Analysts are cautiously optimistic about an IPO rebound for biopharma. BioSpace is keeping track of companies that seek to trade on the public markets this year.
2025 was a slow year for IPOs, with only eight companies going public—the fewest in the industry’s post-pandemic era.
“We are likely in/entering a more discerning IPO marketplace where drug innovators with proven, later-stage assets/programs will have the necessary support to go public,” Michael Rachlin, senior managing director at FTI Consulting’s Corporate Finance & Restructuring unit, told BioSpace in January.
Still, Rachlin was optimistic about the market’s prospects in 2026, noting that IPOs will continue to be a crucial part of the biopharma industry, offering companies a robust way to raise funds to support their pipelines.
“The development and commercialization of novel and innovative drugs will continue to be a cornerstone of health and wellness, and a robust IPO market will continue to be an important factor for drug innovators to access capital and liquidity,” Rachlin said.
Follow along as BioSpace tracks the IPO landscape in 2026.
Odyssey Therapeutics
Raise: $236.6 million
Public Market Debut: TBD
After a failed campaign to go public last year, Odyssey Therapeutics is giving the Nasdaq another go, aiming to raise up to $236.6 million in an IPO, according to an updated prospectus dated May 4.
Odyssey is putting up 13.2 million worth of shares for $16 to $18 a pop. The biotech has also offered underwriters a chance to pick up nearly 2 million shares at the same price. It is unclear yet when the IPO will close.
Around $135 million of the IPO proceeds will go toward Odyssey’s lead candidate OD-001, a small-molecule scaffolding blocker of the RIPK2 protein, according to the preliminary prospectus. The money will help move OD-001 through planned Phase 2a and Phase 2b studies in ulcerative colitis.
Odyssey’s IPO will also help push the SLC15A4 program OD-002 through investigational new drug-enabling activities and into Phase 1/2a development, allotting $50 million for this asset
“These programs have the potential to yield treatments for inflammatory and autoimmune diseases that have large, addressable patient populations globally,” the biotech wrote in its securities filing.
Odyssey first tried for an IPO in January 2025, though the biotech’s programs were still preclinical at the time. In June last year, Odyssey decided to end the bid, noting in an SEC document that going public was “not in the best interests of the company.”
Seaport Therapeutics
Raise: $254.9 million
Public Market Debut: April 30
Seaport Therapeutics, a clinical-stage neuropsychiatry specialist advancing novel oral therapies for depression, anxiety and other indications, has docked on the shores of the Nasdaq Global Market. The biotech raised $254.9 million in an IPO that closed on April 30, according to the company’s news release.
Seaport sold around 14 million shares at $18 apiece, the top of the target range. Underwriters will have another 30 days to purchase 2 million more shares at the offering price. The shares began trading on May 1 under the ticker SPTX, with the offer closing May 4.
Seaport’s IPO bounty will help fund lead asset GlyphAllo through a Phase 2b topline readout and push the candidate into late-stage development. GlyphAllo, also called SPT-300, is an oral prodrug of the neurosteroid allopregnanolone, which has been linked to antidepressive effects. GlyphAllo uses Seaport’s Glyph platform, which protects compounds from first-pass metabolism and boosts oral bioavailability.
Seaport will also put some of the IPO money toward GlyphAgo, a prodrug of the antidepressant and anxiolytic agomelatine. The biotech expects to advance the asset through Phase 2a and Phase 2b topline data, according to the securities filing. The raise will also support the rest of the biotech’s pipeline as well as other R&D and corporate activities.
Avalyn Pharma
Raise: $300 million
Public Market Debut: April 30
Inhaled therapeutics company Avalyn Pharma has raised more than expected in a $300 million market debut effective April 30.
The Boston-based company, which has a pipeline of reformulated lung disease medicines, was originally targeting a raise of $181.8 million assuming a share price of $17 apiece at the midpoint, according to an April 23 S-1 filing. But the raise actually came in almost $120 million higher, with more than 16 million shares sold at a price of $18 apiece.
The AVLN ticker will begin trading April 30, according to a company release.
Avalyn intends to use the net proceeds to fund development of a Phase 2 trial for AP01, an inhaled version of pirfenidone for progressive pulmonary fibrosis, and AP02, a version of nintedanib for idiopathic pulmonary fibrosis. Additional funds will advance the preclinical AP03 program that combines both drugs.
Both clinical drugs have generics available and have been associated with difficult side effects. Pirfenidone, marketed as Esbriet by Legacy Pharma, can cause upper respiratory tract infections, sensitivity to the sun and liver problems. Nintedanib, which is manufactured by Boehringer Ingelheim as Ofev, is associated with liver problems, diarrhea, nausea, vomiting, heart attack, stroke and bleeding problems.
