BlossomHill prices IPO of 9,375,000 shares at $16.00, $150,000,000 in total

Pricing and underwriters

BlossomHill Therapeutics, Inc. priced its initial public offering of 9,375,000 shares of common stock at $16.00 a share in a prospectus dated August 6, 2026 and filed August 7. Gross proceeds are $150,000,000. The underwriting discount is $1.12 a share, or $10,500,000 in total, which leaves $139,500,000 of proceeds to the company before expenses. The underwriters have 30 days to purchase up to 1,406,250 more shares.

The cover names J.P. Morgan, Leerink Partners, Guggenheim Securities, LifeSci Capital and H.C. Wainwright & Co. The prospectus names J.P. Morgan Securities LLC as an underwriter that will run the directed share program, through which shares are sold at the company's direction to directors, officers and certain others. Shares bought by directors and officers in that program are subject to lock-up agreements. The prospectus does not say which of the underwriters leads the book. No legal counsel is named in the prospectus text that describes the offering.

The company shows 30,643,660 shares outstanding immediately after the offering, or 32,049,910 if the underwriters exercise their option. The prospectus also reports a one-for-4.6855 reverse stock split of common and preferred stock, effected on July 31, 2026.

What the money is for

The company plans to use the net proceeds, together with existing cash, to advance BH-30643 in EGFR-mutant lung cancer through its ongoing global Phase 1/2 trial and a planned registrational Phase 2 trial. It also plans to continue a Phase 1 trial of BH-30236 in acute myeloid leukemia and higher-risk myelodysplastic syndromes, to finish IND-enabling studies for BH-501284, and to start a Phase 1 trial of it. The rest goes to other research, capital expenditures and general corporate purposes.

BH-30643 is being evaluated in SOLARA, which the company calls a global Phase 1/2 trial. The prospectus says the company has evaluated the drug for safety, pharmacokinetics and preliminary efficacy, and it calls the early clinical data supportive of a near-term development path in C797S resistance. The company plans an end-of-Phase 1 meeting with the FDA in the fourth quarter of 2026. The prospectus summary does not give response rates. It cites a 79% overall response rate for repotrectinib, a drug from a company Dr. Cui co-founded, in a different ROS1-positive setting.

The company estimates about 3,200 patients a year in the United States have C797S-driven resistance. It says C797S is detected in approximately 13% of patients at the time of resistance. BH-30236 is still in dose escalation, and the company expects updated data in the first half of 2027. BH-501284 is preclinical, and the tumor regression the company reports came in mouse models.

Cash, going concern and the closing

The auditor's report on the financial statements for the year ended December 31, 2025 included a going-concern explanatory paragraph. The company says it has concluded there is substantial doubt about its ability to continue as a going concern. The prospectus says that paragraph, the company's limited cash resources and the possibility that it cannot continue as a going concern may materially and adversely affect its ability to raise new capital and enter into licensing and collaboration arrangements.

As of March 31, 2026 the company had cash and cash equivalents of $116.0 million and an accumulated deficit of $156.0 million. It has incurred significant losses and negative cash flows from operations since inception, and management says there is uncertainty whether present capital resources will fund planned operations beyond twelve months from the issuance date of the financial statements. The audited statements show a net loss of $60,555 thousand for 2025, against $30,695 thousand for 2024.

The prospectus estimates net proceeds of approximately $134.9 million, or approximately $155.8 million if the underwriters exercise their option in full, after discounts and estimated offering expenses. The underwriters expect to deliver the shares to purchasers on or about August 10, 2026.

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