The $91M Bet on Bacteria That Eat Tumors From the Inside

For context, FOLFIRINOX alone historically gets patients about 11 months of overall survival. The combo with saltikva nearly doubled that. The partial response rate (meaning tumors shrank meaningfully) was 70%, which is remarkable for a cancer this aggressive.

Perhaps most impressive: out of 41 serious adverse events recorded in the trial, every single one was attributed to the chemotherapy. None were linked to saltikva. A cancer drug with essentially zero additional side effects is the kind of thing that makes oncologists do a double take.

The data traces back further, too. A single compassionate-use patient with stage IV disease took saltikva with FOLFIRINOX every two weeks for 15 months. Their tumor marker (CA19-9) normalized, the primary tumor shrank, liver metastases shrank, and PET scans went quiet. One patient isn't proof, but it was enough to justify the Phase 2 trial that followed.

Where the $91 Million Goes

The bulk of the IPO proceeds (net of fees, roughly $78 million at the midpoint) will fund a Phase 3 randomized trial in metastatic pancreatic cancer. This is the final hurdle before seeking FDA approval. Saltikva already carries both orphan drug and fast-track designations from the FDA, which means the agency agrees the need is urgent and the early data is promising enough to warrant an expedited path.

Salspera also plans to run Phase 2 trials in osteosarcoma (bone cancer, also with orphan drug status) and colorectal cancer, expanding saltikva's potential reach beyond the pancreas.

A Crowded Race With Few Real Contenders

Pancreatic cancer has become a surprisingly active space. Revolution Medicines is running a Phase 3 trial with daraxonrasib, a RAS inhibitor that targets the genetic mutations driving most pancreatic tumors. Novocure is testing electrical fields (yes, literally zapping tumors) added to chemo. Antibody-drug conjugates, T cell therapies, and even radiopharmaceuticals are all in earlier stages of development.

But saltikva occupies a lane all its own. No one else is using engineered bacteria as a drug delivery vehicle in late-stage pancreatic cancer trials. If the Phase 3 confirms what Phase 2 showed, Salspera would have a genuinely novel mechanism in a disease where "novel" usually just means a slightly different chemo combination.

The IPO Window Is Wide Open

Salspera's timing looks smart. The biotech IPO market cratered in 2025, with only 8 deals getting done, the lowest in over a decade. But the mood has shifted dramatically in early 2026.

Aktis Oncology upsized its offering and raised $318 million in January. Eikon Therapeutics pulled in $381 million, the biggest biotech IPO since 2024. Bankers report a wave of confidential S-1 filings, and forecasters expect 20 to 35 biotech IPOs this year.

Investors are hungry for clinical-stage oncology assets with real human data, and they're particularly drawn to programs targeting diseases with massive unmet need. Metastatic pancreatic cancer, where 13% five-year survival represents the good news, checks every box on that list.

The Bottom Line

Salspera is asking investors to bet on something genuinely weird: that a genetically engineered gut bacterium, swallowed as a pill, can sneak into pancreatic tumors and activate the immune system from the inside. The Phase 2 data suggests it works, with survival numbers that nearly double the standard of care and a safety profile that looks almost too clean.

The Phase 3 trial will be the real test. Pancreatic cancer has humbled more promising drugs than anyone can count. But if saltikva's early results hold up in a larger, randomized study, Salspera won't just have a successful IPO on its hands. It'll have one of the most creative cancer treatments to reach the market in years.

For a disease that's barely budged the survival needle in decades, a little bacterial creativity might be exactly what's needed.

Iran Just Hacked One of America's Biggest Medical Device Makers

An Iran-linked hacking group just hit Stryker, one of the world's largest medical device companies, wiping 200,000 systems and claiming to steal 50 terabytes of data. The attack didn't compromise surgical robots or defibrillators, but it exposes a terrifying vulnerability in the healthcare supply chain.