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Health Care · NASDAQ: CTY

City Therapeutics: how the business works

City Therapeutics develops gene-silencing medicines and has no approved product; two partners provided its $13.6 million of revenue in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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City Therapeutics, Inc. · Cambridge, Massachusetts · Founded 2023

Updated for Six months ended Jun 30, 2026 · checked

Collaboration revenue, FY2025
$13.6M
Net loss, six months to Jun 30, 2026
$53.4M
Offering price (424B4 dated Oct 15, 2026)
$18.00
Nasdaq closing price, Nov 5, 2026
$17.07
Full-time employees, Sep 1, 2026
81

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 Prices shown are dated and may be out of date.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

City Therapeutics in 5 points

  1. 1 · What it sells

    City Therapeutics develops RNA interference medicines, has no approved product and no product revenue, and earned $6.4 million of collaboration revenue in the six months to Jun 30, 2026.

    More: what it sells

  2. 2 · Who pays it

    Two partners provided all of City Therapeutics' revenue in the six months to Jun 30, 2026: Biogen 55.3% and Bausch + Lomb 44.7%.

    More: who pays it

  3. 3 · What it keeps from $100

    City Therapeutics kept nothing from revenue in the six months to Jun 30, 2026: its net loss was $53.4 million, after a $51.1 million operating loss and $2.3 million of net other expense.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    City Therapeutics has no operating profit: research and development cost $46.3 million of the $57.5 million operating expenses in the six months to Jun 30, 2026.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    City Therapeutics estimated about $141.9 million of cash at Sep 30, 2026 (preliminary, unaudited, before IPO money), and it used $43.2 million in operations in the six months to Jun 30, 2026.

    More: the one thing to watch

Sources: From City Therapeutics' 424B4 dated Oct 15, 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 City Therapeutics do?

City Therapeutics is testing medicines that silence disease-linked genes; it sells no product yet, so partners' fees and investors' money pay for the research.

  • Biogen pays it for work on neurodegenerative disease, and Bausch + Lomb for work on one eye target. They provided all of its $13.6 million revenue in FY2025.
  • Research and development cost $58.4 million of the $73.5 million operating expenses in FY2025, leaving an operating loss of $59.9 million.
Next: Who pays it

02Who pays it

Who pays City Therapeutics?

  • Biogen

    55%

    of revenue

    Deal of May 23, 2025 on neurodegenerative disease: $16.0 million upfront plus a $30.0 million convertible note. Further milestones could reach about $1.0 billion, with high-single to low-teens royalties, per the 424B4. A $4.0 million research milestone was achieved in the first half of 2026.

  • Bausch + Lomb

    45%

    of revenue

    Deal of Jul 8, 2024 on one eye target: $5.0 million upfront plus a $10.0 million convertible note. Fees and milestones could reach $485.0 million, with mid-single to low-teens royalties, per the 424B4. None of these milestones or royalties was due at Jun 30, 2026.

  • Biogen55%
  • Bausch + Lomb45%

Customer concentration

Two partners provided all of the revenue. In FY2025, Bausch + Lomb provided 52.5% and Biogen 47.5%. No patient or insurer pays for a product, because no product is approved.

Largest customer
55%
Sources (1)
Next: Why it makes money

03Why it makes money

Why does City Therapeutics make money?

City Therapeutics does not make money yet: research costs far more than its partners pay.

Without an approved product, revenue depends on partner deals. In the six months to Jun 30, 2026, $6.4 million of revenue met $57.5 million of operating expenses, $46.3 million of it research and development. Investors' money covers the gap.

Accumulated deficit (total losses so far), $ million

$30.6$142.5

Dec 31, 2024 to Jun 30, 2026

  1. Raise money from investors and partners
  2. Design RNAi drug candidates on its platform
  3. Test them in animals, then in people
  4. Earn partner fees and possible milestones on the way
  5. Royalties or product sales only if a medicine is approved

↺ Step 5 feeds back into step 1.

Sources (1)
Next: How has it done

04The numbers · Consolidated · US$

How has City Therapeutics done?

City Therapeutics listed on Nasdaq on Oct 16, 2026; its IPO price was $18.00 a share. Its prospectus gives two audited years. No Form 10-Q had been filed by Nov 6, 2026.

