United States · IPO calendar

Retension Pharmaceuticals, Inc. IPO

marketing

Set terms in an S-1/A on Oct 5: 3.3m shares at $11-13; $39.6m at the midpoint, before any over-allotment. Phase 2b hypertension drug developer; Leerink Partners and Guggenheim lead.

From the prospectus

Over 2 reported periods (FY2024 to FY2025), revenue is shown below, and the latest period showed a loss at $-6,301K. Figures are as stated in the company's S-1/A dated 2026-10-05, in US$ thousand.

What the company does

Retension Pharmaceuticals is a clinical-stage biopharmaceutical company developing medicines for hypertension and other cardiovascular diseases. Its single product candidate, RTN-001, is a once-daily oral PDE-5 inhibitor designed to lower blood pressure by enhancing nitric oxide signaling. It is being developed for patients with uncontrolled hypertension and resistant hypertension, and has been through two Phase 2 pilot trials; a Phase 2b trial is the main use of the offering proceeds. The company has no revenue and reported operating expenses of $6,881 thousand in fiscal 2025.

Principal shareholders

The filing states that after the offering, executive officers, directors and holders of more than 5% together own about 16.8% of the common stock, assuming the underwriters do not exercise their option. The company is offering 3,300,000 new shares, with an underwriters' option for 495,000 more.

What the money is for

• Completing the Phase 2b clinical trial of RTN-001 in uncontrolled hypertension — $18,000K
• Preparing for and advancing the planned Phase 3 clinical trial of RTN-001 in uncontrolled hypertension — $10,000K

Risks the company itself lists

• The company has a limited operating history, has made significant operating losses since inception and says it may never generate revenue or become profitable.
• Its auditor's report for fiscal 2025 includes a paragraph stating there is substantial doubt about its ability to continue as a going concern.
• It needs substantial additional capital, and failing to obtain it could force it to delay, limit or end its development programs.
• It has to build out its organization and may have difficulty managing that growth.
• Its fiscal 2025 financial statements were restated to correct an error in the previously issued statements.

Lead managers: Leerink Partners, Guggenheim Securities, Oppenheimer & Co., Titan Partners.

Source: the S-1/A filed by the company ↗. This section reports what the document says; it is not a recommendation to apply, buy or sell.

SEC filings

Deal terms: IPOScoop ↗ · Filings: SEC EDGAR ↗

This page reports public filings and reported deal terms. It is not a recommendation to buy, sell or apply.