San Carlos biotech Attovia Therapeutics is trying to turn a private-market science bet into a public-market test, targeting a $731.5 million valuation in an upsized U.S. IPO. The company is proposing to sell 17 million shares at $17 apiece, a deal that would bring in about $289 million before expenses if it lands as planned. For a clinical-stage company, that is a substantial test of whether investors still have an appetite for Bay Area drug-development risk.
As reported by Reuters, Attovia had previously aimed to raise as much as $212.5 million through roughly 12.5 million shares priced between $15 and $17. Morgan Stanley, Leerink Partners, Citigroup and RBC Capital Markets are among the underwriters for the offering, which would trade under the symbol ATTO.
The company’s registration statement says Attovia plans to list on the Nasdaq Global Market and use IPO proceeds, along with existing cash, to advance its lead drug candidates, fund research and development, and cover working capital and general corporate expenses. The proposed pipeline includes treatments aimed at inflammatory skin conditions and inflammatory bowel disease.
A Goldman-Backed Company Built Around Difficult Biology
Goldman Sachs Alternatives led Attovia’s $105 million Series B financing in 2024, according to a company announcement, bringing its total capital raised to $165 million at that point. The firm’s other major backers include Frazier Life Sciences, venBio and Deep Track Capital, with a Goldman-affiliated entity expected to hold about a 5.7% stake after the offering.
Attovia launched in 2023 around its proprietary Attobody platform, which uses compact antibody fragments engineered to bind to two sites on a target. The company says that approach could help it pursue hard-to-drug targets and build multispecific biologics, a pitch that sounds highly technical because it is—and because biotech IPOs rarely arrive with a simple business model.
The IPO Would Fund A Long, Expensive Runway
According to the SEC filing, Attovia’s lead program, ATTO-1310, is in a Phase 1 trial for chronic pruritic diseases and could move into Phase 2 in the first half of 2027. The company expects to begin Phase 1 testing for ATTO-2306, aimed at atopic dermatitis and other inflammatory diseases, and ATTO-1091, aimed at inflammatory bowel disease, during the same general period.
The filing also underscores the distance between promising laboratory work and a commercial drug: Attovia had 44 full-time employees as of June 30, 2026, has no approved products, and reported a net loss of $60.6 million in 2025. It had raised $255.8 million since its inception by March 31, 2026, but warned investors that it would need substantial additional capital to keep its programs moving.
If priced as proposed, the deal would put another San Carlos life-sciences company into the public markets while giving Attovia a much larger bankroll for clinical development. The headline valuation may attract attention, but the real verdict will come later, when trial data—not Goldman Sachs’ name—has to carry the story.