Source: City Therapeutics, Inc. final prospectus (Form 424B4), dated Oct 15, 2026; Nasdaq historical data for CTY, Oct 16 to Nov 5, 2026 (read Nov 6, 2026)

Revenue

$13.6MFY2025

Collaboration revenue rose from $2.8 million in FY2024 to $13.6 million in FY2025, and was $6.4 million in the six months to Jun 30, 2026, against $5.6 million a year earlier; none is from product sales.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2024$2.8M
FY2025$13.6M

Net profit

−$58.5MFY2025

Net loss grew from $27.8 million in FY2024 to $58.5 million in FY2025, and was $53.4 million in the six months to Jun 30, 2026 (a $51.1 million operating loss plus $2.3 million of net other expense), against $24.3 million a year earlier.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2024−$27.8M−$7.45
FY2025−$58.5M−$11.34

Profit kept per $100 of revenue

−$431.4FY2025

City Therapeutics lost $431.4 per $100 of revenue in FY2025, against $1,002.0 in FY2024; stock-based pay was $3.0 million in FY2025, 22.1% of revenue, and EBITDA (operating loss plus depreciation) is a Cityfort calculation from the 424B4.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2024−1,002.0%−1,031.9%
FY2025−431.4%−433.2%

Free cash flow

−$44MFY2025

Operations used $41.6 million of cash in FY2025 and $43.2 million in the six months to Jun 30, 2026, against $7.1 million a year earlier, when Biogen's $16.0 million upfront payment arrived.

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−$20.4M$3.5M−$23.9M
FY2025−$41.6M$2.4M−$44M
See all yearly numbers
City Therapeutics annual financials, FY2024–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2024$2.8M−$28.7M−$27.8M−$7.45−$20.4M$3.5M−$23.9M
FY2025$13.6M−$58.8M−$58.5M−$11.34−$41.6M$2.4M−$44M
See the six-month numbers
City Therapeutics interim financials from the prospectus, US$
PeriodRevenueEBITDANet profitEPS ($)Operating cashCapexFree cashStock-based pay
Six months ended Jun 30, 2025$5.6M−$26.1M−$24.3M−$5.02−$7.1M$0.4M−$7.5M$1.5M
Six months ended Jun 30, 2026$6.4M−$50.3M−$53.4M−$7.53−$43.2M$1M−$44.2M$4.9M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31). Net profit is the share belonging to the company's owners.

Download City Therapeutics'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 City Therapeutics, and did they deliver?

  • John Maraganore

    Co-founder and Executive Chair · since 2023

    Founding CEO of Alnylam for nearly 20 years. His retainer is $240,000 a year after the IPO, up from $200,000.

  • Andrew Orth

    President, CEO and director · since 2024

    Previously Chief Commercial Officer of Krystal Biotech and a senior vice president at Alnylam. An option for 77,979 shares granted Dec 11, 2024 vested in full at the IPO closing, per his Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filed Oct 19, 2026.

  • Keith Regnante

    Chief Financial Officer · since 2026

    Previously Chief Financial Officer of Keros Therapeutics.

  • Baisong Mei

    Chief Medical Officer · since 2025

    Previously Chief Medical Officer at Editas Medicine.

  • Tracy Zimmermann

    Chief Scientific Officer · since 2024

    Spent 15 years at Alnylam.

  • Sebastian Trousil

    Co-founder and Chief Operating Officer · since 2023

  • Barry Greene

    Director · since 2024

    Former CEO of Sage Therapeutics.

  • Robert Nelsen

    Director · since 2023

    Co-founder of ARCH Venture Partners, on ARCH's investment committee. He disclaims beneficial ownership of ARCH's shares, per the 424B4.

  • Sara Nochur

    Director · since 2025

    Former Chief Regulatory Officer of Alnylam.

  • Ron Philip

    Director · since 2024

    Former CEO of Orbital Therapeutics.

What they said, and what happened

3 too early to tell

  1. Said on Oct 15, 2026

    More single-dose data from the CITY-FXI Phase 1 trial in late 2026.

    What happened

    Not yet reported in an SEC filing as of Nov 6, 2026.

    Too early to tell

  2. Said on Oct 15, 2026

    Start of the CITY-RBP4 Phase 1 trial in late 2026.

    What happened

    Not yet reported in an SEC filing as of Nov 6, 2026.

    Too early to tell

  3. Said on Oct 15, 2026

    Start of a doctor-led CITY-TFR2 trial in China in late 2026.

    What happened

    Not yet reported in an SEC filing as of Nov 6, 2026.

    Too early to tell
Sources (3)
Next: What could go wrong

06What could go wrong

What could go wrong for City Therapeutics?

  • Execution

    No approved product

    City Therapeutics began its first trial in 2026 and has completed none. The 424B4 says it may never obtain approval for any candidate.

    Watch Further CITY-FXI results, which the company said on Oct 15, 2026 it expects in late 2026.

  • Cash and liquidity

    Continuing losses and need for capital

    Net loss was $58.5 million in FY2025 and $53.4 million in the six months to Jun 30, 2026. The company said in its 424B4 (Oct 15, 2026) that losses will continue and it will need substantial further capital.

    Watch Cash and cash used in operations in the first Form 10-Q, for the quarter ended Sep 30, 2026.

