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Stock Markets February 23, 2026

Generate Biomedicines Files for $425M Nasdaq IPO, Prices Set Between $15 and $17

Clinical-stage company aims to fund mid-stage and additional programs after dosing first patient in Phase 3 trial for long-acting asthma antibody

By Maya Rios
Generate Biomedicines Files for $425M Nasdaq IPO, Prices Set Between $15 and $17

Generate Biomedicines, Inc. filed to raise up to $425 million in an initial public offering on the Nasdaq under the symbol GENB. The company plans to offer 25 million shares at an expected price of $15.00 to $17.00 per share and has granted underwriters an option for an additional 3.75 million shares. Its lead candidate, GB-0895, entered Phase 3 dosing on January 26, 2026, and the company reported a larger net loss for 2025 alongside increased R&D spending and modestly higher collaboration revenue. Generate Biomedicines held $221.5 million in cash, equivalents and marketable securities as of December 31, 2025.

Key Points

  • Generate Biomedicines filed for a Nasdaq IPO to raise up to $425 million by offering 25 million common shares at $15.00 to $17.00 per share.
  • Lead candidate GB-0895, a long-acting anti-TSLP monoclonal antibody for severe asthma, began Phase 3 dosing on January 26, 2026, with full enrollment expected by the first half of 2028; two additional programs received IND clearance in December 2025 and plan first-patient dosing in 2026.
  • Financials show a net loss of $223.0 million in 2025, higher R&D spend of $224.7 million, collaboration revenue of $31.9 million, and $221.5 million in cash and equivalents as of December 31, 2025; underwriters include Goldman Sachs, Morgan Stanley, Piper Sandler, Guggenheim and Cantor.

Generate Biomedicines, Inc. has submitted a registration to sell up to $425 million worth of common stock in an initial public offering on The Nasdaq Stock Market under the ticker GENB. The clinical-stage generative biology company disclosed an offering of 25 million shares of common stock with an anticipated price range of $15.00 to $17.00 per share.

The company highlighted its lead investigational product, GB-0895, described as a long-acting anti-TSLP monoclonal antibody developed for patients with severe asthma with the potential to be administered once every six months. According to the filing, Generate Biomedicines dosed the first patient in one of two parallel global Phase 3 trials for GB-0895 on January 26, 2026. The company expects full enrollment across the trials to be completed by the first half of 2028.

In addition to GB-0895, Generate Biomedicines stated that it received investigational new drug (IND) clearance in December 2025 for two further candidates, GB-4362 and GB-5267. The company plans to dose the first patient for both of those programs during 2026.

On the financial side, Generate Biomedicines reported a net loss of $223.0 million for the year ended December 31, 2025, up from a net loss of $181.4 million in 2024. Collaboration revenue increased to $31.9 million in 2025 from $20.5 million the prior year. Research and development expenditures rose to $224.7 million in 2025 compared with $175.3 million in 2024.

As of December 31, 2025, the company held $221.5 million in cash, cash equivalents and marketable securities. The underwriting syndicate has been granted an option to buy up to an additional 3.75 million shares. Goldman Sachs & Co. LLC and Morgan Stanley are named as lead underwriters, with Piper Sandler, Guggenheim Securities and Cantor listed as co-managers.

Context and next steps

The filing outlines the company's near-term clinical milestones, including ongoing Phase 3 enrollment for GB-0895 and initial dosing plans for GB-4362 and GB-5267 during 2026. The proceeds from the contemplated offering are presented as a financing mechanism concurrent with advancing those clinical programs.

Risks

  • Clinical development timelines - Full enrollment for the Phase 3 GB-0895 program is projected by the first half of 2028, creating timing uncertainty for program milestones and potential revenue impact (affects biotech and healthcare sectors).
  • Financial burn and losses - The company reported a larger net loss in 2025 and increased R&D spending, which may pressure financing needs and cash runway absent additional capital (affects biotech and capital markets).
  • Dependence on regulatory clearances and trial progress - IND clearance was noted for two programs and dosing is planned in 2026, but future development remains contingent on successful regulatory and clinical progress (affects biotech and healthcare sectors).

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