Use of Proceeds
The San Diego-based healthcare firm, which was founded in 2018, intends to use proceeds from the offering, together with existing cash and cash equivalents, mainly to fund the research and development of its ecDTx, ecDNA diagnostic tests, and Spyglass platform. The remaining proceeds will be used for working capital and general corporate purposes.
Of late, there has been a steady increase in biotech IPOs — eight biotechnology companies have gone public in the US so far this year. Combined, they raised a total of about $1.2 billion, marking a sharp increase from the total raised in the comparable periods in each of the last two years. The upcoming IPO should elicit significant interest among investors because Boundless Bio is probably the first company to focus on treating oncogene-amplified cancers.
For fiscal 2023, the company reported a net loss of $49.43 million, which is wider than the $45.9 million loss it incurred in the previous year. At $54.8 million, total operating expenses were up 18%. At the end of the year, Boundless Bio had cash, cash equivalents, and short-term investments of around $121 million.
Clinical Trial
Boundless Bio’s lead ecDNA-directed therapy, BBI-355, is currently being studied in a first-in-human Phase 1/2 clinical trial in patients with oncogene-amplified cancers. The study is called Precision Oncology Trial Evaluating Novel Therapeutic Interrupting Amplifications Tied to ecDNA. Besides that, the company has identified a second CHK1 inhibitor candidate with a differentiated profile — BBI-098 is an oral, selective CHK1 inhibitor that demonstrates central nervous system penetrance in preclinical models.