  • Technology

    An unproven approach

    The 424B4 calls the platform novel and unproven. Trials may fail, be delayed or not repeat results seen in animals.

    Watch Whether Phase 2 goes ahead and what it measures.

  • Concentration

    All revenue from two partners

    Biogen provided 55.3% and Bausch + Lomb 44.7% of revenue in the six months to Jun 30, 2026.

    Watch Bausch + Lomb's candidate choice. The company said in its 424B4 (Oct 15, 2026) that it plans to largely finish its research so Bausch + Lomb can select by late 2026.

  • Other

    Reliance on licensed rights and outside suppliers

    cityRNA rights are licensed from Ohio State Innovation Foundation. Trials and manufacturing depend on third parties, including limited-source suppliers, some in China.

    Watch Any change to supply arrangements in later filings.

  • Regulation

    China exposure

    The CITY-TFR2 trial in China runs through a local sponsor, Overland Therapeutics, so the company has less control, and regulators may not accept the data. US trade policy could raise costs or disrupt supply.

    Watch Whether the trial starts and how regulators treat its data.

  • Competition

    Larger rivals

    The 424B4 says rivals often have greater resources and may be more advanced. Bayer, Bristol-Myers Squibb and Johnson & Johnson are among those named as active on Factor XI.

    Watch Rival Factor XI results reported in their own filings.

  • Governance

    Large holders and the lock-up

    ARCH Venture Fund XII reports 25.6% (Schedule 13D filed Oct 26, 2026). Holders of substantially all pre-IPO stock agreed to a 180-day lock-upA period after an IPO when insiders agree not to sell their shares. Learn more from Oct 15, 2026; Goldman Sachs and Jefferies can release it early.

    Watch Forms 4 and 144 filed by insiders and large holders after the lock-up ends.

Sources (2)
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

  • CITY-FXI lowered Factor XI by 85% on average at 150 mg, three weeks after dosing, in six healthy adults, with no serious adverse events reported, per the 424B4.
  • Biogen and Bausch + Lomb signed deals, with further payments of up to about $1.0 billion and $485.0 million possible if conditions are met.
  • The company says the team contributed to 7 of the 8 FDA-approved RNAi medicines.
  • The company says IPO money and existing cash fund operations into late 2028 (424B4, Oct 15, 2026).
  • Revenue rose from $2.8 million in FY2024 to $13.6 million in FY2025.

What critics point to

  • City Therapeutics has no approved product, and the early CITY-FXI data measures a protein, not clot prevention.
  • Net loss was $53.4 million in the six months to Jun 30, 2026, on revenue of $6.4 million.
  • Two partners provided all the revenue.
  • The 424B4 says rivals may be more advanced and often have greater resources.
  • The 424B4 describes 19 patent families of pending applications and states no issued patents.
Next: What to watch next

08What to watch next

What should you watch next at City Therapeutics?

Next event

First quarterly report (Form 10-Q, quarter ended Sep 30, 2026)

Date not announced yet.

  • Cash

    The 424B4 estimates about $141.9 million of cash at Sep 30, 2026, before the IPO money. It was $169.6 million at Jun 30, 2026.

  • Share count

    The first Form 10-Q cover should state an actual count after closing. The 53,387,834 used here is built from Jun 30, 2026 shares.

  • CITY-FXI data

    The company said on Oct 15, 2026 that it expects more single-dose data in late 2026 and more Phase 1 data in mid-2027.

  • Partner choices

    The company said in its 424B4 (Oct 15, 2026) that it plans to largely finish its research so Bausch + Lomb can select a candidate by late 2026, and Biogen by late 2027.

Next: Key dates

09Key dates

What are the key dates for City Therapeutics?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for City Therapeutics
EventDateSource
Form 8-A filed to register the common stock on NasdaqCity Therapeutics, Inc. Form 8-A12B, Nasdaq registration of common stock
Registration statement effective; 424B4 dated, at $18.00 a shareThe 424B4 was filed with the SEC on Oct 16, 2026. A Form S-1MEF filed Oct 15, 2026 added 1,597,222 shares to the offering.City Therapeutics, Inc. final prospectus (Form 424B4), dated Oct 15, 2026; City Therapeutics, Inc. Form S-1MEF (Rule 462(b)), adds 1,597,222 shares; EDGAR filing list for City Therapeutics, Inc. (CIK 0002143850), as read Nov 6, 2026: latest filing SC 13D/13G Oct 26, 2026; no 10-Q, no earnings 8-K
First trade on the Nasdaq Global Market, as CTYNasdaq's table shows an open of $23.00 and a close of $22.40 that day.Nasdaq historical data for CTY, Oct 16 to Nov 5, 2026 (read Nov 6, 2026)
Offering closed; preferred stock converted into common stockAs stated in the footnotes of Forms 4 filed Oct 19, 2026.Form 4, ARCH Venture Fund XII, L.P. and related persons, City Therapeutics, filed Oct 19, 2026; Form 4, John Maraganore (director), City Therapeutics, filed Oct 19, 2026
Lock-up endsThe 424B4 gives 180 days from Oct 15, 2026, not a date. Apr 13, 2027 is a Cityfort calculation from the 424B4. Goldman Sachs and Jefferies can consent to an earlier release.Not yet statedCity Therapeutics, Inc. final prospectus (Form 424B4), dated Oct 15, 2026
First quarterly report (Form 10-Q, quarter ended Sep 30, 2026)The company has not stated a date; none was on EDGAR at Nov 6, 2026.Not yet statedEDGAR filing list for City Therapeutics, Inc. (CIK 0002143850), as read Nov 6, 2026: latest filing SC 13D/13G Oct 26, 2026; no 10-Q, no earnings 8-K

