Braveheart Bio Inc., a clinical-stage drug developer headquartered in San Francisco and backed by venture firm a16z, has disclosed plans to raise as much as $318.8 million through an initial public offering. In a filing with the U.S. Securities and Exchange Commission, the company said it would offer 18.8 million shares at a price between $15 and $17 per share.
At the $17 top end of the proposed range, Braveheart's IPO would imply an enterprise value of about $1.2 billion based on the number of outstanding shares reported in the filing. The company has applied to list its common stock on The Nasdaq Global Market under the ticker symbol BRVE. The underwriting syndicate is led by Goldman Sachs & Co. LLC, Jefferies, TD Cowen, Stifel, and Cantor, who are named as joint bookrunners.
Braveheart is developing BHB-1893, described in the filing as a next-generation, oral small-molecule cardiac myosin inhibitor. The drug is being developed for the treatment of both obstructive and non-obstructive hypertrophic cardiomyopathy, a set of conditions affecting cardiac structure and function.
The company acquired exclusive rights to BHB-1893 in September 2025 through a license agreement with Jiangsu Hengrui Pharmaceuticals Co., Ltd., the original discoverer and developer of the compound. The filing states that Jiangsu Hengrui is conducting parallel development of the compound in Greater China while Braveheart advances global development.
Braveheart plans to launch LIONHEART-HCM, its global Phase 3 study in obstructive hypertrophic cardiomyopathy, in the second half of 2026. The company anticipates topline results from an interim analysis of that trial in the second half of 2027. For non-obstructive hypertrophic cardiomyopathy, the company expects to initiate NOBLEHEART-HCM, a global Phase 3 trial, in the first half of 2027.
The filing discloses that Fidelity Management & Research Company LLC has issued a non-binding indication of interest to acquire up to $75 million of shares at the IPO price. In addition, the underwriters have been granted an option to purchase up to an additional 2,812,500 shares from the company at the initial public offering price, less underwriting discounts and commissions.
Corporate and market details
- Headquarters: San Francisco.
- Proposed Nasdaq listing: Nasdaq Global Market, symbol BRVE.
- Bookrunners: Goldman Sachs & Co. LLC, Jefferies, TD Cowen, Stifel, Cantor.
The filing centers on advancing BHB-1893 through pivotal-stage studies and securing capital to support those programs. The disclosed timelines attach specific windows for trial initiation and interim readouts, and the agreement with Jiangsu Hengrui establishes concurrent development activity in Greater China.
This article reports the details disclosed in Braveheart Bio's SEC filing regarding its proposed IPO and development plans for BHB-1893.