Hemab Therapeutics Holdings prices $301,500,000 IPO at $18.00 per share

Pricing and the banks

Hemab Therapeutics Holdings, Inc. priced its initial public offering of 16,750,000 shares of common stock at $18.00 a share, according to a prospectus dated April 30, 2026. The shares have been approved for listing on the Nasdaq Global Select Market under the symbol COAG. Before this offering there was no public market for the stock.

At the public price the offering totals $301,500,000. Underwriting discounts and commissions are $1.26 a share, or $21,105,000, leaving $16.74 a share, or $280,395,000, before expenses. The underwriters have a 30-day option to buy up to 2,512,500 more shares at the same price, less discounts and commissions. They expected to deliver the shares on or about May 4, 2026.

Goldman Sachs & Co. LLC, Jefferies and Evercore ISI are the joint book-running managers. Wedbush and PacGrow are listed as lead managers. The prospectus cover names no counsel.

What the money is for

The company estimates net proceeds of approximately $274.6 million, or approximately $316.7 million if the option is exercised in full. It says the money, together with existing cash, cash equivalents and marketable securities, will fund clinical development of sutacimig for Glanzmann thrombasthenia and Factor VII deficiency and of HMB-002 for von Willebrand Disease, plus other discovery, preclinical and clinical work and working capital.

After the offering the company expects 44,192,910 shares outstanding, or 46,705,410 if the option is exercised in full. That follows a 22-for-one stock split effective April 24, 2026 and the automatic conversion of 1,204,405 preferred shares into 26,496,910 common shares. The count excludes 4,372,742 shares issuable on warrants with a weighted-average exercise price of $5.84.

Losses and no product revenue

Net losses were $48.7 million for 2024 and $63.9 million for 2025. Research and development spending rose from $41,412 thousand to $59,632 thousand over the two years. The accumulated deficit was $181.9 million at December 31, 2025. The company has no approved products and has not generated revenue from product sales.

At December 31, 2025 it held cash, cash equivalents and marketable securities of $185,485 thousand, shown as $460,130 thousand after the offering. The prospectus says it has raised approximately $346.0 million since inception, from a group that includes Novo Holdings, RA Capital Management and Deep Track Capital. The risk factors say the company will need substantial additional funding to run registrational trials, and that it has no credit facility or committed sources of capital.

The lead drug's safety and data

Sutacimig, also called HMB-001, is the company's lead bispecific antibody, in a Phase 1/2 trial for Glanzmann thrombasthenia and a Phase 2 trial for Factor VII deficiency. The company says it has not yet started pivotal trials for any product. In the Glanzmann Part B study, the reduction in mean annualized treated bleed rate ranged from 19% to 87% across the regimens tested. The company calls Part A proof of mechanism, which is a different claim from clinical benefit. It says 92% of Part B patients who had at least one bleed during a six-week run-in saw a reduction, but the lowest regimen gave a 19% reduction. The data cutoff was October 14, 2025, and Part C, an extension of up to 24 months, is ongoing.

The prospectus 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 begin a Phase 3 trial in Glanzmann thrombasthenia in the second half of 2026.

The second clinical asset, HMB-002, is in the Velora Pioneer trial for von Willebrand Disease. As of a September 2, 2025 data cutoff, two single-dose cohorts at 20 mg and 50 mg had been completed, and a 150 mg cohort was ongoing. The company says VWF and Factor VIII levels rose over 1.5-fold from baseline in those cohorts. These are lab measures from early dosing. It expects initial Part B data in late 2026 or early 2027.

The foundational sutacimig composition of matter patent family is exclusively licensed from Novo Nordisk, and the company also has a license with Genmab A/S. The risk factors say failing to meet those obligations could cost it important intellectual property.

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