Generate Biomedicines, Inc. started public trading on the Nasdaq Global Select Market at $15 per share, which is below the company’s IPO price of $16 per share. The clinical-stage company, which focuses on computationally driven biologics, priced its offering at $16 earlier and put 25,000,000 shares of common stock on the market to generate $400 million in gross proceeds before underwriting discounts and commissions.
Under the terms of the offering, Generate provided the underwriters a 30-day option to buy up to an additional 3,750,000 shares at the IPO price, less underwriting discounts and commissions. The offering is expected to close on March 2, 2026, subject to customary closing conditions.
Goldman Sachs & Co. LLC and Morgan Stanley are listed as joint lead book-running managers for the transaction, with Piper Sandler, Guggenheim Securities, and Cantor named as book-running managers.
Clinical and development highlights
Generate is developing GB-0895, described as an investigational long-acting anti-thymic stromal lymphopoietin monoclonal antibody targeting severe asthma. That program is enrolling patients in pivotal Phase 3 clinical trials. The company reported that the first patient was dosed in one of those Phase 3 trials on January 26, 2026.
Beyond the asthma candidate, Generate stated plans to advance two additional computationally generated oncology product candidates into Phase 1 clinical testing during 2026.
Platform and research capabilities
The company’s platform combines generative and predictive models with experimental biohardware systems to enable scalable verification. The experimental capabilities cited include DNA assembly, protein production, and high-throughput assay capacity. Generate also highlighted its cryogenic electron microscopy core, which produced more than 500 high-resolution maps in 2025.
Financial position and operating results
Generate has not secured regulatory approval for any product candidate and has reported significant operating losses since its founding. For the year ended December 31, 2025, the company recorded a net loss of $223 million, compared with a net loss of $181 million in 2024. Collaboration revenue rose to $31.9 million in 2025 from $20.5 million in 2024.
Founded in 2018 by Flagship Pioneering, the company is led by Chief Executive Officer Michael Nally.
Context for investors
- Generate’s Nasdaq debut opened below the IPO price, which may be noted by investors assessing near-term market reception.
- The company is advancing a late-stage respiratory asset while preparing to initiate early oncology trials, continuing an R&D-heavy growth profile.
- Financial results show widening net losses year over year, though collaboration revenue increased in 2025.
The company’s near-term milestones include ongoing enrollment and dosing in the Phase 3 asthma trials and planned initiation of two Phase 1 oncology studies in 2026. The offering’s expected close date is March 2, 2026, pending customary conditions.