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Health Care · NASDAQ: BBTX

Bambusa: how the business works

Bambusa Therapeutics tests long-acting antibody drugs for immune diseases. It has no revenue, and its net loss was $41.1 million in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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Bambusa Therapeutics, Inc. · Boston, Massachusetts · Founded 2024

Updated for Six months ended Jun 30, 2026 · checked

Revenue, FY2025
$0
Net loss, FY2025
−$41.1M
Cash and marketable securities, Jun 30, 2026
$71.5M
IPO offering price, Oct 29, 2026
$16.00
First traded on Nasdaq
Oct 30, 2026

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Bambusa in 5 points

  1. 1 · What it sells

    Bambusa has no product on sale: it is testing 4 antibody drug candidates for immune and inflammatory diseases, and its lead, BBT001, is in Phase 1 and Phase 2a trials.

    More: what it sells

  2. 2 · Who pays it

    No one pays Bambusa for a product yet: revenue was $0 in FY2025 and in the six months to Jun 30, 2026, so $136.1 million of preferred stock sales and the $168.9 million IPO priced Oct 29, 2026 fund its work.

    More: who pays it

  3. 3 · What it keeps from $100

    With no revenue, Bambusa keeps nothing from sales: its FY2025 operating loss was $44.0 million and its net loss $41.1 million, after $5.2 million of other income, mostly a research incentive and interest, and $2.2 million of income tax.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Bambusa has no operating profit: research and development took $38.1 million of its $44.0 million of operating expenses in FY2025, and $20.6 million of $24.1 million in the six months to Jun 30, 2026.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Bambusa estimated about $57.2 million of cash and marketable securities at Sep 30, 2026 (preliminary, unaudited, before the IPO money), and its prospectus dated Oct 29, 2026 says it expects 5 named trial readouts in the first half of 2027.

    More: the one thing to watch

Sources: From Bambusa's final prospectus (424B4) dated Oct 29, 2026 · checked

See the management scorecard below

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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01The business in one line

What does Bambusa do?

Investors fund Bambusa Therapeutics by buying its shares; most of the money goes on testing antibody drugs, and it has no revenue yet.

  • Nobody pays Bambusa for a product: revenue was $0 in every period since its start on Mar 14, 2024. Preferred stock sales of $136.1 million and the $168.9 million IPO priced Oct 29, 2026 fund it.
  • In FY2025 it spent $38.1 million on research and development, and its net loss was $41.1 million.
Next: Who pays it

02Who pays it

Who pays Bambusa?

  • No paying customers

    Not disclosed

    Bambusa has no approved products and has reported no revenue since its inception on Mar 14, 2024. Revenue was $0 in FY2025 and in the six months to Jun 30, 2026.

  • Preferred stock investors (not customers)

    Not disclosed

    Four rounds from June 2024 to January 2026 raised $136.1 million before costs. Series A-1 was about $88.9 million of that.

  • IPO buyers (not customers)

    Not disclosed

    The IPO sold 10,555,555 new shares at $16.00, priced Oct 29, 2026, for $168.9 million before costs. It completed on Nov 2, 2026.

How spread out the customers are

With no revenue, Bambusa has no customer shares to report.

Sources (2)
Next: Why it makes money

03Why it makes money

Why does Bambusa make money?

Bambusa has no profit engine yet: investors' money pays for trials, and research is the largest cost.

Research and development took $38.1 million of $44.0 million of operating expenses in FY2025, and $20.6 million of $24.1 million in the six months to Jun 30, 2026. With no revenue, these costs drive the loss.

Research and development spending, $ million

$13.0$38.1

Mar 14 to Dec 31, 2024 to FY2025

  1. Raise money by selling shares
  2. Pay outside firms to make and test drug candidates
  3. Run clinical trials and report the results
  4. Raise more money; the prospectus says substantial additional capital is needed
  5. Product revenue needs an approved drug; none is approved

↺ Step 5 feeds back into step 1.

Sources (1)
Next: How has it done

04The numbers · Consolidated · US$

How has Bambusa done?

Bambusa listed on Nasdaq on Oct 30, 2026; its IPO price was $16.00 a share. Its prospectus gives two audited years. No Form 10-Q had been filed by Nov 6, 2026.

