New York, June 16, 2026, 06:03 ET
- SLBT gained in premarket Tuesday after a choppy first day on Nasdaq.
- SL Bio is now listed as SLBT on Nasdaq following its merger with Horizon Space Acquisition II.
- The company’s next hurdle is moving its cell-therapy project forward in clinical trials and putting out more transparent financials now that it’s public.
SL Science Holding Limited Ordinary Shares shot up in early trading Tuesday. The stock jumped after its Nasdaq IPO, with Robinhood showing SLBT at $18.90. Shares traded in a wide range, between $3.00 and $21.05 on June 16. Volume hit 3.93 million, way over the average 487,860. That came after a steep fall on the first day—Finviz said SLBT ended June 15 at $3.33, down 42.59%. Yahoo Finance also pegged the close at $3.33, previous close $4.00. Wild price action is common for new SPAC listings like SLBT. This run looked driven by liquidity and float, not clinical news. Robinhood Finviz
SL Science began trading on Nasdaq under the ticker “SLBT” after its merger with Horizon Space Acquisition II Corp., according to a June 15 Form 6-K. The ordinary shares started trading June 15. Nasdaq suspended Horizon Space’s shares, rights and units after the merger, its notice said. SL Science now trades as SLBT, taking Horizon Space’s place on the exchange after the SPAC deal. NASDAQ Trader
SL Science listed on a U.S. exchange and announced a $7.8 million PIPE. The company is working on an “off-the-shelf” Gamma delta T cell therapy for solid tumors, targeting cancers like pancreatic and brain. Gamma delta T cells are in development for immune-based cancer treatment. “Off-the-shelf” refers to therapies that don’t need to be tailored for each patient and can be produced at larger scale. CEO William Wang called the Nasdaq move a “transformative milestone for the Company.” SL Bio’s implied equity value is pegged at $5.568 billion, the company said.
Bears have some ammo here. The action in the stock seems mostly technical—new ticker, light trading, weak open, then a pop. No new clinical data in the latest filing. Company guidance flags major challenges: hitting targets, wrapping up trials, approvals, launching a product, merger benefits. Valuation stands out against the PIPE number disclosed. Buyers pricing in future science, but there’s little public track record for now.
SL Science shares aren’t expected to see much more upside for now. Investors are looking for clear clinical timing, news on regulatory filings, and more detail on the cash runway and merger update to figure out the real cash position. The PIPE deal is getting attention too. An earlier SEC filing showed PIPE buyers got ordinary and preferred shares, with the preferreds converting into a third of a common share after six months and a six-month lock-up. With the business combination done as of June 12, the focus is on new share supply and the timing of that lock-up expiring.
SLBT saw a volatile day, with traders treating it as a risky bet instead of a stock at fair value. Bulls are waiting for clinical milestones after the Nasdaq listing. Bears say it’s trading like a post-SPAC—few audited numbers, a lack of analyst coverage, and missing trial results. That’s fueling the sharp moves. Long holders are still looking for something solid from the company to back up the latest rally, which remains speculative for now.
