Attovia Therapeutics, Inc.

Date of Prospectus: 2026

Attovia Therapeutics IPO: High-Growth Biotech Eyes Nasdaq Debut with \$182 Million Raise

IPO Snapshot: Key Terms and Offer Structure

Attovia Therapeutics, Inc. launches its initial public offering (IPO) with the following terms, aiming to establish a strong position in the competitive biotechnology sector. The offering is set to trade under the symbol ATTO on the Nasdaq Global Market.

• IPO Symbol: ATTO
• Offer Price / Range: \$16.00 per share (midpoint of range)
• Total Offer Size: \$200 million (12,500,000 shares at \$16.00 each)
• Over-Allotment Option (Greenshoe): 1,875,000 shares
• Post-IPO Outstanding Shares: 38,529,017 (or 40,404,017 if over-allotment exercised in full)
• Estimated Net Proceeds: \$182.4 million (or \$210.3 million with full over-allotment)

Dividend Policy: No current dividend commitment; funds to be reinvested for growth. No payout ratio or timetable disclosed.

Placement Breakdown: All shares in this offering are newly issued common stock.

Lock-up Agreements: Directors, officers, and holders of substantially all securities have agreed to a 180-day lock-up period post-IPO.

Use of Proceeds: Funding Clinical Growth and Pipeline Expansion

Attovia plans to deploy the IPO proceeds in the following ways, reflecting a growth-driven strategy:

• Advance clinical development of lead candidates ATTO-1310, ATTO-2306, and research pipeline including ATTO-1091
• General research and development activities
• Working capital and other general corporate purposes
• Potential in-licensing, acquisition, or investment in complementary businesses, products, or technologies (no specific deals identified)

This approach signals a strong focus on pipeline advancement and clinical milestones rather than deleveraging or shareholder returns.

Estimated cash runway: Proceeds, combined with current cash, are expected to fund operations into 2029.

Investor Participation and Book Quality

Bookrunners/Underwriters:

• Morgan Stanley & Co. LLC
• Leerink Partners LLC
• Citigroup Global Markets Inc.
• RBC Capital Markets, LLC
• LifeSci Capital LLC

Stabilization/Over-Allotment: 30-day option for underwriters to purchase up to 1,875,000 additional shares for over-allotments, supporting potential listing-day price stability.

Lock-up: 180-day lock-up for company, directors, officers, and major shareholders, reducing free float and potential selling pressure.

Book Quality and Demand: No pre-IPO anchor or cornerstone investors, and no data on retail/institutional tranche levels. The presence of leading U.S. investment banks as underwriters suggests a strong institutional focus and the potential for robust aftermarket support.

Deal Parties and Structure: Strong Syndicate and Governance

Underwriters: Morgan Stanley, Leerink Partners, Citigroup, RBC Capital Markets, LifeSci Capital

• Legal Counsel (Company): Fenwick & West LLP
• Legal Counsel (Underwriters): Cooley LLP
• Auditor: PricewaterhouseCoopers LLP

Stabilization/Over-Allotment Option: Up to 1,875,000 shares (15% of the base offer), exercisable for 30 days post-listing, providing flexibility to manage supply-demand imbalances.

Listing-Day Performance Support: The involvement of global investment banks with biotech expertise and a sizable greenshoe option may underpin price stability and liquidity on debut.

Company Overview: Attovia Therapeutics’ Clinical-Stage Focus

Attovia Therapeutics, Inc. is a clinical-stage biotechnology company incorporated in Delaware in December 2022. The company is focused on discovering and developing novel therapeutics, with a primary emphasis on biologics targeting unmet medical needs.

• Business Model: Research and development of proprietary biologic drug candidates
• Lead Product Candidates: ATTO-1310, ATTO-2306, ATTO-1091 (preclinical/early clinical stages)
• Revenue Streams: No product revenue to date; \$1.35 million collaboration revenue in 2025
• Monetization: Future sales of approved therapeutics; possible research collaborations and out-licensing
• Customer Segments: Healthcare providers, patients, payors (future focus post-approval)
• Geographic Focus: United States (incorporation, initial market focus)

Industry/Sector: Biotechnology / Life Sciences – developing biologics for high-value, unmet medical needs.

Industry Size & Data: Market opportunity and disease prevalence derived from third-party research by LifeSci Consulting in 2025/2026 (specific figures not disclosed).

Financial Health: Key Metrics and Trends

Below is a summary of Attovia’s financial position, illustrating its current stage as a high-growth, pre-commercial biotech company.

Attovia is pre-revenue with no approved products and is investing heavily in R&D. The company has incurred significant net losses, as is typical for clinical-stage biotech firms.