Source: Bambusa Therapeutics, Inc. final prospectus filed under Rule 424(b)(4), dated Oct 29, 2026 (Registration No. 333-299405); Nasdaq historical quotes for BBTX, Oct 30 to Nov 5, 2026 (open, high, low, close, volume), read Nov 6, 2026

Revenue

$0MFY2025

Revenue was $0 in FY2025, in FY2024 and in the six months to Jun 30, 2026. No quarterly report has been filed yet, so no quarters are shown.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2024$0M
FY2025$0M

Net profit

−$39.3MFY2025

Total net loss rose from $13.7 million in the 2024 period to $41.1 million in FY2025; the bar shows the $39.3 million attributable to common stockholders. Net loss was $22.4 million in the six months to Jun 30, 2026, against $14.7 million a year earlier. The six-month table shows $13.0 million for 2025. That is the loss attributable to common stockholders from Feb 12 to Jun 30, 2025, which the $2.30 loss per share uses.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2024−$13.7M–
FY2025−$39.3M−$6.08

Free cash flow

−$39.8MFY2025

The cash flow statement shows no equipment purchases, so free cash flow equals operating cash outflow: $39.8 million in FY2025. It was $20.1 million in the six months to Jun 30, 2026, against $19.0 million a year earlier.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2024−$4.6M$0M−$4.6M
FY2025−$39.8M$0M−$39.8M
See all yearly numbers
Bambusa annual financials, FY2024–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Net income, total (US$)Operating cashCapexFree cash
FY2024$0M–−$13.7M–−$13.7M−$4.6M$0M−$4.6M
FY2025$0M–−$39.3M−$6.08−$41.1M−$39.8M$0M−$39.8M
See the six-month numbers
Bambusa interim financials from the prospectus, US$
PeriodRevenueNet profitEPS ($)Operating cashCapexFree cashStock-based pay
Six months ended Jun 30, 2025$0M−$13M−$2.30−$19M$0M−$19M$4.5M
Six months ended Jun 30, 2026$0M−$22.4M−$2.56−$20.1M$0M−$20.1M$0.7M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on December 31; FY2024 covers Mar 14 to Dec 31, 2024, from the company's inception). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net loss was $41.1 million in FY2025. The $39.3 million attributable to common stockholders covers Feb 12 to Dec 31, 2025 only, because no common stock was outstanding for accounting purposes before Feb 12, 2025. EPS uses that figure. For the 2024 period the prospectus shows the attributable figure as N/A, so the net profit line shows the $13.7 million total.

Download Bambusa's yearly and six-month numbers (CSV, with source ids)

Learn: Stock-based compensation and dilution: pay that becomes shares

Sources (2)
Next: What they said, and what happened

05Who runs it

Who runs Bambusa, and did they deliver?

  • Shanshan Xu

    Co-founder, Chief Executive Officer, President and Chairperson

    Chair since September 2026. 2025 total pay was $1,156,022. On Oct 29, 2026 she was granted 379,102 stock options and 758,204 restricted stock units that vest only if stock-price conditions in her Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more are met.

  • Jonathan I. Lieber

    Chief Financial Officer · since 2026

    CFO since September 2026. Also part-time CFO of Rallybio.

  • Thang Ho

    Co-founder, Chief Development Officer

    2025 total pay was $824,540.

  • Crystal MacKay

    Chief Operating Officer

    Listed by the prospectus as a key employee.

  • Helmut Jeggle

    Co-founder and director

    Managing director of Salvia Investment, the largest holder in the Form 4s filed after the IPO.

  • Howard Liang

    Lead independent director

  • Derek DiRocco

    Director

    A partner at RA Capital, per RA Capital's Form 3.

  • Christian Foerster

    Director

What they said, and what happened

2 too early to tell

  1. Said on Oct 29, 2026

    Bring BBT003 into the clinic (first tests in people) by the end of 2026.

    What happened

    No filing through Nov 6, 2026 reports it.

    Too early to tell

  2. Said on Oct 29, 2026

    Start up a Phase 2b trial of BBT001 in atopic dermatitis by the end of 2026.

    What happened

    No filing through Nov 6, 2026 reports it.

    Too early to tell
Sources (6)
Next: What could go wrong

06What could go wrong

What could go wrong for Bambusa?

  • Execution

    No approved products, and no revenue

    The prospectus says the business depends entirely on drug candidates still in development. Bambusa had a net loss of $22.4 million in the six months to Jun 30, 2026, and may never be profitable.

    Watch Trial results and any regulatory filings in later reports.

  • Cash and liquidity

    Going-concern doubt and more capital needed

    Management concluded there is substantial doubt on cash before the offering. The company says in its prospectus dated Oct 29, 2026 that the offering money and existing cash last into late 2028. It says that will not carry all candidates through approval.

    Watch Cash and marketable securities in the first 10-Q, against about $57.2 million (preliminary) at Sep 30, 2026.

  • Competition

    Competition from approved drugs

    Dupixent, with global sales of $17.8 billion in 2025, is approved for many of the same diseases, per the prospectus. Other drugs are named for each target disease.

    Watch New approvals and trial results named in later filings.

  • Regulation

    Reliance on suppliers linked to China

    WuXi Biologics, BioNTech Zhuhai and Tigermed are the China exposure the prospectus names. It flags the BIOSECURE Act, signed as Section 851 of the 2026 defense authorization act.

    Watch Any change of manufacturer, or any listing under the act, in later filings.

