The local biotech is working on targeted cancer therapies for hard-to-treat tumors
Local life science startup Boundless Bio filed Wednesday to go public — the first San Diego biotech to do so this year. It is the first initial public offering, or IPO, by a local life science firm in the past four months, according to industry trade group Biocom California. After an unprecedented boom in venture capital activity in 2021, the market has slowed considerably in the U.S. with high interest rates and lingering supply chain issues.
Boundless Bio increased its cash flow by about $36 million from 2022 to 2023. Last year, the company operated with a net loss of about $49.4 million — a roughly $3.5 million increase from the previous year. As of Dec. 31, Boundless Bio had recorded a deficit of $136.1 million. Boundless Bio plans to use the proceeds from its IPO to further develop its cancer therapies and to advance its drugs through clinical trials. It did not disclose the timeline it expects the IPO funds to carry it through.
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