| Metsera, Inc. (NASDAQ: MTSR) | Obesity & metabolic disease; next-generation injectable and oral GLP-1/NuSH analog peptides | J.P. Morgan Securities, Goldman Sachs, Leerink Partners, TD Cowen | 02/03/2025 S-1 | $18.00 | $316 million | $16 – $18 |
| Sionna Therapeutics (NASDAQ: SION) | Cystic fibrosis; CFTR NBD1 stabilizer small molecules | J.P. Morgan Securities, Morgan Stanley, Jefferies, Leerink Partners | 02/06/2025 S-1 | $16.00 | $191 million | $15 – $17 |
| Maze Therapeutics (NASDAQ: MAZE) | Renal, cardiovascular & metabolic disease; small molecule precision medicines | J.P. Morgan Securities, TD Cowen, Leerink Partners, Guggenheim Securities | 02/2025 S-1 | $16.00 | $140 million | $14 – $16 |
| Aardvark Therapeutics (NASDAQ: AARD) | Metabolic disease & obesity; small molecule bitter taste receptor (TAS2R) agonists | Jefferies, Piper Sandler, Guggenheim Securities | 02/2025 S-1 | $16.00 | $94 million | $14 – $16 |
| LB Pharmaceuticals Inc. (NASDAQ: LBRX) | Neuropsychiatry; schizophrenia and bipolar depression; dopamine D2/D3 and serotonin 5-HT7 small molecule (LB-102) | Leerink Partners, Piper Sandler, Stifel | 09/11/2025 S-1 | $15.00 | $285 million | $14 – $16 |
| MapLight Therapeutics (NASDAQ: MPLT) | Neuropsychiatry; schizophrenia and Alzheimer’s disease psychosis; M4/M1 muscarinic receptor agonist | J.P. Morgan Securities, Morgan Stanley, Jefferies, TD Cowen | 10/27/2025 S-1 | $17.00 | $296 million | $15 – $17 |
| Evommune Inc. (NYSE: EVMN) | Chronic inflammatory diseases; mast cell (MRGPRX2) and IL-18 targeted therapeutics | Goldman Sachs, Jefferies, Leerink Partners | 11/06/2025 S-1 | $16.00 | $172.5 million | $15 – $17 |