Hemab Therapeutics Holdings files for IPO, plans Nasdaq listing as COAG

An IPO with the price left blank

Hemab Therapeutics Holdings, Inc. filed a Form S-1 with the SEC on April 10, 2026 for an initial public offering of common stock. The cover leaves the number of shares and the price range blank, so the size of the raise is not yet known. The company is based in Cambridge, Massachusetts. It previously operated as Hemab ApS, a Danish company, and completed a corporate reorganization in March 2026 under a new Delaware holding company.

The company has applied to list on the Nasdaq Global Select Market under the symbol COAG. The underwriters would have a 30-day option to buy additional shares at the offering price.

Goldman Sachs & Co. LLC, Jefferies and Evercore ISI are the joint book-running managers. Wedbush and PacGrow are lead managers. The cover lists Wilmer Cutler Pickering Hale and Dorr LLP and Goodwin Procter LLP as "copies to" counsel, but does not say which firm represents the company and which represents the underwriters.

Losses keep growing and there is no revenue

The company reported net losses of $48.7 million for 2024 and $63.9 million for 2025. Its accumulated deficit was $181.9 million at December 31, 2025. It has no approved products and has not generated revenue from product sales.

The filing says Hemab has raised approximately $346.0 million from investors since inception. Those include Access Biotechnology, Avoro Capital Advisors, Deep Track Capital, HealthCap, Novo Holdings, RA Capital Management, SMALLCAP World Fund and Sofinnova. The prospectus warns buyers not to rely on existing investors' decisions.

Net proceeds, with existing cash and marketable securities, would fund clinical development of sutacimig and HMB-002, further discovery and working capital. The risk factors say it will need substantial additional funding and has no credit facility or committed sources of capital.

One lead drug, a thrombosis warning

Sutacimig, also called HMB-001, is a bispecific antibody. It is in a Phase 1/2 trial for Glanzmann thrombasthenia and a Phase 2 trial for Factor VII deficiency. The second clinical asset, HMB-002, is a monovalent antibody in Phase 1/2 development for subcutaneous prophylaxis of von Willebrand Disease. The filing says the company has not yet started pivotal trials for any product.

The Glanzmann data are the central evidence. The company completed Part A, a single ascending dose study, and Part B, a three-month multiple ascending dose study. It calls Part A proof of mechanism, which is not the same as showing clinical benefit. In Part B, the reduction in mean annualized treated bleed rate ranged from 19% to 87% across the regimens tested. The company says 92% of Part B patients who had at least one bleed during a six-week run-in saw a reduction, but the low end of that range is a 19% reduction. Part C, a long-term extension of up to 24 months, is still running. The data cutoff was October 14, 2025.

The filing also says serious adverse events of thrombosis have been identified during sutacimig's development. If more serious events or unacceptable side effects appear, the company may have to abandon or limit development.

It expects to start a Phase 3 trial in Glanzmann thrombasthenia in the second half of 2026, and it expects Phase 2 data in Factor VII deficiency in late 2026 or early 2027.

Market size and the 2030 plan

The company estimates about 10,000 patients with Glanzmann thrombasthenia and Factor VII deficiency, and about 120,000 with von Willebrand Disease, in the regions where it plans to sell. It says that figure could be higher. It calls its plan "Hemab 2x3 by 2030," aiming for two commercial medicines, two new late-stage programs and two new early-stage clinical programs by 2030. The filing warns it may not reach those goals on the timeline it expects, or at all.

Hemab has license agreements with Novo Nordisk A/S and Genmab A/S. The risk factors say failure to meet those obligations could cost it intellectual property important to its business.

Benny Sørensen, M.D., Ph.D., is president and chief executive officer. The filing gives no offering price or share count.

Report an error

Companies in this story

COAGHemab Therapeutics Holdings, Inc.NASDAQ · United StatesOpen the starter desk