GENB

Clinical-stage generative-biology platform — AI-designed protein therapeutics. Feb 26 2026 NASDAQ IPO priced $16 ($400M gross / $369.3M net), Phase 3 SOLAIRIA-1/2 testing GB-0895 anti-TSLP in severe asthma. $516M cash post-IPO with ~$80M/qtr burn; runway into 1H 2028. Amgen ($1.9B) + Novartis (>$1B) collabs anchor the validation but generate only $7.2M quarterly milestone revenue — most platform value remains back-end-loaded.

• •2022 — Amgen collaboration signed: up to $1.9B value, 5 initial + 5 optional protein-therapeutic programs
• •Pre-IPO — Novartis collaboration signed: >$1B potential value, AI-designed protein therapeutics
• •2026-02-26 — NASDAQ IPO priced: 25M shares at $16 = $400M gross ($369.3M net proceeds)
• •2026-02-27 — Day 1 close $12.65 (-21% from IPO price); $300M of proceeds earmarked for GB-0895 Phase 3 completion
• •2026-Q1 — Reported $7.2M revenue (vs $8.8M Y/Y), net loss $61.7M (vs $44.3M Y/Y), R&D $57.8M (vs $46.8M Y/Y), operating cash burn $80.4M
• •2026-mid — GB-4362 (MMAE neutralizer, FDA Fast Track granted) expected first-patient dosing; oncology indication
• •2026-2H — GB-5267 (MUC16 CAR-T) expected first-patient dosing in Phase 1 solid-tumor trial (ovarian initially); Roswell Park Comprehensive Cancer Center partnership
• •Snapshot 2026-05-18: price ~$13.01, mcap ~$1.67B (128.2M sh), cash $516.6M, runway into 1H 2028 per company guidance
• •Setup tension: ~6.5 quarters of runway vs Phase 3 SOLAIRIA readout dates undisclosed — fundraise risk likely before next major data milestone; Amgen + Novartis partnerships generate only $7.2M/qtr today, most value is milestone-dependent and back-end-loaded; IPO ran $16 → $16.82 → $13, full give-back of the post-IPO pop