue. It plans to use the net proceeds, with existing cash, to advance ontunisertib and AGMB-447, fund its preclinical candidates, make one milestone payment under its acquisition agreement for Origo Biopharma, S.L., and cover general expenses and working capital. It says the proceeds and existing cash should fund operations until the first half of 2029, and warns it could use capital faster than planned.

Its financial position is thin against that plan. Cash and cash equivalents fell from €171.5 million at December 31, 2024 to €129.6 million at September 30, 2025. Total comprehensive losses were €46.4 million for 2024 and €11.4 million for 2023, and the accumulated loss was €164.3 million at September 30, 2025. The company says it expects significant losses for at least the next several years and that selling more equity or convertible securities would dilute shareholders.

The drugs behind the raise

Ontunisertib (AGMB-129) is an oral, gut-restricted inhibitor of the ALK5 receptor, in development for fibrostenosing Crohn's disease. The company says no approved drug exists for that condition. In November 2025 it reported topline results from the randomized Phase 2a STENOVA trial in 103 patients. Part A met a primary endpoint of safety and tolerability, and the company says adverse events were balanced across all arms, including placebo. It also says it saw "positive signals on several exploratory clinical endpoints." The prospectus summary gives no efficacy figures. The company expects results from a 48-week open-label extension in the second half of 2026 and is preparing a Phase 2b trial for the same period.

AGMB-447, an inhaled ALK5 inhibitor for idiopathic pulmonary fibrosis, is in a Phase 1 trial that has enrolled 108 healthy participants. The company reports positive interim results and expects data from patients with the disease in the second half of 2026. The company notes that earlier ALK5 inhibitors were held back by safety concerns, because blocking TGFβ across the whole body has caused toxicity in the heart and large vessels.

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