  • Concentration

    Sole-source manufacturing

    One manufacturer makes three of its 4 candidates, and another makes the fourth. The prospectus says Bambusa relies on third-party manufacturers, many of them sole source.

    Watch Any second manufacturer named in later filings.

  • Legal

    Rights can go back, and no patents are issued

    If BioNTech Zhuhai ends the assignment agreement, rights to BBT001 and BBT002 go back free of charge. All 12 patent families (7 owned, 5 in-licensed) were pending at Oct 9, 2026.

    Watch Patent grants and changes to the BioNTech Zhuhai agreements.

  • Technology

    Early data may change

    The prospectus warns that interim and topline data may change as more patient data arrive. The BBT001 eczema substudy had 17 adults, and its eczema-score measures were exploratory endpoints.

    Watch The 12-week eczema results. The company says in its prospectus dated Oct 29, 2026 that it expects them in the first half of 2027.

  • Other

    Lock-up end and registration rights

    The company, its officers, directors and substantially all holders agreed not to sell for 180 days after Oct 29, 2026. Registration rights cover up to 39,750,360 shares, about 98.4% of stock before the offering.

    Watch The lock-upA period after an IPO when insiders agree not to sell their shares. Learn more end (Apr 27, 2027, Cityfort calculation from the 424B4 filed Oct 30, 2026) and any early release by BofA Securities and Evercore.

Sources (1)
Next: Supporters vs. critics

07Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • The company reported what it calls positive topline BBT001 data in July 2026. At week 6, placebo-adjusted EASI-50 was 82% and EASI-75 was 64% (eczema-score improvements), with no conjunctivitis reported.
  • The company says in its prospectus dated Oct 29, 2026 that early BBT001 and BBT002 data show a half-life more than two times its 12.7-day estimate for Dupixent. No head-to-head study has been run.
  • The company says the about $152.4 million of net proceeds plus existing cash funds it into late 2028, per its prospectus of Oct 29, 2026.
  • The balance sheet at Jun 30, 2026 shows no debt line. Pro forma cash and marketable securities were $223.9 million.

What critics point to

  • Revenue was $0 in every period, and the accumulated deficit was $77.2 million at Jun 30, 2026.
  • Management concluded there is substantial doubt about continuing as a going concern on cash before the offering, and the auditor's report has a going-concern paragraph.
  • The BBT001 substudy had 17 adults randomized 2:1. Its primary endpoints were safety and tolerability, EASI measures were exploratory, and average baseline EASI was 34.6 against 29.1 on placebo.
  • Dupixent, with $17.8 billion of global sales in 2025, is approved for many of the same diseases, and Bambusa has no issued patents.
  • WuXi Biologics is the sole manufacturer of three of its 4 candidates, and the prospectus flags the BIOSECURE Act.
Next: What to watch next

08What to watch next

What should you watch next at Bambusa?

Next event

First quarterly report as a public company (Form 10-Q for the quarter ended Sep 30, 2026)

Date not announced yet.

  • Cash at Sep 30, 2026

    The prospectus gives about $57.2 million as a preliminary, unaudited estimate, before the IPO money. The 10-Q would give the reviewed figure.

  • Trial readouts

    The company said on Oct 29, 2026 that it expects 5 named readouts in the first half of 2027: three for BBT001 and two for BBT002.

  • Underwriters' option

    Up to 1,583,333 more shares, for 30 days from Oct 29, 2026. No filing through Nov 6, 2026 says whether it was used.

  • Final share count

    The final count of restricted stock unit shares depends on the share price over 20 days after the prospectus date, capped at 701,797 against 621,192 assumed.

  • First proxy statement

    No proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more has been filed yet. The first one would give a dated ownership table and executive pay for the company as a public company.

Next: Key dates

09Key dates

What are the key dates for Bambusa?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Bambusa
EventDateSource
Nasdaq approves the shares for listingNasdaq's certification to the SEC, on official notice of issuance.The Nasdaq Stock Market LLC certification to the SEC, Oct 29, 2026: Bambusa Therapeutics common stock approved for listing and registration upon official notice of issuance
Offering priced at $16.00 (prospectus date)Bambusa Therapeutics, Inc. final prospectus filed under Rule 424(b)(4), dated Oct 29, 2026 (Registration No. 333-299405)
First trade on the Nasdaq Global Select MarketThe earliest row in Nasdaq's historical table for BBTX.Nasdaq historical quotes for BBTX, Oct 30 to Nov 5, 2026 (open, high, low, close, volume), read Nov 6, 2026
IPO completedForm 8-K filed Nov 3, 2026.Bambusa Therapeutics, Inc. Form 8-K, event date Nov 2, 2026, filed Nov 3, 2026: restated charter and bylaws on completion of the IPO; BBTX on The Nasdaq Stock Market LLC
Underwriters' 30-day option endsThe prospectus gives 30 days from Oct 29, 2026, which is Nov 28, 2026 (Cityfort calculation from the 424B4 filed Oct 30, 2026). No filing through Nov 6, 2026 says whether the option was used.Not yet statedBambusa Therapeutics, Inc. final prospectus filed under Rule 424(b)(4), dated Oct 29, 2026 (Registration No. 333-299405); EDGAR submissions for Bambusa Therapeutics, Inc. (CIK 0002044950), read Nov 6, 2026: S-1 filed Oct 9, 2026; no 10-Q, no Item 2.02 8-K and no proxy statement after the 424B4
Lock-up endsThe prospectus gives 180 days after Oct 29, 2026, which is Apr 27, 2027 (Cityfort calculation from the 424B4 filed Oct 30, 2026).Not yet statedBambusa Therapeutics, Inc. final prospectus filed under Rule 424(b)(4), dated Oct 29, 2026 (Registration No. 333-299405)

