ADARx at a glance
As of- [1] Latest valuation: FierceBiotech / SEC S-1/A, August 9, 2023
- [2] Equity raised: Sum of the 1 sourced equity round in the funding history below (debt, tender offers and rumored rounds excluded), September 28, 2026
- [3] Founded: SEC EDGAR (Form S-1/A) (retrieved September 21, 2026)
- [4] Headquarters: SEC EDGAR (Form S-1/A) (retrieved September 21, 2026)
What ADARx does
ADARx Pharmaceuticals describes itself as "a late-clinical stage biotechnology company focused on developing next-generation siRNA therapeutics designed to treat a broad spectrum of diseases."[1] ADARx's pipeline includes three clinical-stage programs and two advanced preclinical programs, according to its September 2026 IPO prospectus.[1] Its most advanced program, onvuzosiran, targets prekallikrein (PKK) to prevent hereditary angioedema (HAE) attacks, and early Phase 3 data are expected by the end of 2027, BioPharma Dive reported.[1],[2] ADARx is running three Phase 2 trials of agazisiran, a complement factor B program, in complement-mediated diseases.[1] ADARx was incorporated in Delaware in December 2019 and is headquartered in San Diego, California.[1]
Business model and customers
ADARx has partnered with AbbVie to advance siRNA therapeutics across multiple therapeutic areas, and AbbVie paid ADARx $335 million up front in 2025 under that codevelopment deal, BioPharma Dive reported.[1],[2] ADARx reported collaboration revenue of $2.9 million for the six months ended June 30, 2026, up from $0.2 million a year earlier, from work under the AbbVie agreement.[1] ADARx has no products approved for sale and has not generated any revenue from product sales, according to its prospectus (Sep 2026).[1]
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Company Snapshot
ADARx is a biotech company, based in San Diego, California, USA, founded 2019.
Recent changes
- Sep 28, 2026Sep 28, 2026Raised ~$89.3M Private placement (concurrent with IPO) SEC EDGAR (ADARx 8-K)
- Sep 28, 2026Sep 28, 2026ADARx's IPO Haul Grows To $535M With AbbVie In Pulse story
- Sep 25, 2026Sep 25, 2026IPO $446.3M FierceBiotech / SEC S-1/A
- Sep 25, 2026Sep 25, 2026ADARx Prices $446M IPO, Debuts As ADRX Pulse story
- Sep 24, 2026Sep 24, 2026ADARx Prices Upsized IPO At $446M With AbbVie Backing Pulse story
Earlier changes (7)
- Sep 21, 2026Sep 21, 2026AbbVie-Backed ADARx Sets Terms For $350M Nasdaq IPO Pulse story
- Sep 21, 2026Sep 21, 2026ADARx Sets Terms For $350M IPO, AbbVie Buys In Pulse story
- Sep 4, 2026Sep 4, 2026ADARx Files for Nasdaq Listing With Three Drugs in Clinic Pulse story
- Aug 9, 2023Aug 9, 2023First reported valuation: $839.6M FierceBiotech / SEC S-1/A
- Aug 2023Aug 2023Raised $200M Series C Value Add Pulse enrichment
- Jan 2023Jan 2023Raised $46M Series B-1 Value Add Pulse enrichment
- Sep 2021Sep 2021Raised $75M Series B Value Add Pulse enrichment
Funding history
4 equity events · newest first · sources dated per row| Date | Round | Amount | Valuation | Lead investors | Source |
|---|---|---|---|---|---|
| Sep 28, 2026 | Private placement (concurrent with IPO) | ~$89.3M | — | — WithAbbVie | SEC EDGAR (ADARx 8-K) |
| Aug 2023 | Series Cnot counted: no linked source | $200M | — | — | Value Add Pulse research |
| Jan 2023 | Series B-1not counted: no linked source | $46M | — | — | Value Add Pulse research |
| Sep 2021 | Series Bnot counted: no linked source | $75M | — | — | Value Add Pulse research |
Equity only. “Equity raised” above sums the rounds with a dated, linked source; rumored rounds, tender offers and secondary sales are listed but not counted, and debt financing is listed separately.
