Electra Therapeutics, Inc. (ETRA)

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AI: Fair-priced

SEC issuer and security identity verifiedETRA is Electra Therapeutics, Inc., CIK 0002088082, trading on the Nasdaq Global Select Market.

FACT: The SEC issuer record identifies the Delaware corporation and CIK 0002088082. Its September 18, 2026 Form 8-A registers Common Stock, $0.0001 par value per share, under Exchange Act Section 12(b). The September 21 Form 8-K identifies ETRA as the trading symbol on the Nasdaq Global Select Market. Official investor relations confirms trading began September 18, 2026, and identifies CUSIP 284825 106. The security evaluated is common stock, not a warrant, preferred share or depositary receipt.

Market price versus IPO valuationThe October 23 regular-session closing price of $8.71 represents a 41.93% discount to the $15.00 IPO price.

FACT: Electra priced 23,333,334 IPO shares at $15.00 on September 17, 2026, implying approximately $350 million in gross proceeds before expenses. The October 23, 2026 regular-session closing price was $8.71. INFERENCE: The decline signals substantial post-IPO repricing but does not independently demonstrate undervaluation; the IPO price is a historical financing benchmark rather than intrinsic value.

Latest SEC filings and financial visibilityThe latest listed issuer filings are September 28, 2026 ownership disclosures; no post-IPO Form 10-Q or Form 10-K was identified.

FACT: SEC EDGAR and company IR list September 28 Schedules 13G, a September 25 Schedule 13D, September 21 Form S-8 and Form 8-K, and the September 18 final Form 424B4 IPO prospectus. The Form 8-K documents the IPO closing, while Form S-8 registers equity-plan securities. The final prospectus is the principal available source for pre-IPO financial disclosures. INFERENCE: A reliable current market-capitalization, enterprise-value or net-cash-per-share assessment requires reconciliation of post-offering shares outstanding, cash, liabilities and financing costs. These inputs were not fully independently established here, so a precise intrinsic-value estimate is not warranted.

Balanced clinical-stage valuationFair-priced is a provisional, low-confidence classification rather than a demonstrated intrinsic-value conclusion.

FACT: Electra is a late clinical-stage biotechnology company with lead candidate ipsoprubart (ELA026) in a registrational program for secondary hemophagocytic lymphohistiocytosis and additional clinical programs. The stock has a short public trading history and no established commercial earnings multiple. INFERENCE: The $8.71 price may offer upside if clinical trials and regulatory milestones succeed, but clinical failure, commercialization uncertainty, ongoing cash burn and potential dilution could materially impair equity value. Without a verified fully diluted enterprise value, cash runway and probability-adjusted pipeline valuation, neither Overvalued nor Undervalued is sufficiently established; Fair-priced is used as a neutral placeholder, not a claim that intrinsic value equals market price.

AI: News

Electra prices upsized $350 million initial public offeringOn September 17, 2026, Electra announced the pricing of 23,333,334 common shares at $15.00 each, with Nasdaq trading expected to begin September 18.

FACT: The company announced approximately $350 million of expected gross IPO proceeds before underwriting discounts, commissions and offering expenses, with an underwriters' option for up to 3,500,000 additional shares. The offering was expected to close September 21 and subsequent SEC filings document the transaction. INFERENCE: The financing materially strengthens the company's ability to fund clinical development but increases its public share count and does not eliminate future financing or dilution risk.

Electra initiates Phase 1 clinical trial of ELA822On September 10, 2026, Electra announced initiation of a Phase 1 study of its SIRPγ-specific antibody ELA822 in healthy volunteers.

FACT: The randomized, placebo-controlled, single-ascending-dose study evaluates safety, tolerability, pharmacokinetics and pharmacodynamics. ELA822 is Electra's second clinical-stage development candidate and is designed to selectively target activated pathogenic T cells while sparing other immune-cell populations. The company reported supportive preclinical findings, not demonstrated human clinical efficacy. INFERENCE: The program broadens Electra's potential pipeline value and diversifies development opportunities, but early-stage uncertainty, trial execution risk and substantial time to possible commercialization remain.

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Revenue

No reported data

Net income

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Research & development	$50.4M	$19.3M
Operating income	−$61.9M	−$26.3M
EBITDA	−$61.8M	−$26.3M
Net income	−$62.0M	−$24.8M
Diluted EPSper diluted share	-$2,113.10	-$845.10

Review official source filings ↗

Owners

Reported shareholders

Reference date Sep 30, 2026

Reported holdings Number of shares

View holders

Top 7 reported holders of ETRA
Holder	Shares held
OrbiMed Capital GP VII LLC / OrbiMed Genesis GP LLC / ORBIMED ADVISORS LLC	6.89M
GORDON CARL L	6.89M
Westlake BioPartners Fund II, L.P. / Westlake BioPartners GP II, LLC / Westlake BioPartners GP I, LLC / Westlake BioPartners Fund I, L.P.	6.35M
Dong Quehuong (Kathy)	455.48K
Stagliano Nancy	255.64K
Parry Graham	85.5K
Koe Gary S.	63.66K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Oct 21, 2026 · Quarterly data

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys4$40.00M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Sep 21, 2026Form 4	GORDON CARL LDirector,TenPercentOwner	BuyCommon Stock · indirect	1.00M	$15.00	$15.00M	1.76M
Sep 21, 2026Form 4	GORDON CARL LDirector,TenPercentOwner	BuyCommon Stock · indirect	333.3K	$15.00	$5.00M	5.13M
Sep 21, 2026Form 4	OrbiMed Capital GP VII LLC +2Director,TenPercentOwner	BuyCommon Stock · indirect	1.00M	$15.00	$15.00M	1.76M
Sep 21, 2026Form 4	OrbiMed Capital GP VII LLC +2Director,TenPercentOwner	BuyCommon Stock · indirect	333.3K	$15.00	$5.00M	5.13M

Review ownership filings at SEC.gov ↗

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