Learn: IPO lock-up agreements: what they are and when they end · How to read an S-1: Anthropic's IPO registration statement

Sources (5)
Next: Key facts

10Key facts

Key facts about Bambusa

What does Bambusa Therapeutics do?
Bambusa Therapeutics (Nasdaq: BBTX), a Boston company incorporated in March 2024, is developing long-acting bispecific antibody drugs for immune and inflammatory diseases. It had no approved products as of its prospectus dated Oct 29, 2026.
How does Bambusa Therapeutics make money?
Bambusa Therapeutics does not make money yet. It reported $0 of revenue in FY2025 and in the six months to Jun 30, 2026, so it has no revenue by segment. Its business model so far is raising money from share sales and spending it on drug trials.
Is Bambusa Therapeutics profitable?
No. Bambusa Therapeutics' net loss was $41.1 million in FY2025 and $22.4 million in the six months to Jun 30, 2026, per its prospectus. Its operating loss in FY2025 was $44.0 million.
Who are Bambusa Therapeutics' customers?
Bambusa Therapeutics has no paying customers. It had no approved products as of its prospectus dated Oct 29, 2026, and has reported no revenue since its inception on Mar 14, 2024.
How big is Bambusa Therapeutics?
Bambusa Therapeutics had 30 full-time employees at Sep 30, 2026, and total assets of $77.5 million at Jun 30, 2026. It spent $38.1 million on research and development in FY2025.
What is Bambusa's BBT001?
BBT001 is Bambusa Therapeutics' lead drug candidate, an antibody aimed at IL-4Rα and IL-31, in trials for atopic dermatitis and chronic spontaneous urticaria. It is not approved. Bambusa's outside research costs for it were $15.5 million in FY2025.
What is Bambusa's BBT002?
BBT002 is a Bambusa Therapeutics drug candidate, an antibody aimed at IL-4Rα and IL-5, in trials for COPD, nasal polyps and asthma. It is not approved. Bambusa's outside research costs for it were $13.0 million in FY2025.
Who owns Bambusa Therapeutics?
Bambusa Therapeutics' directors and executive officers held 34.5% of its 50,942,430 shares after the IPO, per its prospectus. Form 4s filed Nov 2-3, 2026 show Salvia Investment with 9,264,301 shares, CEO Shanshan Xu with 8,402,795 and RA Capital funds with 7,429,758.
When and where did Bambusa Therapeutics list?
Bambusa Therapeutics sold 10,555,555 new shares at $16.00 each under a prospectus dated Oct 29, 2026, raising $168.9 million before costs. Its shares first traded on the Nasdaq Global Select Market as BBTX on Oct 30, 2026, and the IPO completed on Nov 2, 2026.
Sources (7)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

11What it sells

11What it sells

What does Bambusa sell?

Bambusa sells nothing yet. It is developing 4 bispecific antibodies, lab-made proteins that attach to two targets in the body. They aim to treat immune and inflammatory diseases, last longer between doses and be injected under the skin.

  • BBT001 (lead candidate)

    Aimed at IL-4Rα and IL-31, for atopic dermatitis (a form of eczema) and chronic spontaneous urticaria (recurring hives). In a global Phase 1 trial, a Phase 1a/1b eczema trial and a Phase 2a hives trial in China, per the prospectus.

  • BBT002

    Aimed at IL-4Rα and IL-5, for COPD (a long-term lung disease), chronic sinus inflammation with nasal polyps, and asthma. In a global Phase 1 trial, Phase 1/2a and Phase 2a trials in China, and a global Phase 2a asthma trial.

  • BBT003

    Aimed at TL1A and IL-23p19, for inflammatory bowel disease (Crohn's disease and ulcerative colitis). Preclinical, so not yet tested in people. The company said on Oct 29, 2026 that it plans to enter the clinic by the end of 2026.