Avalyn believes that inhaled formulations of the two drugs may allow for more direct application and limit side effects on other tissues.
Hemab Therapeutics
Raise: TBD
Public Market Debut: TBD
Cambridge, Massachusetts-based Hemab Therapeutics is looking to go public and raise funds to bankroll a pipeline of novel therapies for blood coagulation. Like other companies that are early in the IPO process, Hemab’s prospectus is thin on details, providing no target amount or date of completion.
What the filing does reveal, though, is that Hemab plans to use the IPO raise for sutacimig, an investigational bispecific antibody being trialed for Glanzmann thrombasthenia and Factor VII deficiency—both congenital and severe bleeding disorders that have no subcutaneous prophylactic treatment options. Sutacimig is in Phase 1/2 development for Glanzmann, while its Factor VII deficiency program is in Phase 2.
The IPO will also help Hemab advance the monovalent antibody HMB-002 for Von Willebrand Disease, currently in Phase 1/2, as well as power other R&D activities. Once closed, Hemab will trade on the Nasdaq under the ticker symbol COAG.
Avalyn Pharma
Raise: TBD
Public Market Debut: TBD
Continuing the 2026 IPO train is respiratory specialist Avalyn Pharma, which is advancing a pipeline of inhaled therapies for lung diseases, an approach that it claims can “enhance efficacy” by directly targeting the disease site while also minimizing systemic drug exposure and, in turn, unintended side effects.
Avalyn’s securities document, filed April 8 and which states its intent to go public, does not yet list how many shares the Massachusetts biotech plans to put up for sale, nor how much the company hopes to raise. The preliminary prospectus also doesn’t say when the offering will end. But once Amalyn is on the Nasdaq, it will trade under the symbol AVLN.
The IPO proceeds will primarily go toward Avalyn’s lead asset AP01, an inhalable formulation of pirfenidone, which the biotech will advance through Phase 2b and into late-stage development. Pirfenidone is a small-molecule drug that modulates various cytokines and growth factors to exert an anti-inflammatory and anti-fibrotic effect on the lungs.
Avalyn will also use the IPO money to power the development of its other clinical candidate AP02 through Phase 2 and into Phase 3, as well as the advancement of AP03 into Phase 1 development. AP02 makes use of nintedanib, a small-molecule tyrosine kinase blocker, to address lung fibrosis. AP03, meanwhile, is a fixed dose combination of the AP01 and AP02 drugs.
Kailera Therapeutics
Raise: TBD
Public Market Debut: TBD
Kailera Therapeutics, the obesity biotech that in 2025 raised one of the biggest rounds in recent memory, is heading for the public markets. The company filed for an IPO on March 27, with few details in the initial paperwork beyond a desire to list under the ticker KLRA.
Formed around a handful of assets from China’s Hengrui, Kailera’s lead therapy is the once-weekly injectable GLP-1/GIP receptor agonist ribupatide. The drug showed 12% weight loss after week 26 with no plateau effect in a Phase 2 test of 166 people with obesity that was conducted in China. Ribupatide is currently being tested in a global Phase 3 program called KaiNETIC, with the first trial enrolling 1,800 participants and kicking off in December 2025.
Net proceeds from the IPO will be used to advance injectable and oral versions of ribupatide, plus the GLP-1 receptor agonist KAI-7535. Any additional funds will go toward KAI-4729 and for working capital and other general corporate purposes.
Kailera emerged in October 2024 with $400 million in funding, then followed that up with $600 million more in a series B raise.
Generate:Biomedicines
Raise: $400 million
Public market debut: Feb. 27
Flagship Pioneering’s Generate:Biomedicines is debuting on the Nasdaq Global Select Market on Feb. 27, bringing with it $400 million in gross proceeds—the largest biotech IPO haul since 2024, according to the biotech’s news release on Friday. On a per-share basis, the public offering valued Generate at $16 apiece, falling in the middle of the range from its updated prospectus last week.
The Massachusetts biotech plans to use much of the IPO raise for its lead asset GB-0985, an anti-TSLP antibody, through the completion of two late-stage studies in severe asthma. Generate has earmarked around $300 million for this. Meanwhile, roughly $100 million will help power a Phase 1b study for the asset in chronic obstructive pulmonary disease (COPD).
Generate:Biomedicines will also funnel some $15 million to GB-4362 and GB-5267, both currently poised for Phase 1 development for cancer. The biotech expects to launch early-stage programs this year, according to the prospectus.
