Atlas Venture Fund XI, L.P. purchased an additional 300,000 shares of Third Harmonic Bio, Inc. (NASDAQ:THRD) aggregating $5.10 million. As per a regulatory filing dated September 19, the venture fund purchased the THRD stock at $17 per piece.
Additionally, Atlas Venture Fund XI also holds 7,066,470 shares of Third Harmonic Bio. These equity shares were converted from a series of Preferred Stock held by the fund at the date of THRD’s initial public offering (IPO). After the purchase and the conversion of Preferred stock into equity securities, Atlas Venture Fund XI is now a more than 10% owner in Third Harmonic Bio.
Third Harmonic Bio is a clinical-stage biopharmaceutical company. Its research focuses on developing a highly selective, oral small-molecule inhibitor of KIT, for the treatment of severe allergy and inflammation.
When Did Third Harmonic Bio Go Public?
Shares of Third Harmonic Bio started trading on the Nasdaq Global Market on September 15, with the ticker symbol “THRD.” The company had a huge success at its IPO with the closing of 12,535,000 shares of THRD stock.
Moreover, the underwriters fully exercised their options to purchase up to 1,635,000 additional shares of the company, at an IPO price of $17 per piece. Remarkably, Third Harmonic Bio raised gross proceeds of approximately $213.1 million from its initial listing.
As per a regulatory S1 filing, in the first six months of 2022 ending June 30, THRD reported a net loss of $15.46 million. Also, the company had $112.73 million in cash and cash equivalents. THRD stock is down 13.6% since its date of listing.
