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UPCOMING IPO

Aspen Neuroscience, Inc. (ASPE)

This company has not started trading yet. The live 5-factor QL signal switches on automatically on its first session.

About Aspen Neuroscience, Inc.

Aspen Neuroscience, Inc. is a leading, clinical-stage regenerative medicine biotechnology company focused on developing autologous induced-pluripotent stem cell (iPSC)-derived therapies to address neurodegenerative diseases with high unmet medical need. Our lead product candidate, sasineprocel, is an investigational single-dose, autologous iPSC-based cell therapy being evaluated for the treatment of Parkinson’s disease (PD).

From Aspen Neuroscience, Inc.'s Form S-1/A filed with the SEC on 2026-10-26. The issuer's own words — QuantLogix does not paraphrase it.

Industry
Pharmaceutical Preparations
Headquarters
San Diego, CA
Incorporated in
Delaware
Fiscal year ends
December 31

The offering

Ticker
ASPE
Exchange
XNAS
Expected listing
To be announced
Expected price range
$15–$17
Deal size
$173M
gross proceeds
Shares offered
9,375,000
Share class
Healthcare

Use of proceeds

We currently intend to use the net proceeds from this offering, together with our existing cash, cash equivalents, and marketable securities, as follows: • approximately $8.0 million to continue funding the Phase 1/2a ASPIRO trial evaluating sasineprocel in patients with sporadic and genetic PD; • approximately $110.0 million to initiate and fund a Phase 3 trial evaluating sasineprocel in patients with sporadic and genetic PD, with plans to initiate such Phase 3 trial prior to the completion of the Phase 1/2a ASPIRO trial; • approximately $4.0 million…

From Aspen Neuroscience, Inc.'s Form S-1/A filed with the SEC on 2026-10-26. Quoted from the prospectus.

Financials, as filed

Net loss$62,100,000year ended December 31, 2025vs $48,600,000 · year ended December 31, 2024+27.8%

Figures as stated in the prospectus, not QuantLogix estimates. From Aspen Neuroscience, Inc.'s Form S-1/A filed with the SEC on 2026-10-26.

QL Listing Score — the prospectus, scored

32/100
Distressed · low confidence
The evolution of the private-company QL Score at the point of listing: four evidence pillars read deterministically from the registration statement — growth, revenue quality, technology and risk — weights frozen per version (v1.1.0), pillars with no evidence excluded and reweighted, never defaulted.
Growthno evidence — excluded
Revenue qualityno evidence — excluded
Technology75
technology-language density 12.3/10k words (lexical indicator, not a technical audit)
Risk15
auditor states substantial doubt about going concern · material weakness in internal controls disclosed
Foundationno evidence — excluded
⚠ Going-concern doubt disclosed⚠ Material weakness in controls✓ Single share class✓ No customer-concentration flag◆ Emerging growth company (reduced disclosure)

From Aspen Neuroscience, Inc.'s Form S-1/A filed with the SEC on 2026-10-26. Extraction is deterministic — the same filing always produces the same score; 429k characters of the document were scanned. Technology signals are lexical indicators, not a technical audit. Not investment advice; the debut itself will be this score's first grade.

Deal terms come from the public IPO calendar and change up to pricing — an expected date reads “to be announced” until the underwriters set it, and a range is not a final price. Implied market cap and float are arithmetic on those disclosed terms. Nothing on this page is a forecast or a recommendation.

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