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

Sources (7)
Next: Key facts

10Key facts

Key facts about City Therapeutics

What does City Therapeutics do?
City Therapeutics is a Cambridge, Massachusetts biotech founded in July 2023 that develops RNA interference (RNAi) medicines, which silence the genes behind a disease. At its 424B4 dated Oct 15, 2026, it had no approved product and 81 full-time employees (Sep 1, 2026).
How does City Therapeutics make money?
City Therapeutics has no product revenue. All its revenue comes from collaborations with Bausch + Lomb and Biogen, and was $13.6 million in FY2025 and $6.4 million in the six months to Jun 30, 2026, per its 424B4.
What is City Therapeutics' business model?
City Therapeutics spends investors' money and partners' fees on research into RNAi medicines. Its partnership deals pay upfront fees and possible milestones and royalties. In FY2025 it spent $58.4 million on research and development against $13.6 million of revenue, per its 424B4.
Is City Therapeutics profitable?
No. City Therapeutics' net loss was $58.5 million in FY2025 and $53.4 million in the six months to Jun 30, 2026, per its 424B4. Its accumulated deficit, total losses so far, was $142.5 million at Jun 30, 2026.
What is City Therapeutics' revenue by segment?
City Therapeutics reports one business with no segments. In the six months to Jun 30, 2026, Biogen provided $3.5 million (55.3%) of its collaboration revenue and Bausch + Lomb $2.8 million (44.7%), per its 424B4.
How big is City Therapeutics?
City Therapeutics' revenue was $13.6 million in FY2025 (year to Dec 31, 2025), up from $2.8 million in FY2024, per its 424B4. Its total assets were $208.6 million at Jun 30, 2026, before its IPO.
Who owns City Therapeutics?
ARCH Venture Fund XII is City Therapeutics' largest holder, reporting 25.6% in a Schedule 13D filed Oct 26, 2026. Invus reports 8.1% and Viking 7.0% in Schedules 13G. Officers and directors held 8.32% after the offering, without the underwriters' option, per the 424B4.
What is CITY-FXI?
CITY-FXI is City Therapeutics' most advanced drug candidate, aimed at Factor XI, a blood-clotting protein. At the 424B4 dated Oct 15, 2026, it was in a Phase 1 trial in healthy volunteers, the company's only trial so far, and earned no revenue.
What are CITY-RBP4 and CITY-TFR2?
CITY-RBP4 and CITY-TFR2 are City Therapeutics' next two drug candidates, for Stargardt eye disease and anemia with myelofibrosis. At the 424B4 dated Oct 15, 2026, a Phase 1 application had been filed for CITY-RBP4 and CITY-TFR2 was preclinical. Neither earns revenue.
When did City Therapeutics list on Nasdaq?
City Therapeutics' common stock first traded on the Nasdaq Global Market as CTY on Oct 16, 2026. It sold 12,777,777 new shares at $18.00 under its 424B4 dated Oct 15, 2026, including the underwriters' option, and the offering closed on Oct 19, 2026.
Sources (6)
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 City Therapeutics sell?

City Therapeutics sells nothing yet. It is developing RNA interference (RNAi) medicines, which stop cells from making a disease-linked protein. Phase 1, its furthest stage, is the first test in people. It has no approved product and no product revenue, and has finished no clinical trial, per its 424B4.

  • CITY-FXI (Phase 1)

    Aims at Factor XI, a blood-clotting protein, to prevent harmful clots in patients who often cannot use common blood thinners called DOACs. Six healthy adults got each dose. Three weeks after dosing, Factor XI fell on average 61% at 15 mg, 79% at 50 mg and 85% at 150 mg (data to Aug 14, 2026).

  • CITY-RBP4 (Phase 1 application filed mid-2026)

    For Stargardt disease type 1, an inherited disease causing vision loss. The company says, citing third-party publications, that more than 30,000 people in the US are diagnosed and no therapy is approved. It said in its 424B4 (Oct 15, 2026) that it is also exploring geographic atrophy.

