--- title: "Braveheart Bio prices IPO of 21,250,000 shares at $18.00" url: "https://aibio.space/news/braveheart-bio-prices-ipo-21-250-000-shares-18-00/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-08-06" section: "Financings" tickers: "NASDAQ:BRVE" source: "https://www.sec.gov/Archives/edgar/data/2131524/000162828026054354/braveheartbioinc-sx1a2.htm" summary: "Braveheart Bio's final prospectus, dated August 5, 2026, prices 21,250,000 shares at $18.00 each. Net proceeds are estimated at $351.2 million, and the com" --- By the aibio.space news desk. Sources - [Braveheart Bio, Inc. 424B4 (2026-08-06)](https://www.sec.gov/Archives/edgar/data/2131524/000162828026054354/braveheartbioinc-sx1a2.htm) [BRVE](https://aibio.space/companies/braveheart-bio/) 2026-08-06 # Braveheart Bio prices IPO of 21,250,000 shares at $18.00 Tickers [BRVE](https://aibio.space/companies/braveheart-bio/) Braveheart Bio's final prospectus, dated August 5, 2026, prices 21,250,000 shares at $18.00 each. Net proceeds are estimated at $351.2 million, and the company's accumulated deficit was $80.3 million at March 31, 2026. ## Key facts - **Company**: Braveheart Bio, Inc. (NASDAQ: BRVE) - **News type**: Financings - **Primary source**: [Braveheart Bio, Inc. 424B4 (2026-08-06)](https://www.sec.gov/Archives/edgar/data/2131524/000162828026054354/braveheartbioinc-sx1a2.htm) *Planning on a whiteboard. Photo: Startup Stock Photos, CC0, via StockSnap. The picture shows the field, not the companies named.* ## The pricing Braveheart Bio, Inc. filed a prospectus under Rule 424(b)(4), dated August 5, 2026, for an initial public offering of 21,250,000 shares of common stock at $18.00 a share, for a total of $382,500,000. The stock has been approved for listing on The Nasdaq Global Market under the symbol BRVE. Per share, the underwriting discount is $1.26, and the proceeds to the company before expenses are $16.74. The total underwriting discount is $26,775,000, and proceeds before expenses are $355,725,000. The company estimates net proceeds of about $351.2 million after underwriting discounts and offering expenses. If the underwriters exercise their option in full, net proceeds would be about $404.5 million. The option covers up to 3,187,500 additional shares from the company. The underwriters expect to deliver shares on or about August 7, 2026. After the offering, the company expects 73,152,838 shares to be outstanding, or 76,340,338 if the option is exercised in full. Goldman Sachs & Co. LLC, Jefferies, TD Cowen, Stifel and Cantor are the joint bookrunners. The pages of the prospectus available here do not name counsel to the company or to the underwriters. ## The anchor investor Fidelity Management & Research Company LLC, acting for entities it manages or an affiliate, has given a non-binding indication of interest to buy up to $75 million of shares in the offering, on the same terms as the other purchasers. The prospectus says such indications are not binding, and that more, fewer or no shares may be sold to the investor. The underwriters are paid the same discount on those shares as on others. At the company's request, the underwriters have reserved up to 5% of the shares being offered for directors, officers, certain employees and certain other persons associated with the company. ## The use of proceeds The company says it intends to use the net proceeds, together with existing cash and cash equivalents, to advance BHB-1893 in patients with obstructive hypertrophic cardiomyopathy and in patients with non-obstructive hypertrophic cardiomyopathy, including a Phase 3 clinical trial in each. It also plans to fund research and development personnel and overhead for both programs, including clinical operations, regulatory affairs and program management, and to use the remainder for working capital and other general corporate purposes. ## The drug and its evidence BHB-1893 was licensed from Jiangsu Hengrui Pharmaceuticals Co., Ltd. The prospectus says Braveheart obtained worldwide rights excluding Greater China in September 2025, and was not involved in the design, conduct or oversight of the trials Hengrui ran, which were conducted primarily in China, with one Phase 1 trial in Australia. A significant portion of Braveheart's equity is held by a Chinese company, which the prospectus lists as a risk. The company cites a Phase 2 trial of 42 symptomatic obstructive patients, in which it reports an 86% complete response rate at Week 12 in Cohort 2 and an average post-Valsalva gradient below 30 mmHg as early as Day 5. In an open-label extension for up to 52 weeks, 86% of patients were observed to have a post-Valsalva gradient response. These are small studies, and the data come from trials the company did not run. In a separate randomized, placebo-controlled Phase 2 trial in non-obstructive disease, presented in May 2026, the company reports statistically significant reductions in secondary endpoints that are cardiac biomarkers, which reversed during trial drug washout. ## The losses The company reports that it has incurred operating losses in every year since its inception. Its net loss was $66.1 million for 2025 and $14.3 million for the three months ended March 31, 2026. Its accumulated deficit was $80.3 million at March 31, 2026. The prospectus says those losses, combined with expected future losses, have had and will continue to have an adverse effect on its stockholders' deficit and working capital. Cash and cash equivalents were $89,161 thousand at December 31, 2025, according to the financial statements. ## What the offering leaves open The prospectus does not state the expected cost of the Phase 3 trials or how long the proceeds will last at the company's spending rate. The investor's interest is non-binding, so the final allocation could differ from the indication. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story BRVE Braveheart Bio, Inc. NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/braveheart-bio-prices-ipo-21-250-000-shares-18-00/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Braveheart Bio prices IPO of 21,250,000 shares at $18.00", 2026-08-06, https://aibio.space/news/braveheart-bio-prices-ipo-21-250-000-shares-18-00/