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Seaport Therapeutics$SPTX · filed: 🫧 Edgar looked up Seaport TherapeuticsCheck ▾Close ▴
What Seaport Therapeutics filed
🫧 Edgar looked up Seaport Therapeutics, Inc. ($SPTX). Last filing: 10-Q, 2026-11-02. 4 event filings (8-K) in the past twelve months. Every figure links to the filing it came from on Seaport Therapeutics’s card.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
First neuropsych IPO in seven months at **$201M** tests whether CNS risk appetite extends past single-asset platforms into multi-program plays.
$17 per share
—the midpoint of its
72 patients
with onset signals at day 3
$34,000
price tag and requires 60-hour hospital infusion
48 subjects
last October
Seaport Therapeutics priced its initial public offering this week at $201 million, offering 11.8 million shares at $17 per share—the midpoint of its $16-$18 range. The Cambridge-based company becomes the first standalone neuropsychiatric platform to reach public markets since last June, when CNS-focused biotechs drew zero institutional appetite.
The company's lead asset, SPN-830, targets major depressive disorder with a proprietary oral formulation of galnopam, a GABA-A modulator. Phase 2 data showed efficacy at day 14 in 72 patients, with onset signals at day 3. Second candidate SPN-817 addresses post-partum depression with a twice-daily oral analog of brexanolone, the Sage Therapeutics IV therapy that carries a $34,000 price tag and requires 60-hour hospital infusion. Seaport's version completed Phase 1 safety trials in 48 subjects last October.
The pricing matters because neuropsychiatric platforms have been shut out of capital formation since early 2023, when three consecutive CNS-focused biotechs withdrew IPO attempts after failing to secure anchor orders. Allocators soured on the category following Axsome Therapeutics' 47% equity collapse in March 2023 and Sage's $2.1 billion market-cap evaporation through 2022-2023 despite FDA approvals. The sector's challenge: commercial execution on complex psychiatry scripts has historically lagged Phase 3 optimism by 18-24 months, creating a credibility gap that made IPO syndication impossible.
Seaport's successful pricing suggests a narrow reopening. The company raised $150 million in Series B financing last April led by RA Capital and Nextech, giving it $340 million pro-forma cash post-IPO. That runway funds two Phase 3 trials for SPN-830 starting Q2 2025, each enrolling 300+ patients across 40-50 sites. The company expects topline readouts in Q4 2026. Underwriters include Jefferies, Leerink Partners, and Guggenheim—the same syndicate that priced Neumora Therapeutics' $250 million IPO in April 2023, which currently trades 38% below issue.
Allocators should track three follow-on signals. First, whether Seaport holds $17 through the first 30 days of trading, which would validate the pricing as institutional rather than forced. Second, if two other neuropsych platforms—one NMDA-focused, one psychedelic-adjacent—file S-1 amendments in the next 45 days, suggesting syndicate appetite extends beyond Seaport. Third, whether RA Capital, which holds 22% post-IPO, adds to its position in the open market before the 180-day lockup expires, a signal it views $17 as below intrinsic.
Seaport's market debut arrives as the broader biotech IPO window shows $4.8 billion in proceeds year-to-date across 19 offerings, compared to $2.1 billion through the same period last year. The S&P Biotechnology Select Index has gained 8.2% since January 1, with CNS-focused names lagging at 3.1%. Seaport's Phase 3 initiation is scheduled for May 15.
Branded by POPS4 · proof in 60 seconds
For the principal
Watch secondary pricing through day 30; neuropsych platforms historically reprice 12-18% below IPO within first quarter of trading.
For the operator
Two Phase 3 readouts Q4 2026 create binary event cluster; compare RA Capital's post-lockup behavior to their Neumora position management.
For the house
No immediate position; await 30-day tape to assess institutional vs. retail composition, then evaluate $14-$15 entry for 2026 catalyst basket.
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