ADARx Pharmaceuticals

Capital deployment is focused on internal R&D with measured expansion into extrahepatic programs. The AbbVie option-based collaboration is strategically attractive and front-loaded non-dilutive capital. The IPO was executed at scale with additional proceeds via full greenshoe.

Dilution exists through equity plans and about 10.8 million options outstanding pre‑IPO plus 2.15 million IPO-priced grants, which is typical for the sector but not trivial. No heavy M&A. Overall, rational capital raising, aligned partnership, and focused R&D spending support a solid score.