  • CITY-TFR2 (preclinical: not yet tested in people)

    For anemia of chronic disease, starting with anemia in myelofibrosis. The company says, citing third-party publications, that anemia of chronic disease affects more than 5 million people in the US. It says in its 424B4 (Oct 15, 2026) that a doctor-led trial in China is expected to begin in late 2026.

  • Discovery programs

    CITY-L04 aims at an undisclosed liver target. CITY-O02 and CITY-C02 use the company's cityRNA technology for the eye and the central nervous system. None has reached people.

  • Partner programs

    Research for Bausch + Lomb on one eye target and for Biogen on neurodegenerative disease. These provided all the company's revenue so far.

Think of it like this

Like a mute button for one gene: the medicine stops a cell from reading the instructions for one protein.

What it does

  • Does: Designs and tests RNAi drug candidates
  • Does: Runs one company clinical trial, CITY-FXI in Phase 1, started in 2026
  • Does: Does research for two partners in return for fees

What it does not do

  • Does not: Sell any approved medicine
  • Does not: Own factories: it relies on contract manufacturers, some in China
  • Does not: Report issued patents: the 424B4 describes 19 patent families of pending applications
Sources (1)
12How the money flows

12How the money flows · FY2025

How does money flow through City Therapeutics?

Money in

  • Bausch + Lomb collaboration revenue$7.1M
  • Biogen collaboration revenue$6.4M
  • Interest income$4.2M

The company

City Therapeutics

$17.8M came in

Money out

  • Research and development$58.4M
  • General and administrative$15.1M
  • Interest expense$2.3M
  • Other expense, net$0.5M
  • Net loss−$58.5M
  1. Two partners provided $13.6 million of collaboration revenue in FY2025. Interest on cash added $4.2 million.
  2. Research and development took $58.4 million, more than four times revenue.
  3. General and administrative costs were $15.1 million. Revenue less these two costs was an operating loss of $59.9 million.
  4. Interest expense of $2.3 million and other expense of $0.5 million came next.
  5. Costs were $58.5 million more than revenue and interest income. That is the net loss, paid for from cash raised from investors.
Sources (1)
13What it needs to run

13What it needs to run

What does City Therapeutics need to run?

  • Investors' money

    The company raised about $238.8 million of equity capital from July 2023 to Jun 30, 2026, per the 424B4. The 424B4 states net IPO proceeds of about $209.4 million with the underwriters' option, which was exercised.

  • Licensed technology

    An Ohio State Innovation Foundation license, signed Oct 30, 2023, gives exclusive rights behind cityRNAs. It costs up to $4.2 million in milestones per product, plus low-single-digit royalties and a share of sublicense income.

  • Outside manufacturers

    City Therapeutics has no plants of its own. It relies on contract manufacturers, some in China, per the 424B4.

  • Scientists and labs

    81 full-time employees at Sep 1, 2026, 71 of them in research and development. It leases about 51,726 square feet of offices and labs in Cambridge to September 2031.

Sources (2)
14Competitors and what protects it

14Competitors and what protects it

Who does City Therapeutics compete with?

City Therapeutics' 424B4 says that in many cases rivals have greater resources and expertise and may be more advanced, and it names them by drug target.

  • Alnylam

    Named in the 424B4 among companies developing siRNA medicines, the RNAi drug type. City Therapeutics' executive chair was its founding CEO for nearly 20 years.

  • Arrowhead, Ionis, Silence, Amgen, AstraZeneca, GSK, Novo Nordisk

    Named in the 424B4 among companies developing siRNA medicines.

  • Eli Lilly

    NYSE: LLY

    Named in the 424B4 among companies developing siRNA medicines.

  • Johnson & Johnson

    NYSE: JNJ

    Named in the 424B4 as active on Factor XI, CITY-FXI's target, with Bayer, Bristol-Myers Squibb, Novartis, Regeneron, ADARx and CRISPR Therapeutics with Sirius.

  • Alkeus, Belite Bio

    Named in the 424B4 as active in Stargardt disease, CITY-RBP4's target use.

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.

  • Team experience3 of 5

    The company says its team contributed to 7 of the 8 FDA-approved RNAi medicines, and its executive chair led Alnylam for nearly 20 years. Experience is not a tested product.

  • Partnerships2 of 5

    Biogen and Bausch + Lomb signed deals in 2024 and 2025, and a $4.0 million research milestone has been achieved. Other further payments depend on progress.

  • Patents2 of 5

    19 patent families at Sep 17, 2026, described as pending applications, expected to expire from 2041 to 2047 if issued. Key cityRNA rights are licensed from Ohio State Innovation Foundation.

