aibioBraveheart Bio files for IPO, plans Nasdaq Global Market listing as BRVE
Tickers BRVE
Braveheart Bio, Inc. filed a Form S-1 on July 15, 2026 for an initial public offering on The Nasdaq Global Market under the symbol BRVE. The preliminary prospectus leaves the share count and price blank, and names Goldman Sachs & Co. LLC and Jefferies as joint bookrunners.
Key facts
- Company
- Braveheart Bio, Inc. (NASDAQ: BRVE)
- News type
- Financings
- Primary source
- Braveheart Bio, Inc. S-1 (2026-07-15)
The filing
Braveheart Bio, Inc., based at One Letterman Drive in San Francisco, filed a registration statement on Form S-1 on July 15, 2026. The preliminary prospectus is dated July 14, 2026 and says the company has applied to list its common stock on The Nasdaq Global Market under the symbol BRVE. The estimated price range, the number of shares offered and the underwriters' option are all blank in this copy. Before the offering there has been no public market for the stock, and the outstanding convertible preferred stock converts automatically into common stock at the offering.
Goldman Sachs & Co. LLC, Jefferies, TD Cowen, Stifel and Cantor are named as joint bookrunners. Goodwin Procter LLP of Boston is listed among the copy recipients, with Kingsley L. Taft, Gabriela Morales-Rivera and Alicia Tschirhart named. Covington & Burling LLP of New York is also listed, with Brian K. Rosenzweig, Alicia Zhang and Charles A. Dobb named. The cover does not state which company each firm represents, and it names no placement agent.
The lead drug and its license
The lead candidate is BHB-1893, which the company describes as a cardiac myosin inhibitor for obstructive hypertrophic cardiomyopathy (oHCM) and non-obstructive disease. The filing says Jiangsu Hengrui Pharmaceuticals Co., Ltd. discovered and developed the drug in China, and that Braveheart obtained worldwide rights excluding Greater China in September 2025 under an exclusive license agreement. Hengrui is developing the same compound, called HRS-1893, in Greater China, including an ongoing Phase 3 trial in oHCM.
Every trial of the drug so far was designed, sponsored and run by Hengrui, primarily in China, with one Phase 1 trial in Australia. The filing says Braveheart was not involved in the design, conduct or oversight of those trials. It lists the dependence on the Hengrui license, and a significant equity stake held by a Chinese company, among its risks.
The company argues that the approved treatments, mavacamten (marketed as Camzyos) and aficamten (marketed as Myqorzo), have limits that restrict adoption. It says BHB-1893 could offer faster onset, deeper gradient response, better systolic safety and simpler prescribing. Those are the company's claims.
The Phase 2 oHCM study enrolled 42 patients. The company reports an 86% complete response rate at Week 12 in its Cohort 2, and an average post-Valsalva gradient that fell below 30 mmHg as early as Day 5. In an open-label extension in which all 42 patients received the 40 mg twice-daily regimen for up to 52 weeks, it reports that 86% of patients reached a post-Valsalva gradient response. The Phase 2 study is small.
A separate randomized, placebo-controlled Phase 2 trial of BHB-1893 in non-obstructive disease, run by Hengrui, reported results in May 2026. The filing says treated patients showed statistically significant reductions in secondary endpoints that are cardiac biomarkers, and that those reductions reversed during trial drug washout. It does not set out the primary endpoint result in that passage.
The money behind the filing
Braveheart was incorporated in Delaware in May 2024 and began operations in 2025. For 2025 it reported a net loss of $66.1 million and net cash used in operating activities of $2.0 million. The statement of operations shows in-process research and development of $62,244 thousand, of which $61,409 thousand involved related parties, against research and development of $1,487 thousand. The filing says it has raised approximately $185 million from investors since inception. Its accumulated deficit was $66.1 million at December 31, 2025, and cash and cash equivalents were $89.2 million.
A note to the financial statements says there is no assurance the company will obtain sufficient funding on acceptable terms to fund continuing operations.
Use of proceeds and what is blank
The company says it intends to use the net proceeds, with existing cash, to advance BHB-1893 in oHCM and in non-obstructive HCM, including a Phase 3 trial in each, to fund research and development personnel and overhead, and for working capital and general corporate purposes. The filing gives no offering size or price range, and the timetable for pricing is not set out.