The proceeds will also help Generate:Biomedcines develop its platform and technology, as well as generate other programs for IND-enabling development.
Eikon Therapeutics
Raise: $381 million
Public market debut: Feb. 5
Bringing in $381 million in an upsized offering—the largest IPO raise since 2024, eclipsing Aktis Oncology’s $318 million haul last month—Eikon Therapeutics is joining the Nasdaq Global Market to drum up stronger support for its cancer pipeline. The California-based biotech will trade under the symbol EIKN.
Headed by Merck alum Roger Perlmutter, Eikon is advancing its lead asset EIK1001, a dual agonist of TLR-7/8, for melanoma. Around $100 million of the IPO raise will go toward EIK1001 to power an ongoing Phase 2/3 registrational study in this indication, as well as additional trials in non-small cell lung cancer, according to a Jan. 28 SEC document.
Eikon will also advance EIK1003 and EIK1004, both PARP inhibitors, and the WRN helicase blocker EIK1005, through Phase 1/2 development.
AgomAb Therapeutics
Raise: $212.5 million
Public market debut: N/A
Also launching its Nasdaq bid is AgomAb Therapeutics, which is looking to raise $212.5 million, according to a Jan. 29 regulatory document. The Belgium biotech will trade under the symbol AGMB upon completion.
Around $120 million of the proceeds will help bankroll clinical development of the small-molecule ALK5 blocker ontunisertib, which is being tested for fibrostenosing Crohn’s disease. The drug is currently in Phase 2a development and a Phase 2b trial is set to start later this year. The IPO haul will help AgomAb push ontunisertib through the latter study.
Aside from its lead asset, the biotech also plans to use around $80 million to advance AGMB-447, another ALK5 inhibitor, for which a Phase 2 study in idiopathic pulmonary fibrosis (IPF) is being planned. AgomAb will funnel the remaining IPO earnings into its preclinical pipeline as well as other corporate purposes.
SpyGlass Pharma
Raise: $150 million
Public market debut: Feb. 6
Update (Feb. 6): SpyGlass announced that it expected to raise around $150 million in its IPO and to start trading on the Nasdaq on Feb. 6.
Focused on developing novel therapies for eye diseases, SpyGlass pharma is looking to debut on the Nasdaq Global Select Market under the symbol SGP with a $150 million IPO.
The proceeds will go toward its most mature candidate, the bimatoprost drug pad-intraocular lens system. Bimatoprost is a prostaglandin analog, and SpyGlass’ lens system allows the sustained delivery of this drug directly into the eye after being implanted during routine cataract surgery. The product is being developed to lower intraocular pressure in patients with open-angle glaucoma or ocular hypertension.
SpyGlass in July 2025 kicked off two registrational trials for the investigational lens system, according to its prospectus, with enrollment expected to complete in 2027. A potential approval could come as early as 2028.
Veradermics
Raise: $256.3 million
Public market debut: Feb. 4
Just months after closing an oversubscribed $150 million series C last October, hair growth specialist Veradermics announced an IPO, targeting a $256.3 million raise and listing on the New York Stock Exchange.
Veradermics is putting much of the expected proceeds behind lead drug candidate VDPHL01, an oral and extended-release version of minoxidil, to support approval and initial marketing activities.
Minoxidil has already been approved by the FDA for hair growth, but the biotech in its prospectus claims that VDPHL01 is better than currently commercialized drugs because the extended-release formulation maximizes minoxidil levels in the plasma. If approved, Veradermics expects VDPHL01 to be the first extended-release minoxidil for hair growth. The asset is currently in late-stage development.
Aside from VDPHL01, the IPO money will be used for “business development activities” and other corporate purposes. Veradermics is trading under the symbol MANE.
Aktis Oncology
Raise: $318 million
Public market debut: Jan. 9
Aktis Oncology opened the 2026 IPO class with a $318 million debut on the Nasdaq Global Select Market on Jan. 9. The cancer-focused biotech is now publicly trading under the symbol AKTS.
The bulk of Aktis’ proceeds—around $140 million to $150 million—will go toward its investigational Actinium-225 radiopharma asset Ac-AKY-1189, which is currently in Phase 1b development for tumors positive for the Nectin-4 marker, according to a Jan. 7 regulatory filing.
The biotech will also allot $70 million to $80 million of its proceeds to advance another Actinium asset, dubbed Ac-AKY-2519, for B7-H3-expressing cancers. The remaining money will go toward general corporate purposes and will serve as working capital.
Aktis first announced its IPO plans late last year.