  • Products on sale1 of 5

    None. One program is in a company clinical trial, and no trial has been completed, per the 424B4.

Weak spot

No proof yet in patients

CITY-FXI's early data measures a protein level in healthy volunteers, not clot prevention. The 424B4 says efficacy is first tested in Phase 2.

Sources (1)
15Where growth could come from

15Where growth could come from

Where could City Therapeutics' growth come from?

City Therapeutics says in its 424B4 (Oct 15, 2026) that the IPO money and existing cash fund operations into late 2028. It says more capital will be needed for later trials and any launch.
Management statement, Oct 15, 2026. Reported as a statement, not our forecast.

  • CITY-FXI

    Early

    Phase 1: Factor XI down 85% on average at 150 mg, three weeks after dosing, in six healthy adults (data to Aug 14, 2026)

    The company said in its 424B4 (Oct 15, 2026) that it expects more single-dose data in late 2026. It expects Phase 2 in knee replacement to start in mid-2027, and to seek a partner before Phase 3.

    Status: Early, too early to judge.

  • CITY-RBP4

    Early

    Phase 1 application filed mid-2026; $6.3 million direct spending in the six months to Jun 30, 2026

    The company said in its 424B4 (Oct 15, 2026) that it expects the Phase 1 start in late 2026 and initial data in mid-2027.

    Status: Early, too early to judge.

  • CITY-TFR2

    New

    Preclinical; $3.5 million direct spending in the six months to Jun 30, 2026

    The company said in its 424B4 (Oct 15, 2026) that it expects a doctor-led trial in China in late 2026, data in mid-2027, and a Phase 1/2 trial in early 2027.

    Status: New, recently announced.

  • Partner deals

    Working

    Collaboration revenue: $13.6 million in FY2025, $2.8 million in FY2024

    The company said in its 424B4 (Oct 15, 2026) that it plans to largely finish its research so Bausch + Lomb can select a candidate by late 2026, and Biogen by late 2027. No development, commercial or sales milestones were due at Jun 30, 2026.

    Status: Working, on track against what the company said.

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 City Therapeutics have?

At Jun 30, 2026, before the IPO, City Therapeutics had $169.6 million of cash and $33.1 million of convertible notes, which is net cash of $136.5 million (Cityfort calculation from the 424B4).
  • Total debt$33.1M
  • Cash and investments$170M
  • Net cash (cash minus debt)$137M
  • Net worth (shareholders' money)−$132M
  • Stockholders' deficit was $131.7 million at Jun 30, 2026 because $256.1 million of preferred stock sat outside equity. It converted into common stock at the IPO.
  • The 424B4 says no convertible notes remain after the IPO; the Biogen note converted into shares.
  • The 424B4's as-adjusted table, for the base offering only, shows $353.8 million of cash, equivalents and restricted cash and $338.9 million of stockholders' equity at Jun 30, 2026.
  • Cash excludes $2.5 million of restricted cash. Operating lease liabilities of $23.9 million are not counted as debt here.
  • The 424B4 estimates about $141.9 million of cash and equivalents at Sep 30, 2026, before the IPO money. That figure is preliminary, unaudited and not reviewed by the auditor.
Sources (1)
17Who owns it

17Who owns it · ownership as of Sep 11, 2026

Who owns City Therapeutics?

City Therapeutics has filed no proxy statement yet (EDGAR, Nov 6, 2026). The group, FMR, Maraganore and Orth rows come from the 424B4 (record date Sep 11, 2026, on 51,951,484 shares, without the option or IPO purchases). ARCH, Invus and Viking rows come from their own schedules on 53,387,834 shares, so rows do not add up. Each common share has one vote; no preferred stock is issued.
Officers and directors (as a group), shares
8.3%
Share classes
City Therapeutics share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (53,387,834 shares after the offering with the underwriters' option in full, per the 424B4. The count is built from Jun 30, 2026 shares and includes 1,964,421 restricted shares; no filing yet states an actual count after closing.)53.41Public investors, venture funds and insiders––Yes
Holders of 5% or more
City Therapeutics holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
ARCH Venture Fund XII25.6%–Oct 26, 2026S6, S15, S1Schedule 13D: 13,692,507 shares, including 170,000 bought in the IPO at $18.00. Director Robert Nelsen sits on ARCH's investment committee and disclaims beneficial ownership of these shares.
Invus Public Equities8.1%–Oct 22, 2026S8Schedule 13G: 4,302,772 shares at Oct 16, 2026.
FMR LLC7.4%–Sep 11, 2026S1424B4: 3,863,783 shares, after the offering without the underwriters' option.
Viking Global Investors7.0%–Oct 26, 2026S7Schedule 13G: 3,727,005 shares.
John Maraganore (Executive Chair)4.1%–Sep 11, 2026S1424B4: 2,121,831 shares beneficially owned, after the offering without the underwriters' option.
Andrew Orth (President and CEO)2.1%–Sep 11, 2026S1424B4: 1,094,544 shares beneficially owned, after the offering without the underwriters' option.

