Parabilis Medicines is developing a new type of peptide drug capable of hitting elusive disease targets inside cells. Cancer is the biotech’s initial focus, and the IPO cash will support lead program zolucatetide, which is in development for a rare type of tumor with limited treatment options.
Ulcerative colitis is the lead indication for Odyssey Therapeutics’ internally discovered lead drug candidate. With the IPO proceeds, Odyssey plans mid-stage clinical trials evaluating the small molecule in combination with Takeda’s Entyvio and as a monotherapy.
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Hemab Therapeutics and Seaport Therapeutics are the newest biotech companies to join the public markets, each with an upsized IPO. According to IPO research firm Renaissance Capital, April was the biggest month for biotech IPO proceeds in more than five years.
Avalyn Pharma found strong investor interest in its inhalable drugs in development for two types of pulmonary fibrosis, enabling the company to upsize its IPO. Data from two mid-stage studies are expected in 2027.
Kailera Therapeutics’ IPO proceeds will support global clinical trials for its obesity drug candidates. Meanwhile, proteomics company Alamar Biosciences upsized its own IPO while clinical-stage biotechs Seaport Therapeutics and Hemab Therapeutics joined the IPO queue.
Kailera Therapeutics’ planned IPO will fund ongoing clinical development of a pipeline led by a drug that could rival Eli Lilly’s Zepbound in both efficacy and tolerability. Meanwhile, Renaissance Capital’s recap of first quarter 2026 IPOs shows slowing activity amid market turbulence from tariffs and war.
By reducing administrative burden and redesigning workflows around human needs, it creates space for what matters most: connection between clinicians and patients.
Flagship Pioneering-founded Generate Biomedicines aims to offer less frequent injections compared to a blockbuster asthma drug from partners Amgen and AstraZeneca. Generate’s drug comes from a “programable biology” platform technology that uses AI and machine learning to design proteins with desirable properties.
Across all industries, the total number of companies on track to go public could make this week the most active for IPOs since 2021. Despite the partial government shutdown, there are paths biotechs can pursue to the public markets.
Aktis Oncology’s IPO will support a pipeline of “miniprotein” radioconjugates that could offer advantages over other targeted radiation cancer treatments. In addition to its internal pipeline, Aktis has a discovery partnership with Eli Lilly.
Obesity and diabetes drug R&D partnerships struck in 2025 represented $20.2 billion in total deal value, a new record high, according to a new report from J.P. Morgan. While IPO activity and venture investment trended downward, M&A activity was significantly higher.
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LB Pharmaceuticals found enough investor interest to boost the size of its IPO, which will finance clinical trials in schizophrenia and bipolar depression. The biotech has modified an old Sanofi drug with changes intended to reduce side effects and allow less frequent dosing.
LB Pharmaceuticals’ planned IPO will fund late-stage clinical development of LB-102, a once-daily pill designed to improve on the old Sanofi schizophrenia drug Solian. The IPO filing follows a corporate restructuring in May that cut the jobs of LB’s chief financial and scientific officers to streamline operations and extend its cash runway.
Caris Life Sciences applies AI and machine learning to patient samples to detect cancer and as a companion diagnostic guiding the use of targeted cancer therapies. As a commercial-stage company, Caris’s upsized public markets debut is an outlier amid the continuing IPO freeze for clinical-stage biotechs developing new drugs.
Investors showed appetite for Metsera’s IPO, as shares of the clinical-stage metabolic medicines biotech popped 47% in their Nasdaq debut. Maze Therapeutics and Beta Bionics also priced IPOs; the three companies raised $636 million combined.
Ascentage Pharma’s U.S. IPO will support clinical testing of its two lead drugs, small molecules in development for advanced cases of certain blood cancers. Takeda holds an exclusive option to develop and commercialize one of those drugs in most of the world.