Competitive Advantages: Proprietary biologic platform, focus on unmet medical needs, and potential for first-in-class/ best-in-class differentiation (no market share figures disclosed).

Brand Strength/Market Share: Not quantified; early-stage company with no commercialized products.

Management Team: Key executives include Tao Fu, Petter Veiby, and Hubert Chen.

Sector Trends, Timing, and Economic Environment

Sector Trends: Rapid innovation in biotechnology, focus on biologics, high unmet clinical needs, strong investor interest in life sciences.

Timing: Shares offered in 2026; underwriters expect delivery to purchasers within the same year. The offer period and listing date are not specified.

Macroeconomic Environment: The company highlights risks from inflation, geopolitical conflicts, pandemics, natural disasters, and supply chain issues, reflecting persistent uncertainty in the global landscape.

Recent Developments: Reverse stock split (1-for-9.29) on July 29, 2026; automatic conversion of preferred stock to common stock in connection with IPO.

Market Conditions for the IPO: The presence of a robust underwriter syndicate and a sizable greenshoe option, combined with strong demand for biotech listings, suggests a favorable window for offering, but the sector remains volatile and high-risk.

Prospectus Deep Dive: Risks, Growth Strategy, Ownership

Key Risk Factors

• Early-Stage Risk: No completed clinical trials or approved products.
• Operating Losses: Significant ongoing net losses; may never achieve profitability.
• Funding Risk: Substantial additional capital will be required; dilution likely.
• Product Concentration: Growth highly dependent on advancing and commercializing three main candidates (ATTO-1310, ATTO-2306, ATTO-1091).
• Regulatory & Clinical Risk: Uncertainty of trial outcomes, regulatory approval, and commercialization.
• Market Acceptance: Future revenue depends on physician, patient, and payor acceptance, and competitive positioning.
• Share Price Volatility: Potential for significant price swings due to industry/market news, limited float, and lack of operating history.

Growth Strategy

• Pipeline Advancement: Moving ATTO-1310 and ATTO-2306 through clinical trials; expanding research pipeline including ATTO-1091.
• R&D Investment: Majority of IPO proceeds directed toward research, clinical, and preclinical asset development.
• Strategic Transactions: Potential for in-licensing, acquisitions, and research collaborations (no specific targets announced).
• Long-Term Capital Plan: Cash runway extended into 2029, assuming successful execution of pipeline milestones.

Ownership & Lock-Ups

• Pre-IPO Shareholding: 4,511,041 shares outstanding pre-IPO, plus 21,517,976 shares via automatic conversion of preferred stock.
• Post-IPO (Assuming No Greenshoe): 38,529,017 shares outstanding.
• Employee/ESOP Allocations: 5,283,264 shares reserved under the 2026 Equity Incentive Plan, and 410,000 shares under the Employee Stock Purchase Plan, with automatic annual increases.
• Lock-Ups: 180-day lock-up for all directors, officers, and major holders.

Valuation and Peer Comparison

No peer company symbols, performance data, or valuation multiples (P/E, P/B, EV/EBITDA, revenue growth, net margin, ROE, ROA, dividend yield) are disclosed in the prospectus.

Valuation Implications: New investors will pay \$16.00 per share, resulting in an immediate pro forma as-adjusted book value dilution of \$7.82 per share. Existing shareholders will own 67.6% of the company post-IPO (assuming no greenshoe).

Each \$1.00 change in offer price impacts net proceeds by \$11.6 million and pro forma as-adjusted net tangible book value per share by \$0.30.

Research & Opinions

No explicit analyst coverage, price targets, or published institutional opinions are noted in the prospectus.

Listing Outlook: Risk-Reward Assessment for Investors

Attovia Therapeutics offers a classic high-risk/high-reward biotech IPO profile. The company’s strong syndicate, substantial R&D pipeline, and robust post-IPO cash position are positives.

• No product revenues or late-stage clinical data yet; timeline to potential commercialization remains long and uncertain.
• Investors should anticipate significant volatility; dilution from future capital raises is likely.
• Lock-up agreements and the relatively low free float may reduce initial volatility but could also lead to price swings once these periods expire.
• The involvement of top-tier underwriters and a 15% over-allotment option provides some comfort regarding initial trading support.

Estimated Likely Listing Range: Based on the underwriter strength, large cash position, and biotech sector interest, the IPO could trade in a range of +/-15% of the offer price on debut, with the potential for sharp moves based on early news flow or sector sentiment. However, sustained performance will depend on clinical progress and capital markets conditions.

Prospectus Access

Investors and analysts can access the full prospectus and all filings at:
www.sec.gov