Debt, IPO & other events
not counted in equity raised| Date | Event | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Sep 25, 2026 | IPO | $446.3M | — | AbbVie | FierceBiotech / SEC S-1/A |
How ADARx has been funded
ADARx raised $46.0 million in a Series B-1 preferred stock financing in January 2023 at $7.80 per share.[1] In August 2023, ADARx raised $200.0 million in a Series C at $9.75 per share; holders of more than 5% that participated included BCLS Fund III (an affiliate of Bain Capital Life Sciences), SR One, OrbiMed, LAV Fund and Ascenta Capital.[1] Before its IPO, venture firms including OrbiMed, Bain Capital, TCGX and Venrock had provided ADARx with more than $350 million in private funding, BioPharma Dive reported.[2] ADARx priced its IPO of 26,250,000 shares at $17.00 per share on September 24, 2026, the top of its $15 to $17 range, and listed on the Nasdaq Global Select Market under the symbol "ADRX."[1],[2] ADARx closed the IPO on September 28, 2026 with gross proceeds of approximately $446.3 million, plus approximately $89.3 million from a concurrent private placement.[3] AbbVie bought shares in that private placement sized to give it approximately 4.9% of ADARx's outstanding common stock.[1]
Investors and their roles
- Bain Capital Life Sciences (via BCLS Fund III; Series C participant, Aug 2023)[1]
- OrbiMed (pre-IPO venture backer; Series C participant, Aug 2023)[1],[2]
- SR One, LAV Fund and Ascenta Capital (Series C participants holding more than 5%, Aug 2023)[1]
- TCGX and Venrock (pre-IPO venture backers, per BioPharma Dive, Sep 2026)[2]
- AbbVie (development partner; bought about 4.9% in the concurrent private placement, Sep 2026)[1]
Investors
Latest Pulse
- Sep 28, 2026S-1 Filings Are Piling Up Faster Than PricingsThe SEC logged 12 new S-1 filings and 11 S-1/A or 424B4 amendments in a single late-September window, while only one name -- ADARx -- actually priced (Oura has set a $40-$44 range and is expected to price this week), a widening gap between filing volume and real liquidity.→
- Sep 28, 2026ADARx's IPO Haul Grows To $535M With AbbVie InAbbVie's concurrent $89 million private placement pushed ADARx's total fresh capital from its $446M priced IPO to $535.3 million, with the pharma giant taking a stake alongside the public listing.→
- Sep 25, 2026ADARx Prices $446M IPO, Debuts As ADRXADARx Pharmaceuticals priced an upsized $446 million IPO at $17 a share and began trading on the Nasdaq as ADRX, joining the fall biotech IPO window alongside its existing AbbVie drug partnership.→
- Sep 24, 2026ADARx Prices Upsized IPO At $446M With AbbVie BackingADARx Pharmaceuticals priced an upsized IPO at $17 per share, raising $446.3 million, with AbbVie separately buying up to 4.9% of the company in a concurrent private placement ahead of Thursday's Nasdaq debut.→
- Sep 21, 2026AbbVie-Backed ADARx Sets Terms For $350M Nasdaq IPOADARx Pharmaceuticals set terms for a $350 million IPO at $15 to $17 a share, seeking to fund Phase 2 trials of its lead siRNA therapy for rare renal disease, after posting an $87.7 million net loss on $6.1 million of collaboration revenue.→
- Sep 21, 2026The Fall 2026 IPO Pipeline Just Got More CrowdedAnthropic's IPO slid a second time to November as ADARx priced at a $1.74 billion target and two more biotechs filed to go public, showing this fall's IPO pipeline growing in volume even as its biggest name keeps slipping.→
- Sep 21, 2026ADARx Sets Terms For $350M IPO, AbbVie Buys InADARx Pharmaceuticals set terms for a $350 million Nasdaq IPO at $15-$17 a share targeting a $1.74 billion valuation, with AbbVie agreeing to buy a roughly 4.9% stake in a concurrent private placement.→
- Sep 4, 2026ADARx Files for Nasdaq Listing With Three Drugs in ClinicThe siRNA biotech filed its S-1 on September 4 to trade as ADRX, with a pipeline spanning complement disease, hereditary angioedema and stroke prevention, and JPMorgan and Morgan Stanley leading.→
Coverage Timeline
newest first- Sep 28, 2026IPOS-1 Filings Are Piling Up Faster Than Pricings→
- Sep 28, 2026IPOADARx's IPO Haul Grows To $535M With AbbVie In$535.3M total→
- Sep 25, 2026IPOADARx Prices $446M IPO, Debuts As ADRX$446.3M IPO→
- Sep 24, 2026IPOADARx Prices Upsized IPO At $446M With AbbVie Backing$446.3M IPO→
- Sep 21, 2026IPOAbbVie-Backed ADARx Sets Terms For $350M Nasdaq IPO$350M IPO→
- Sep 21, 2026IPOThe Fall 2026 IPO Pipeline Just Got More Crowded→
- Sep 21, 2026IPOADARx Sets Terms For $350M IPO, AbbVie Buys In$350M IPO→
- Sep 4, 2026IPOADARx Files for Nasdaq Listing With Three Drugs in Clinic→
All Coverage
IPO
S-1 Filings Are Piling Up Faster Than Pricings
The SEC logged 12 new S-1 filings and 11 S-1/A or 424B4 amendments in a single late-September window, while only one name -- ADARx -- actually priced (Oura has set a $40-$44 range and is expected to price this week), a widening gap between filing volume and real liquidity.