  • BBT004

    Designed to remove B cells, for autoimmune diseases driven by autoantibodies. Preclinical. Bambusa has given BioNTech Zhuhai an option notice for it, per the prospectus.

Think of it like this

Like a research lab funded by investors: money goes out on testing drug candidates, and no product sales come in.

What it does

  • Does: Runs clinical trials of its drug candidates in the US, Australia, Europe, New Zealand and China
  • Does: Pays outside firms to make and engineer its antibodies
  • Does: Raises money by selling shares

What it does not do

  • Does not: Sell any approved drug: no product has been approved, and it has not sought approval
  • Does not: Make its own drugs: WuXi Biologics is the sole manufacturer of BBT001, BBT002 and BBT003, and BioNTech Zhuhai of BBT004
  • Does not: Hold issued patents: its 7 owned and 5 in-licensed patent families were all pending at Oct 9, 2026
Sources (1)
12How the money flows

12How the money flows · FY2025

How does money flow through Bambusa?

Money in

  • Revenue (no products on sale)$0M
  • Other income, net (research incentive, interest and other)$5.2M

The company

Bambusa

$5.2M came in

Money out

  • Research and development$38.1M
  • General and administrative$5.9M
  • Income tax$2.2M
  • Net loss−$41.1M
  1. Bambusa sold nothing in FY2025: revenue was $0, because it has no approved products.
  2. Other income, net, brought in $5.2 million, mostly a research incentive ($3.3 million) and interest ($2.2 million).
  3. Research and development cost $38.1 million. Outside costs were $15.5 million for BBT001 and $13.0 million for BBT002.
  4. General and administrative costs were $5.9 million, taking operating expenses to $44.0 million. Income tax, at its Australian subsidiary, was $2.2 million.
  5. Costs were $41.1 million more than the money that came in. That is the net loss. Financing, mainly preferred stock sales, brought in $120.8 million of cash in the year.
Sources (1)
13What it needs to run

13What it needs to run

What does Bambusa need to run?

  • Rights from BioNTech Zhuhai

    BBT001 and BBT002 came from BioNTech Zhuhai, a BioNTech subsidiary then known as Biotheus, and BBT003 is licensed from it. If BioNTech Zhuhai ends the assignment agreement, the rights to BBT001 and BBT002 go back free of charge.

  • Outside manufacturers

    Bambusa has no factories of its own. WuXi Biologics is the sole manufacturer of BBT001, BBT002 and BBT003, and BioNTech Zhuhai of BBT004.

  • Money from investors

    $71.5 million of cash and marketable securities at Jun 30, 2026, before the IPO. Operating cash outflow was $39.8 million in FY2025.

  • People

    30 full-time employees at Sep 30, 2026, 24 of them in research and development, and about 250 square feet of Boston office space.

Sources (1)
14Competitors and what protects it

14Competitors and what protects it

Who does Bambusa compete with?

Bambusa has no product on sale, and its prospectus names approved drugs in each disease it targets. For lung disease it names drugs such as Xolair, Nucala and Tezspire, and for bowel disease Humira, Skyrizi, Stelara and Entyvio, among others.

  • Dupixent (Regeneron and Sanofi)

    Approved for many of the same diseases, per the prospectus. Global sales were $17.8 billion in 2025, per the prospectus.

  • Nemluvio (Galderma)

    Named for atopic dermatitis. Global sales were $452 million in 2025, per the prospectus.

  • Ebglyss (Lilly)

    NYSE: LLY

    Named for atopic dermatitis in the prospectus.

  • Cibinqo (Pfizer)

    NYSE: PFE

    Named for atopic dermatitis in the prospectus.

  • Rinvoq (AbbVie)

    Named for atopic dermatitis and for inflammatory bowel disease, the target of BBT003.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Longer time between doses2 of 5

    The company says in its prospectus dated Oct 29, 2026 that early BBT001 and BBT002 data show a half-life more than two times its 12.7-day estimate for Dupixent. No head-to-head study has been run.

  • Patents1 of 5

    No issued patents at Oct 9, 2026. Its 7 owned and 5 in-licensed patent families were all pending.

  • Products on the market1 of 5

    No approved products and $0 of revenue in FY2025, while Dupixent's global sales were $17.8 billion in 2025.

Weak spot

Reliance on BioNTech Zhuhai and WuXi Biologics

BBT001 and BBT002 rights go back to BioNTech Zhuhai free of charge if it ends the assignment agreement. WuXi Biologics is the sole manufacturer of three of its 4 candidates.

Sources (1)
15Where growth could come from

15Where growth could come from

Where could Bambusa's growth come from?

Bambusa says in its prospectus (Oct 29, 2026) that it expects 5 named trial readouts in the first half of 2027. It plans to start up a Phase 2b eczema trial by the end of 2026.
Management statement, Oct 29, 2026. Reported as a statement, not our forecast.

