BRVE
Braveheart Bio, Inc.CIK 0002131524 · SIC 2834 · Pharmaceutical Preparations
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Braveheart Bio prices $382.5M IPO at $18/share; net proceeds $351.2M fund BHB-1893 Phase 3 trials
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Braveheart Bio sets $16 IPO terms, $274.5M net proceeds, and 2029 cash runway
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Latest financial statements
From 10-Q filed Sep 8, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Statement of Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Operating expenses | ||||
| Research and development (includes related party amounts of $389 and $6,389 for the three and six months ended June 30, 2026, respectively) | 11,125 | — | 22,039 | — |
| In-process research and development | — | 354 | — | 448 |
| General and administrative (includes nominal related party amounts for the three and six months ended June 30, 2026, respectively) | 4,757 | 27 | 8,892 | 32 |
| Total operating expenses | 15,882 | 381 | 30,931 | 480 |
| Loss from operations | (15,882) | (381) | (30,931) | (480) |
| Other income | ||||
| Interest income | 889 | — | 1,660 | — |
| Other income | 5 | — | 3 | — |
| Total other income | 894 | — | 1,663 | — |
| Net loss | (14,988) | (381) | (29,268) | (480) |
| Deemed dividends upon issuance of redeemable convertible preferred stock | (3,615) | — | (3,615) | — |
| Net loss attributed to common stockholders | (18,603) | (381) | (32,883) | (480) |
| Net loss per share, basic and diluted | (2.51) | (0.14) | (4.61) | (0.34) |
| Weighted-average shares of common stock outstanding, basic and diluted | 7,401,783 | 2,792,409 | 7,133,871 | 1,403,918 |
Condensed Balance Sheets (Unaudited)
(in thousands, except share and par value data)
| Description | As of June 30, 2026 | As of December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 122,831 | 89,161 |
| Prepaid expenses and other current assets | 614 | 119 |
| Total current assets | 123,445 | 89,280 |
| Property and equipment, net | 23 | — |
| Operating lease right-of-use assets | 607 | — |
| Deferred offering costs | 2,811 | — |
| Other long-term assets | 70 | 70 |
| Total assets | 126,956 | 89,350 |
| Liabilities, redeemable convertible preferred stock, and stockholders’ deficit | ||
| Current liabilities | ||
| Accounts payable (includes related party amounts of $0 and $73, respectively) | 2,669 | 1,058 |
| Accrued expenses and other current liabilities (includes related party amounts of $389 and $3,272, respectively) | 6,012 | 4,184 |
| Current portion of lease liabilities | 377 | — |
| Total current liabilities | 9,058 | 5,242 |
| Lease liabilities, net of current portion | 198 | — |
| Other long-term liabilities | 86 | 91 |
| Total liabilities | 9,342 | 5,333 |
| Commitments and contingencies (Note 6) | ||
| Series A redeemable convertible preferred stock, $0.0001 par value; 185,000,000 shares authorized at June 30, 2026 and December 31, 2025; 185,000,000 and 125,000,000 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively; $185,000 and $125,000 liquidation preference at June 30, 2026 and December 31, 2025, respectively | 187,845 | 124,214 |
| Nonvoting Series A redeemable convertible preferred stock, $0.0001 par value; 32,500,000 shares authorized, issued and outstanding at June 30, 2026 and December 31, 2025; $32,500 liquidation preference at June 30, 2026 and December 31, 2025 | 25,675 | 25,675 |
| Stockholders’ deficit | ||
| Common stock, $0.0001 par value; 335,500,000 shares authorized at June 30, 2026 and December 31, 2025 (303,000,000 voting and 32,500,000 nonvoting); 15,943,937 shares issued at June 30, 2026 and December 31, 2025; and 7,535,986 and 6,685,088 shares outstanding at June 30, 2026 and December 31, 2025, respectively | 1 | 1 |
| Additional paid-in capital | — | 179 |
| Accumulated deficit | (95,907) | (66,052) |
| Total stockholders’ deficit | (95,906) | (65,872) |
| Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit | 126,956 | 89,350 |
Condensed Statement of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Net loss | (29,268) | (480) |
| Adjustments to reconcile net loss to net cash used in operations: | ||
| Acquired in-process research and development | — | 448 |
| Depreciation and amortization | 5 | — |
| Stock-based compensation | 2,846 | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (462) | (8) |
| Accounts payable | 936 | — |
| Accrued expenses and other current liabilities (includes related party amounts of $389 and $0, respectively) | 3,912 | 40 |
| Operating lease right-of-use asset and lease liabilities | (105) | — |
| Net cash used in operating activities | (22,136) | — |
| Cash flows from investing activities: | ||
| Cash paid for purchased in-process research and development (includes related party amounts of $3,000 and $0, respectively) | (3,000) | — |
| Purchase of property and equipment | (28) | — |
| Net cash used in investing activities | (3,028) | — |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock | — | 2 |
| Proceeds from issuance of Series A redeemable convertible preferred stock, net of issuance costs | 59,596 | — |
| Payments for deferred offering costs | (762) | — |
| Net cash provided by financing activities | 58,834 | 2 |
| Net increase in cash and cash equivalents for the period | 33,670 | 2 |
| Cash and cash equivalents at beginning of the period | 89,161 | — |
| Cash and cash equivalents at end of the period | 122,831 | 2 |
| Supplemental disclosure of cash flow information: | ||
| Non-cash investing and financing activities: | ||
| Right-of-use assets obtained in connection with operating lease obligations | 795 | — |
| Deferred offering costs in accounts payable and accrued liabilities | 2,050 | — |
| Non-cash deemed dividends on Series A redeemable convertible preferred stock | 3,615 | — |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except share and per share amounts); (in thousands, except share and par value data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