DEEP DIVE
ADARx's IPO Haul Grows To $535M With AbbVie In
IPO$535.3M total
ADARx's IPO Haul Grows To $535M With AbbVie In
AbbVie's concurrent $89 million private placement pushed ADARx's total fresh capital from its $446M priced IPO to $535.3 million, with the pharma giant taking a stake alongside the public listing.
FOLLOW-UP
ADARx Prices $446M IPO, Debuts As ADRX
IPO$446.3M IPO
ADARx Prices $446M IPO, Debuts As ADRX
ADARx Pharmaceuticals priced an upsized $446 million IPO at $17 a share and began trading on the Nasdaq as ADRX, joining the fall biotech IPO window alongside its existing AbbVie drug partnership.
DEEP DIVE
ADARx Prices Upsized IPO At $446M With AbbVie Backing
IPO$446.3M IPO
ADARx Prices Upsized IPO At $446M With AbbVie Backing
ADARx Pharmaceuticals priced an upsized IPO at $17 per share, raising $446.3 million, with AbbVie separately buying up to 4.9% of the company in a concurrent private placement ahead of Thursday's Nasdaq debut.
FOLLOW-UP
AbbVie-Backed ADARx Sets Terms For $350M Nasdaq IPO
IPO$350M IPO
AbbVie-Backed ADARx Sets Terms For $350M Nasdaq IPO
ADARx Pharmaceuticals set terms for a $350 million IPO at $15 to $17 a share, seeking to fund Phase 2 trials of its lead siRNA therapy for rare renal disease, after posting an $87.7 million net loss on $6.1 million of collaboration revenue.
DEEP DIVE
The Fall 2026 IPO Pipeline Just Got More Crowded
IPO
The Fall 2026 IPO Pipeline Just Got More Crowded
Anthropic's IPO slid a second time to November as ADARx priced at a $1.74 billion target and two more biotechs filed to go public, showing this fall's IPO pipeline growing in volume even as its biggest name keeps slipping.
BY THE NUMBERS
ADARx Sets Terms For $350M IPO, AbbVie Buys In
IPO$350M IPO
ADARx Sets Terms For $350M IPO, AbbVie Buys In
ADARx Pharmaceuticals set terms for a $350 million Nasdaq IPO at $15-$17 a share targeting a $1.74 billion valuation, with AbbVie agreeing to buy a roughly 4.9% stake in a concurrent private placement.
FOLLOW-UP
ADARx Files for Nasdaq Listing With Three Drugs in Clinic
IPO
ADARx Files for Nasdaq Listing With Three Drugs in Clinic
The siRNA biotech filed its S-1 on September 4 to trade as ADRX, with a pipeline spanning complement disease, hereditary angioedema and stroke prevention, and JPMorgan and Morgan Stanley leading.
DEEP DIVE
Value Add Research
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Shared investors
ADARx FAQ
What is ADARx's stock ticker?
ADARx Pharmaceuticals trades on the Nasdaq Global Select Market under the symbol ADRX, after pricing its IPO at $17.00 per share in September 2026.[1]
How much revenue does ADARx make?
ADARx has no product revenue; it reported $2.9 million of collaboration revenue from its AbbVie agreement for the six months ended June 30, 2026.[1]
How much has ADARx raised?
ADARx raised more than $350 million in private funding before its IPO, BioPharma Dive reported, then raised approximately $446.3 million in its September 2026 IPO and $89.3 million in a concurrent private placement.[2],[3]
Who invested in ADARx?
ADARx's venture backers include OrbiMed, Bain Capital, TCGX and Venrock, and its $200.0 million Series C in August 2023 included SR One, LAV Fund and Ascenta Capital.[2],[1] AbbVie bought about 4.9% of ADARx in a private placement alongside the IPO.[1]
Who is the CEO of ADARx?
Zhen Li, Ph.D., is President and Chief Executive Officer of ADARx Pharmaceuticals.[1]
What does ADARx do?
ADARx develops siRNA therapeutics; its lead drug onvuzosiran is in Phase 3 testing for hereditary angioedema.[1],[2]
What is ADARx's valuation?
ADARx was last valued at $839.6M, according to FierceBiotech / SEC S-1/A (August 9, 2023).
When was ADARx founded and where is it based?
ADARx was founded in 2019 and is headquartered in San Diego, California, USA, according to SEC EDGAR (Form S-1/A).
References
researched 2026-10-19Sources & methodologyshow
Where these figures come from
- FierceBiotech / SEC S-1/Aprimary source2 facts
- SEC EDGAR (ADARx 8-K)primary source1 fact
- Value Add Pulse researchValue Add VC data3 facts
Figures are labelled Reported (a source states it), Estimated, Derived (computed from other facts) or Rumored (in talks / unconfirmed). Rumors never replace a confirmed figure. Each figure keeps its own as-of date; history is preserved rather than overwritten.
Withheld from the headline: total funding — sources disagree for the same period and a review is pending.