---
title: 'Funding Daily Summary: What Happened on October 17, 2026'
headline: City Therapeutics raises $200 million in upsized IPO
description: The RNA interference company plans to fund clinical programs, platform
  development and preclinical research with the proceeds.
url: https://thebench.bio/news/funding/2026-10-17
topic: funding
date: '2026-10-17'
covers:
- '2026-10-17'
date_published: '2026-10-18T00:00:44Z'
date_modified: '2026-10-18T00:00:44Z'
tags:
- Funding
- Industry
sources: 4
publisher: TheBench.Bio
---

# Funding Daily Summary: What Happened on October 17, 2026

**City Therapeutics raises $200 million in upsized IPO**

The RNA interference company plans to fund clinical programs, platform development and preclinical research with the proceeds.

## Today in brief

City Therapeutics raised $200 million in an upsized IPO, selling more than 11.1 million shares at $18 each. [1] [2] The shares closed Friday at $22.40, 24% above the IPO price. [3]

## City raises $200 million for RNAi programs

City Therapeutics raised $200 million in an upsized IPO, pricing more than 11.1 million shares at $18 each, up from an initial plan to sell 9.7 million shares. [1] The company develops RNA interference (RNAi) medicines, which reduce production of specific proteins. [1] [4]

City said preliminary results in healthy volunteers showed 60% to 85% knockdown of Factor XI after one injection, and the drug was generally well tolerated. [1] The company expects to report additional Phase 1 results later in 2026 and plans to start a Phase 2 study in total knee replacement patients in mid-2027. [1]

City plans to spend about $30 million on CITY-FXI clinical work, $20 million on CITY-RBP4 development and about $40 million on CITY-TFR2 studies. [1] The company estimates that its cash, including IPO proceeds, will fund operations into late 2028. [1] It plans to put about $70 million toward its platform and preclinical candidates. [1]

## The day in numbers

- **$200 million**: Proceeds from City Therapeutics' upsized IPO. [1] [2]
- **24%**: City shares' gain over the $18 IPO price at Friday's close. [3]

## Sources

1. [City Therapeutics’ Upsized IPO Raises $200M to Bring RNAi Drugs Beyond the Liver](<https://medcitynews.com/2026/10/city-therapeutics-ipo-rna-interference-gene-silencing-rnai-sirna-cty/>), MedCity News, 2026-10-16
2. [RNAi biotech City hauls in $200m in upsized IPO](<https://pharmaphorum.com/news/rnai-biotech-city-hauls-200m-upsized-ipo>), pharmaphorum, 2026-10-16
3. [Aftermarket gains for City, Iambic: Public Equity Report](<https://www.biocentury.com/article/661196/aftermarket-gains-for-city-iambic-public-equity-report?utm_source=bc_rss&utm_medium=rss>), BioCentury, 2026-10-17
4. [Next-gen RNAi drugmaker City prices $200M IPO](<https://www.biopharmadive.com/news/city-therapeutics-ipo-price-rnai-drugs/832945/>), BioPharma Dive, 2026-10-16

---

TheBench.Bio wrote this from the reporting cited above, with a language model drafting and editing.

[1]: <https://medcitynews.com/2026/10/city-therapeutics-ipo-rna-interference-gene-silencing-rnai-sirna-cty/>
[2]: <https://pharmaphorum.com/news/rnai-biotech-city-hauls-200m-upsized-ipo>
[3]: <https://www.biocentury.com/article/661196/aftermarket-gains-for-city-iambic-public-equity-report?utm_source=bc_rss&utm_medium=rss>
[4]: <https://www.biopharmadive.com/news/city-therapeutics-ipo-price-rnai-drugs/832945/>