Neumora Therapeutics sets IPO terms, to be valued at up to $2.7 billion

Neumora Therapeutics Inc.
NMRA,

has set terms for its initial public offering, as the Massachusetts-based biopharmaceutical company focused on treating brain diseases looks to raise up to $264.8 billion. The company is offering 14.71 million shares in the IPO, which is expected to price between $16 and $18 a share. With about 151.95 million shares outstanding after the IPO, the company could be valued at up to $2.74 billion. The stock is expected to list on the Nasdaq under the ticker symbol “NMRA.” J.P. Morgan, BofA Securities, Guggenheim Securities, RBC Capital Markets and William Blair are the underwriters. The company recorded a net loss of $74.2 million on no revenue over the six months ended June 30, after a loss of $73.4 million on no revenue in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF
IPO,
+1.98%
has rallied 6.5% over the past three months while the S&P 500
SPX,
+0.67%
has gained 3.7%.