  • BBT001 in eczema and hives

    Early

    The prospectus dated Oct 29, 2026 puts its initial target market at more than $35 billion by 2030

    The company says in its prospectus dated Oct 29, 2026 that it expects 12-week eczema results in two patient groups and 14-week hives results in the first half of 2027.

    Status: Early, too early to judge.

  • BBT002 in lung and sinus disease

    Early

    The company estimates respiratory biologics at more than $60 billion in 2030, in its prospectus dated Oct 29, 2026

    The company says in its prospectus dated Oct 29, 2026 that it expects 4-week COPD and 12-week nasal polyp results in the first half of 2027. It also says it plans Phase 2b start-up work in 2027.

    Status: Early, too early to judge.

  • BBT003 in bowel disease

    New

    The company estimates inflammatory bowel disease approaching $39 billion by 2030, in its prospectus dated Oct 29, 2026

    Preclinical. The company says in its prospectus dated Oct 29, 2026 that it plans to enter the clinic by the end of 2026.

    Status: New, recently announced.

  • BBT004 in autoimmune disease

    New

    Right to nominate targets under the BioNTech Zhuhai option agreement runs through Apr 12, 2027

    Preclinical. Bambusa has given BioNTech Zhuhai an option notice, per the prospectus.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (1)
16Financial strength and debt

16Financial strength · Jun 30, 2026

How much debt does Bambusa have?

The balance sheet at Jun 30, 2026 shows no debt line, $71.5 million of cash and marketable securities and $12.2 million of total liabilities.
  • Total debt$0M
  • Cash and investments$71.5M
  • Net cash (cash minus debt)$71.5M
  • Net worth (shareholders' money)−$71M
  • These figures are from before the IPO, which completed on Nov 2, 2026. Adding the offering's net proceeds and the preferred stock conversion, the prospectus shows pro forma figures at Jun 30, 2026: cash and marketable securities of $223.9 million and stockholders' equity of $217.7 million.
  • The company estimated net proceeds of about $152.4 million, assuming the underwriters' option is not used.
  • Net worth is a stockholders' deficit of $71.0 million because $136.2 million of convertible preferred stock sat outside equity. That stock converted to common stock in the IPO, per the prospectus.
  • Preliminary and unaudited: management estimates about $57.2 million of cash, cash equivalents and marketable securities at Sep 30, 2026, before the IPO money. The auditor has not audited or reviewed it.
  • Accumulated deficit was $77.2 million at Jun 30, 2026.
  • Net cash of $71.5 million is a Cityfort calculation from the 424B4 filed Oct 30, 2026: cash and marketable securities, with no debt line on the balance sheet.
Sources (2)
17Who owns it

17Who owns it · ownership as of Oct 23, 2026

Who owns Bambusa?

Bambusa has filed no proxy statement yet (EDGAR, Nov 6, 2026). The 34.5% group figure and the prospectus rows are as of Oct 23, 2026, after the offering, and leave out purchases in or after it. Officers, directors and 5% holders together held about 64.3% on that basis. Form 4 and 13G rows are later and use their own basis. Rows overlap, so they do not add up. An S-8 filed Oct 30, 2026 registers shares for employee stock plans.
Officers and directors (as a group), shares
34.5%
Share classes
Bambusa share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (50,942,430 shares after the offering, per the 424B4, assuming the underwriters' option is not used (52,525,763 if it is used in full). The count assumes 621,192 shares from restricted stock units whose final number depends on the share price over 20 days after the prospectus date.)50.91All holders; the preferred stock converted to common stock in the IPO100.0%100.0%Yes
Holders of 5% or more
Bambusa holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Salvia Investment GmbH (director Helmut Jeggle)18.2%–Nov 2, 2026S8, S17, S1Form 4s filed Nov 2, 2026 by Salvia and by Helmut Jeggle report the same purchase: 375,000 shares at $16.00 on Nov 2, 2026. Counted once, Salvia holds 9,264,301 shares. The percentage is a Cityfort calculation from these Form 4s and the 424B4 filed Oct 30, 2026. The prospectus showed 8,889,301 shares, 17.4% after the offering.
Shanshan Xu (CEO), through MiNeng, Inc. and a trust16.5%–Nov 2, 2026S15, S1Form 4 filed Nov 2, 2026: 8,402,795 common shares (7,562,518 through MiNeng and 840,277 through the Xu Trust), not counting options. The percentage is a Cityfort calculation from the Form 4 and the 424B4 filed Oct 30, 2026. The prospectus showed 8,623,812 shares including options, 16.9% after the offering.
RA Capital funds (director Derek DiRocco is a partner)14.6%–Nov 3, 2026S7, S20, S1Form 4 filed Nov 3, 2026: 7,429,758 shares after buying 453,820 on Oct 30 and 2,500,000 at $16.00 on Nov 2, 2026. The percentage is a Cityfort calculation from the Form 4 and the 424B4 filed Oct 30, 2026. The prospectus showed 4,475,938 shares, 8.8% after the offering.
ATHOS KG and Salzufer entities (Strüngmann family office)9.0%–Nov 5, 2026S14Schedule 13G filed Nov 5, 2026, for holdings at Oct 29, 2026: 4,579,067 shares, 9.0% as stated on 50,942,430 shares. Thomas Maier reports 4,699,188, including 120,121 held for him. The 13G does not explain the difference from the prospectus row below.
Biotechnology Value Fund entities6.4%–Oct 23, 2026S13,239,908 shares, 6.4% after the offering, per the prospectus (8.0% before it).
Thomas Strüngmann entities (prospectus basis)5.6%–Oct 23, 2026S12,849,057 shares, 5.6% after the offering, per the prospectus table as of Oct 23, 2026 (7.1% before it). A later 13G on a different basis is in the row above.
Dawn Holdco4.8%–Oct 23, 2026S12,469,108 shares, 4.8% after the offering, per the prospectus (6.1% before it).
INCE Capital entities4.4%–Oct 23, 2026S12,241,919 shares, 4.4% after the offering, per the prospectus (5.6% before it).