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 (5)
18What it does with profit

18What it does with profit

What does City Therapeutics do with its profit?

The 424B4 says City Therapeutics does not plan to pay dividends. Before the IPO it raised about $238.8 million of equity capital from July 2023 to Jun 30, 2026. At the IPO, Biogen's $30.0 million note converted into 2,133,788 shares at a 15% discount to the offering price.

  • Money raised · Oct 19, 2026

    IPO closed: 12,777,777 new shares sold at $18.00 (424B4 dated Oct 15, 2026), including the underwriters' option in full. Gross proceeds were about $230.0 million (Cityfort calculation from the 424B4 and Schedule 13D filed Oct 26, 2026); the 424B4 states net proceeds of about $209.4 million with the option.

    $230M

Sources (4)
19Governance signals

19Governance signals

What do City Therapeutics' governance filings show?

Auditor
PricewaterhouseCoopers LLP
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 424B4 lists deals with insiders and holders. An Alexandria Real Estate Equities subsidiary is the landlord, and Alexandria Venture Investments is an investor; rent and facility fees paid were $6.2 million in FY2025. John Maraganore has a paid chair retainer. ARCH, Invus, Fidelity, Viking and Maraganore bought preferred stock in private rounds.
Credit rating
Not checked for this page

Flags to know about

  • disclosure

    Short record

    The 424B4 gives two audited years, as an emerging growth company incorporated in July 2023. No Form 10-Q, earnings report or proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more was on EDGAR at Nov 6, 2026.

  • other · Oct 19, 2026

    Insider filings since the listing

    Forms 4 filed Oct 19, 2026 report preferred stock converting into common stock, ARCH's purchase of 170,000 shares in the IPO at $18.00, and option grants. None reports an open-market purchase or sale.

  • other · Oct 15, 2026

    Director options at the offering price

    Directors John Maraganore, Barry Greene, Ron Philip and Sara Nochur each received an option for 22,649 shares at $18.00 on Oct 15, 2026, per their Forms 4.

  • related party

    Landlord linked to an investor

    Alexandria Venture Investments is an investor, and an Alexandria Real Estate Equities subsidiary is the landlord. Rent and facility fees of $4.4 million were recognized in the first half of 2026, against $2.2 million a year earlier.

  • other

    Limits on stockholder action

    The board has three staggered classes. Stockholders cannot act by written consent or call special meetings, per the 8-K filed Oct 19, 2026 and the 424B4.

  • other · Oct 16, 2026

    Shares set aside for staff pay

    A Form S-8 filed Oct 16, 2026 registers shares for three staff plans. The 424B4 reserves 6,516,101 shares under the 2026 plan and 503,322 under the employee stock purchase plan.

Sources (11)
20What the market paid

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

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

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

Price as of Nov 5, 2026: City Therapeutics closed at $17.07 on Nasdaq; the offering price was $18.00 (424B4 dated Oct 15, 2026). Market value = $17.07 × 53,387,834 shares ÷ 1 million = about $911.3 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the 424B4). That count is the 424B4's after-offering figure with the option, not a reported count. P/E (price ÷ earnings per share) is not shown because the company has a net loss. From Oct 16 to Nov 5, 2026, Nasdaq's table shows a high of $23.88 (Oct 16) and a low of $15.81 (Nov 5).

Share price
$17.07
Market value (market cap)
$911M

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: 53.39 million ($17.07 × 53.39 million shares ≈ $911M). Source: City Therapeutics, Inc. final prospectus (Form 424B4), dated Oct 15, 2026; Schedule 13D, ARCH Venture Fund XII and related persons, City Therapeutics

Source: Nasdaq historical data for CTY, Oct 16 to Nov 5, 2026 (read Nov 6, 2026); City Therapeutics, Inc. final prospectus (Form 424B4), dated Oct 15, 2026; Schedule 13D, ARCH Venture Fund XII and related persons, City Therapeutics

Sources (3)
21How it got here

21How it got here

How did City Therapeutics get here?

  1. 2023

    Milestone

    Founded

    City Therapeutics was incorporated in Delaware in July 2023, and licensed the technology behind cityRNAs from Ohio State Innovation Foundation on Oct 30.

  2. 2024

    Milestone

    First partner

    Bausch + Lomb signed on Jul 8, 2024, paying $5.0 million upfront plus a $10.0 million convertible note. Revenue began, at $2.8 million in FY2024.

