BirchBioMed, a Phase 2b/3 biotech developing treatments for scarring and autoimmune diseases, filed on Wednesday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; BirchBioMed will not raise new capital in its listing. The company did not disclose the anticipated timing of its listing.
The Registered Stockholders are registering for resale up to 29.9 million shares of common stock. Unlike most direct listings shareholders representing 94% of shares have agreed to a 90-day lock-up agreement.
In April 2026, the company raised $450k by offering shares at $8.00 per share. In February 2026, the company converted its convertible debt at a conversion price of $3 per share. At $5.50 per share, the average between the private placement and debt conversion price, BirchBioMed would command a market cap of $218 million.
BirchBioMed is a clinical-stage biopharmaceutical company and University of British Columbia spinoff developing regenerative treatments for organ fibrosis, topical scarring, and certain autoimmune diseases. Its lead candidate, FS2 (kynurenic acid), is being developed both as a topical therapy for scar prevention and treatment in burn victims requiring skin grafts, currently in a Phase 2b/Phase 3 trial, and as a systemic therapy for organ fibrosis, beginning with idiopathic pulmonary fibrosis. Its second candidate, AI-001, combines a one-time injection of antigen presenting cells with daily administration of FS1 or FS2 and is being developed for Type 1 diabetes and Alopecia Areata, with Phase 1b/Phase 2a trials planned for each.
The King City, Canada-based company was founded in 2015 and plans to list on the Nasdaq under the symbol BRBM. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Maxim Group will serve as financial advisor.
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