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (7)
18What it does with profit

18What it does with profit

What does Bambusa do with its profit?

Bambusa has never paid a dividend and says it does not intend to. Before the IPO, four preferred stock rounds from June 2024 to January 2026 raised $136.1 million before costs.

  • Money raised · Nov 2, 2026

    IPO completed: 10,555,555 new shares sold at $16.00 (offering price of Oct 29, 2026), for $168.9 million before costs. The company estimated net proceeds at about $152.4 million. The underwriters may buy up to 1,583,333 more shares within 30 days of Oct 29, 2026.

    $169M

Sources (2)
19Governance signals

19Governance signals

What do Bambusa's governance filings show?

Auditor
PwC (Boston), since 2026
Auditor changes
None in the period covered
Audit qualifications
FY2025: The auditor's report includes a going-concern paragraph.
Related-party dealings
Founders hold shares through MiNeng (Shanshan Xu) and Salvia (Helmut Jeggle). Directors' affiliates and 5% holders bought preferred stock, per the prospectus. Bambusa pays BioNTech Zhuhai fees and milestones for its drug candidates.
Credit rating
Not checked for this page

Flags to know about

  • auditor

    Going-concern doubt

    Management concluded there is substantial doubt about Bambusa's ability to continue as a going concern, based on its cash before the offering. The auditor's report has a going-concern paragraph.

  • disclosure

    Short public record

    Bambusa is an emerging growth company and a smaller reporting company. Its prospectus has audited figures only for FY2025 and for Mar 14 to Dec 31, 2024. No 10-Q or proxy statement had been filed by Nov 6, 2026.

  • other

    Exposure to China

    The prospectus names WuXi Biologics, BioNTech Zhuhai and Tigermed as its China exposure. It also flags the BIOSECURE Act, signed as Section 851 of the 2026 defense authorization act.

Sources (2)
20What the market paid

20What the market paid · price as of Nov 5, 2026

What did the market pay for Bambusa on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: BBTX closed at $15.85 on Nasdaq. Market value = $15.85 × 50,942,430 shares = about $807.4 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the 424B4 filed Oct 30, 2026), assuming the underwriters' option was not used; no filing says whether it was. P/E (price ÷ earnings per share) is not shown because Bambusa has a net loss. The IPO offering price was $16.00 (Oct 29, 2026), and the first-day close was $14.99 (Oct 30, 2026).

Share price
$15.85
Market value (market cap)
$807M

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 50.94 million ($15.85 × 50.94 million shares ≈ $807M). Source: Bambusa Therapeutics, Inc. final prospectus filed under Rule 424(b)(4), dated Oct 29, 2026 (Registration No. 333-299405)

Source: Nasdaq historical quotes for BBTX, Oct 30 to Nov 5, 2026 (open, high, low, close, volume), read Nov 6, 2026; Bambusa Therapeutics, Inc. final prospectus filed under Rule 424(b)(4), dated Oct 29, 2026 (Registration No. 333-299405)

Sources (2)
21How it got here

21How it got here

How did Bambusa get here?

  1. 2024

    Milestone

    Formed around two acquired drug candidates

    Bambusa's inception was Mar 14, 2024. On Mar 18, 2024 it signed the agreement for BBT001 and BBT002 with BioNTech Zhuhai, then known as Biotheus.

  2. 2024

    Milestone

    First funding

    Series Seed in June 2024 raised about $5.1 million, and Seed Plus in August 2024 about $9.0 million.

  3. 2025

    Milestone

    Series A rounds

    Series A-1, from February to June 2025, raised about $88.9 million. Series A-2, in October 2025 and January 2026, raised about $33.1 million.

