| 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 |