  3. 2025

    Milestone

    Biogen deal

    Biogen signed on May 23, 2025, paying $16.0 million upfront plus a $30.0 million convertible note. Revenue reached $13.6 million in FY2025.

  4. 2026

    Business-model change

    First clinical trial

    The CITY-FXI Phase 1 trial started in 2026, moving the company from lab work to testing in people.

  5. 2026

    Milestone

    Private funding before the IPO

    The 424B4 says the company raised about $238.8 million of equity capital from July 2023 to Jun 30, 2026.

  6. 2026

    Milestone

    Nasdaq listing

    The 424B4 is dated Oct 15, 2026, at $18.00 a share. Shares first traded on the Nasdaq Global Market as CTY on Oct 16, and the offering closed on Oct 19.

Sources (4)

22Sources and changes

Where every number on this page comes from

Sources (17 documents)
  1. S1City Therapeutics, Inc. final prospectus (Form 424B4), dated Oct 15, 2026 · SEC EDGAR (filed by City Therapeutics, Inc.) · Tier 1: company or exchange filing · Oct 16, 2026
  2. S4City Therapeutics, Inc. Form S-1MEF (Rule 462(b)), adds 1,597,222 shares · SEC EDGAR (filed by City Therapeutics, Inc.) · Tier 1: company or exchange filing · Oct 15, 2026
  3. S5City Therapeutics, Inc. Form 8-K, Item 5.03, charter and bylaws at IPO completion · SEC EDGAR (filed by City Therapeutics, Inc.) · Tier 1: company or exchange filing · Oct 19, 2026
  4. S6Schedule 13D, ARCH Venture Fund XII and related persons, City Therapeutics · SEC EDGAR (filed by ARCH Venture Fund XII, L.P. and others) · Tier 1: company or exchange filing · Oct 26, 2026
  5. S7Schedule 13G, Viking Global Investors and related persons, City Therapeutics · SEC EDGAR (filed by Viking Global Investors LP and others) · Tier 1: company or exchange filing · Oct 26, 2026
  6. S8Schedule 13G, Invus Public Equities and related persons, City Therapeutics · SEC EDGAR (filed by Invus Public Equities, L.P. and others) · Tier 1: company or exchange filing · Oct 22, 2026
  7. S12City Therapeutics, Inc. Form 8-A12B, Nasdaq registration of common stock · SEC EDGAR (filed by City Therapeutics, Inc.) · Tier 1: company or exchange filing · Oct 13, 2026
  8. S13EDGAR filing list for City Therapeutics, Inc. (CIK 0002143850), as read Nov 6, 2026: latest filing SC 13D/13G Oct 26, 2026; no 10-Q, no earnings 8-K · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
  9. S14Nasdaq historical data for CTY, Oct 16 to Nov 5, 2026 (read Nov 6, 2026) · Nasdaq · Tier 1: company or exchange filing · Nov 6, 2026
  10. S15Form 4, ARCH Venture Fund XII, L.P. and related persons, City Therapeutics, filed Oct 19, 2026 · SEC EDGAR (filed by the reporting person) · Tier 1: company or exchange filing · Oct 19, 2026
  11. S16Form 4, Robert Nelsen (director), City Therapeutics, filed Oct 19, 2026 · SEC EDGAR (filed by the reporting person) · Tier 1: company or exchange filing · Oct 19, 2026
  12. S17Form 4, John Maraganore (director), City Therapeutics, filed Oct 19, 2026 · SEC EDGAR (filed by the reporting person) · Tier 1: company or exchange filing · Oct 19, 2026
  13. S18Form 4, Andrew Orth (President and CEO), City Therapeutics, filed Oct 19, 2026 · SEC EDGAR (filed by the reporting person) · Tier 1: company or exchange filing · Oct 19, 2026
  14. S19Form 4, Barry Greene (director), City Therapeutics, filed Oct 19, 2026 · SEC EDGAR (filed by the reporting person) · Tier 1: company or exchange filing · Oct 19, 2026
  15. S20Form 4, Ron Philip (director), City Therapeutics, filed Oct 19, 2026 · SEC EDGAR (filed by the reporting person) · Tier 1: company or exchange filing · Oct 19, 2026
  16. S21Form 4, Sara Nochur (director), City Therapeutics, filed Oct 19, 2026 · SEC EDGAR (filed by the reporting person) · Tier 1: company or exchange filing · Oct 19, 2026
  17. S22City Therapeutics, Inc. Form S-8, registration of shares under the 2023 Stock Plan, 2026 Stock Option and Incentive Plan and 2026 ESPP · SEC EDGAR (filed by City Therapeutics, Inc.) · Tier 1: company or exchange filing · Oct 16, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version as a listed stock, based on the 424B4 dated Oct 15, 2026, filings to Nov 6, 2026 and Nasdaq's table to Nov 5, 2026. (first version)

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