7 Things to Know About the Upcoming $650 Million IPO for Third Harmonic Bio, Inc.

© Reuters. 7 Things to Know About the Upcoming $650 Million IPO for Third Harmonic Bio, Inc. (THRD)

Third Harmonic Bio (THRD) is set to launch its U.S. IPO this week. Third Harmonic Bio, Inc. is a clinical-stage biopharmaceutical company focused on the development of the next wave of medicine for the treatment of allergic and inflammatory diseases. Below are 7 important facts to focus on into the IPO:

1. Third Harmonic Bio, Inc. IPO Timing: Third Harmonic Bio, Inc. is expected to have its IPO on the NASDAQ on Sept 15, 2022. The stock ticker is 'THRD'. Normally IPOs on the NASDAQ began trading between 10AM-2PM ET.

2. Third Harmonic Bio, Inc. IPO Price: The company anticipates the initial public offering price to be between $16.00 and $18.00 per share.

3. Shares Offered: The company is offering 9,000,000 shares of its common stock with a 30-day option for underwriters to purchase additional 1,350,000 shares. There will be a total of 36,793,935 shares (or 38,143,935 shares, if the underwriters exercise their over-allotment option in full).

4. Third Harmonic Bio, Inc. IPO Valuation: A pricing at the midpoint of the range would value the company at around $650 million.

5. IPO Underwriters: Morgan Stanley, Jefferies, Cowen, and Lifesci Capital are acting as underwriters of the offering.

6. Important Third Harmonic Bio, Inc. Financials: The company has incurred significant net losses in each reporting period since its inception, has not generated any revenue to date and has financed its operations principally through private placements of its preferred stock. Net losses were $12.8 million and $29.6 million for the years ended December 31, 2020 and 2021, respectively, and $6.4 million and $15.5 million for the six months ended June 30, 2021 and 2022, respectively.

7. Third Harmonic Bio, Inc. Total Addressable Market (TAM): There remains a large unmet need in chronic urticaria. Epidemiological studies indicate that up to 25% of the population suffers from urticaria at some point in their lifetime, with 0.5-1% of the population suffering from the disease at any point in time, suggesting a point prevalence of over 1.5 million patients in the United States.

By Davit Kirakosyan