Rare disease biotech Polaryx Therapeutics files for a direct listing on the Nasdaq
February 2, 2026 News
Micro-cap Polaryx Therapeutics to trade on the Nasdaq today via direct listing
Polaryx Therapeutics, a Phase 2-ready biotech developing oral formulations of drugs for rare lysosomal storage disorders, announced that it plans to list on the Nasdaq today through a direct listing.
The shares of common stock listed will be sold by existing shareholders; Polaryx Therapeutics will not raise new capital in its listing. The company did not disclose a reference price; however, in September 2025, Polaryx Therapeutics sold 471,469 shares at a price of $2.51. If the company listed its shares at that price, it would command a market cap of about $119 million. The Nasdaq will conduct its usual process of accepting but not executing pre-opening buy and sell orders to arrive at a reference price for the direct listing ahead of trading.
IPO Overview
Polaryx Therapeutics, a Phase 2-ready biotech targeting rare lysosomal storage disorders, filed on Friday with the SEC 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; Polaryx Therapeutics will not raise new capital in its listing. The company did not disclose a reference price or anticipated timing of its listing.
In September 2025, Polaryx Therapeutics sold 1.9 million shares at a price of $0.64. If the company listed its shares at that price, it would command a market cap of $121 million.
Polaryx is a clinical-stage biotechnology company advancing four product candidates PLX-200, PLX-300, PLX-100, and PLX-400, to address lysosomal storage disorders, which affect an estimated 50,000 patients in the US, Europe, and other locations. Its lead candidate, PLX-200, holds three FDA orphan drug designations, is being pursued via a 505（b）（2） regulatory pathway, and is planned for a multi-indication Phase 2 basket trial expected to cover about 33% of the lysosomal storage disease （LSD） population; indications include neuronal ceroid lipofuscinoses, Krabbe disease, and Tay-Sachs and Sandhoff diseases.
The Paramus, NJ-based company was founded in 2014 plans to list on the Nasdaq under the symbol PLYX. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Maxim Group LLC will serve as a financial advisor.
About the Company
We are a clinical-stage biotechnology company committed to the discovery, development, and commercialization of novel, disease-modifying therapies for rare, pediatric lysosomal storage disorders (“LSDs”). Our therapeutic philosophy is centered on delivering safe, effective, and patient-friendly treatments that address the underlying pathophysiology of these catastrophic diseases and their significant unmet need. Our multi-modal approach integrates small molecule therapies, including a combination therapy, and a gene therapy, positioning us to potentially address both the genetic and downstream pathological features of LSDs. Our small molecule drug candidates share target indications, as well as similar modes of action, that have been demonstrated to address lysosomal dysfunction, neuroinflammation, and neuronal loss in our validated animal models that closely mimic human clinical phenotypes. Our most advanced product candidate, PLX-200, targets several LSDs and we intend to launch a Phase 2 proof-of-concept basket trial which may enhance PLX-200’s potential to become the standard of care across multiple LSDs. Our drug candidate pipeline includes: PLX-200; PLX-300; PlX-100: PLX-400.