  4. 2025

    Business-model change

    BBT003 licensed

    Bambusa took an exclusive license to BBT003 from BioNTech Zhuhai on Sep 28, 2025, for $1.0 million upfront, adding bowel disease to its programs.

  5. 2026

    Milestone

    First BBT001 eczema results

    In July 2026 the company reported what it calls positive topline data from a 4-week substudy in 17 adults.

  6. 2026

    Milestone

    IPO and Nasdaq listing

    Bambusa filed its S-1 on Oct 9, 2026 and priced at $16.00 on Oct 29. Its shares first traded on the Nasdaq Global Select Market on Oct 30, and the IPO completed on Nov 2, 2026.

Sources (5)

22Sources and changes

Where every number on this page comes from

Sources (13 documents)
  1. S1Bambusa Therapeutics, Inc. final prospectus filed under Rule 424(b)(4), dated Oct 29, 2026 (Registration No. 333-299405) · SEC EDGAR (filed by Bambusa Therapeutics, Inc., CIK 0002044950) · Tier 1: company or exchange filing · Oct 30, 2026
  2. S6Bambusa Therapeutics, Inc. Form 8-K, event date Nov 2, 2026, filed Nov 3, 2026: restated charter and bylaws on completion of the IPO; BBTX on The Nasdaq Stock Market LLC · SEC EDGAR (filed by Bambusa Therapeutics, Inc., CIK 0002044950) · Tier 1: company or exchange filing · Nov 3, 2026
  3. S7Form 4, RA Capital Management, L.P. and related persons, filed Nov 3, 2026: purchases on Oct 30 and Nov 2, 2026; preferred stock conversion · SEC EDGAR (issuer CIK 0002044950) · Tier 1: company or exchange filing · Nov 3, 2026
  4. S8Form 4, Salvia Investment GmbH, filed Nov 2, 2026: 375,000 shares purchased at $16.00 on Nov 2, 2026; preferred stock conversion · SEC EDGAR (issuer CIK 0002044950) · Tier 1: company or exchange filing · Nov 2, 2026
  5. S12Nasdaq historical quotes for BBTX, Oct 30 to Nov 5, 2026 (open, high, low, close, volume), read Nov 6, 2026 · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 6, 2026
  6. S13The Nasdaq Stock Market LLC certification to the SEC, Oct 29, 2026: Bambusa Therapeutics common stock approved for listing and registration upon official notice of issuance · SEC EDGAR (filed by The Nasdaq Stock Market LLC) · Tier 1: company or exchange filing · Oct 29, 2026
  7. S14Schedule 13G, ATHOS KG, Objektgesellschaft Salzufer 1 GmbH, Salzufer Holding Inc. and Thomas Maier, filed Nov 5, 2026 (event date Oct 29, 2026): 4,579,067 shares, 9.0% · SEC EDGAR (issuer CIK 0002044950) · Tier 1: company or exchange filing · Nov 5, 2026
  8. S15Form 4, Shanshan Xu and MiNeng, Inc., filed Nov 2, 2026: preferred stock conversion on Nov 2, 2026 · SEC EDGAR (issuer CIK 0002044950) · Tier 1: company or exchange filing · Nov 2, 2026
  9. S16Form 4, Shanshan Xu, filed Nov 2, 2026: stock option and restricted stock unit grants dated Oct 29, 2026 · SEC EDGAR (issuer CIK 0002044950) · Tier 1: company or exchange filing · Nov 2, 2026
  10. S17Form 4, Helmut Jeggle (Salvia Investment GmbH), filed Nov 2, 2026: preferred stock conversion and 375,000 shares purchased at $16.00 on Nov 2, 2026 · SEC EDGAR (issuer CIK 0002044950) · Tier 1: company or exchange filing · Nov 2, 2026
  11. S18Bambusa Therapeutics, Inc. Form S-8, filed Oct 30, 2026: registers shares under the 2026 Equity Incentive Plan, 2026 Employee Stock Purchase Plan and 2024 Stock Plan · SEC EDGAR (issuer CIK 0002044950) · Tier 1: company or exchange filing · Oct 30, 2026
  12. S19EDGAR submissions for Bambusa Therapeutics, Inc. (CIK 0002044950), read Nov 6, 2026: S-1 filed Oct 9, 2026; no 10-Q, no Item 2.02 8-K and no proxy statement after the 424B4 · SEC EDGAR (data.sec.gov) · Tier 1: company or exchange filing · Nov 6, 2026
  13. S20Form 3, RA Capital Management, L.P. and related persons (director and 10% owner boxes checked; remarks: Derek DiRocco, an RA partner, is on the board), filed Oct 29, 2026 · SEC EDGAR (issuer CIK 0002044950) · Tier 1: company or exchange filing · Oct 29, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version. (first version)

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