Scribe prices upsized IPO before producing human efficacy data

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.