Obsidian Therapeutics completes Galera merger, raises $350M

Obsidian Therapeutics, Inc. (Nasdaq: OBX) has completed its merger with Galera Therapeutics, Inc. and closed a $350 million private placement financing, according to a press release from the company. Shares of the combined company began trading on the Nasdaq exchange under the ticker symbol "OBX" on August 4, 2026.

The private placement was described as oversubscribed and drew funds from a syndicate of investors including Balyasny Asset Management, Caligan Partners LP, Eventide Asset Management, Nantahala Capital, Octagon Capital, Redmile, Spruce Street Capital, and Trails Edge Capital Partners, along with existing Obsidian investors such as Atlas Venture, Deep Track Capital, Foresite Capital, Novo Holdings A/S, RA Capital Management, RTW Investments, and Wellington Management, among others.

The combined company's cash position at closing is expected to fund operations into the second half of 2028. Key anticipated clinical milestones include Phase 1 data from an ongoing non-small cell lung cancer trial for lead candidate OBX-115 in the first half of 2027, and topline data from a melanoma registration-enabling trial by year-end 2027.

Prior to closing, Galera effected a 1-for-200 reverse stock split of its common stock. At closing, former Galera stockholders own approximately 1.2% of the combined company, former Obsidian stockholders own approximately 51.6%, and private placement investors own approximately 47.2%. Galera stockholders of record as of July 31, 2026 also received a non-transferable contingent value right representing potential future payments upon certain events.

OBX-115 holds Fast Track and Regenerative Medicine Advanced Therapy designations from the U.S. Food and Drug Administration for treatment of unresectable or metastatic melanoma resistant to immune checkpoint inhibitor therapy. It is currently being studied in Phase 2 trials for advanced melanoma and a Phase 1 trial for NSCLC.

Leerink Partners served as financial advisor to Obsidian, while Sidley Austin LLP advised Galera. Goodwin Procter LLP provided legal counsel to Obsidian.

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