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Boundless Bio Prices $100M Initial Public Offering

NEW YORK – Boundless Bio on Wednesday priced its initial public offering of 6,250,000 shares of its common stock at $16.00 per share. The offering is expected to raise $100 million in gross proceeds.

The company also granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

Boundless' common stock is expected to begin trading on the Nasdaq Global Select Market on March 28 under the ticker symbol "BOLD," and the offering is expected to close on April 2.

The firm said net proceeds from the IPO are expected to be $88.4 million, or $102.3 million if the underwriters exercise their option, according to a filing with the US Securities and Exchange Commission. The company will use the proceeds to advance its two clinical-stage candidates targeting extrachromosomal DNA (ecDNA) and to fund development of its preclinical programs, its ecDNA diagnostic, and its drug development platform.

Boundless will use approximately $22 million to fund the development of its CHK1 inhibitor BBI-355 through preliminary clinical proof of concept in its ongoing Phase I/II POTENTIATE trial, which is examining the candidate drug's initial safety and anti-tumor activity data. It will use $29.0 million to fund the development of BBI-825, its ribonucleotide reductase (RNR) inhibitor, which is also in a Phase I/II trial, called STARMAP. The firm will further use $24 million to fund R&D for its ECHO diagnostic to identify the presence of ecDNA, its Spyglass drug development platform, and its other ecDNA therapeutic development programs, including the submission of an investigational new drug (IND) application for its third ecDNA program. The remaining proceeds will be used for working capital and general corporate purposes, the firm wrote in the SEC filing.

The net proceeds from the IPO, along with existing cash, cash equivalents, and short-term investments, are expected to fund Boundless' operations into the second half of 2026.

Boundless, based in San Diego, began the Phase I/II study of BBI-355 in patients with locally advanced or metastatic solid tumors with oncogene amplifications. That trial will use its ECHO diagnostic to determine the presence of oncogenes amplified within ecDNA from patients' tumor samples. The firm is also studying BBI-355 in combination with Taiho Oncology's FGFR inhibitor Lytgobi (futibatinib) in advanced solid tumors selected by the ECHO diagnostic.