Scribe prices upsized IPO before producing human efficacy data
Illustration: Sarah Grillo / Axios
Scribe Therapeutics' upsized $128.7 million IPO could fund the biotech's operations into early 2029 and carry three cardiometabolic programs through clinical readouts, CEO Benjamin Oakes tells Axios.
Why it matters: Scribe began trading Friday, despite having no human efficacy data for its lead drug.
Driving the news: Scribe (Nasdaq: SCTX) sold 8.58 million shares at $15 each, above its initially marketed share count and at the top of its range.
How it works: Scribe uses CRISPR gene editing tools to target the PCSK9 gene, with the goal of lowering cholesterol levels without cutting or permanently changing the underlying DNA.
- Oakes says the company's lead asset, STX-1150, is a silencing approach that doesn't actually edit the genome.
- The clinical development of genome editing has previously been concentrated in inherited blood disorders and cancers.
Reality check: Scribe has only recently entered human testing, with data expected in the first half of next year.
- The company also faces competition from existing treatments like pills and long-acting injections.
Yes, but: Oakes is betting that keeping cholesterol moderately lower for years may matter more than producing the largest short-term reduction.
- "Our goal is not to create another PCSK9 inhibitor," Oakes says.
Zoom out: Scribe is the first gene-editing company to price an IPO in more than two years, though the deal is modest compared with some of this year's largest biotech offerings.
- Still, it's a clear indication of the current investor appetite for biotech offerings in general.
What's next: Scribe expects initial Phase 1 data for STX-1150 in 2027, including safety, tolerability and LDL-lowering activity.
- Oakes does not expect the company to need another financing before it has meaningful durability data for STX-1150, but expects durability evidence to accumulate through repeated follow-up.
