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IPO Watch

A real-time look at every biotech IPO filed and the amount raised in all the world’s indexes. Compiled by editor Max Gelman.

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2025

Company Name Therapeutic Focus; Treatment Type Underwriters IPO Date Offer Price to the Public Aggregate Offering Raise Original Price Range
Metsera, Inc. (NASDAQ: MTSR)Obesity & metabolic disease; next-generation injectable and oral GLP-1/NuSH analog peptidesJ.P. Morgan Securities, Goldman Sachs, Leerink Partners, TD Cowen02/03/2025 S-1$18.00$316 million$16 – $18
Sionna Therapeutics (NASDAQ: SION)Cystic fibrosis; CFTR NBD1 stabilizer small moleculesJ.P. Morgan Securities, Morgan Stanley, Jefferies, Leerink Partners02/06/2025 S-1$16.00$191 million$15 – $17
Maze Therapeutics (NASDAQ: MAZE)Renal, cardiovascular & metabolic disease; small molecule precision medicinesJ.P. Morgan Securities, TD Cowen, Leerink Partners, Guggenheim Securities02/2025 S-1$16.00$140 million$14 – $16
Aardvark Therapeutics (NASDAQ: AARD)Metabolic disease & obesity; small molecule bitter taste receptor (TAS2R) agonistsJefferies, Piper Sandler, Guggenheim Securities02/2025 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, Stifel09/11/2025 S-1$15.00$285 million$14 – $16
MapLight Therapeutics (NASDAQ: MPLT)Neuropsychiatry; schizophrenia and Alzheimer’s disease psychosis; M4/M1 muscarinic receptor agonistJ.P. Morgan Securities, Morgan Stanley, Jefferies, TD Cowen10/27/2025 S-1$17.00$296 million$15 – $17
Evommune Inc. (NYSE: EVMN)Chronic inflammatory diseases; mast cell (MRGPRX2) and IL-18 targeted therapeuticsGoldman Sachs, Jefferies, Leerink Partners11/06/2025 S-1$16.00$172.5 million$15 – $17
 
 

2024

Company Name Therapeutic Focus; Treatment Type Underwriters IPO Date Offer Price to the Public Aggregate Offering Raise Original Price Range
Septerna Therapeutics (NASDAQ: SEPN)G protein-coupled receptor (GPCR); TherapeuticsJ.P. Morgan Securities, Cantor Fitzgerald, TD Securities, Wells Fargo Securities10/24/2024$18.00$288 million$18
Baylis Medical (TSX: BAY)Medical devices; Cardiac electrophysiologyRBC Capital Markets, National Bank Financial, Stifel GMP10/09/2024CAD$15.00CAD$94.5 millionCAD$14 – 16
Tranzyme Pharma (NASDAQ: TZYM)Small molecule therapeutics; Cardiometabolic diseasesJ.P. Morgan Securities, SVB Securities, Wedbush Securities09/26/2024$16.00$30 million$14 – $16
Spero Therapeutics (NASDAQ: SPRO)Anti-infectives; Bacterial infectionsJ.P. Morgan Securities, Jefferies, Stifel GMP08/29/2024$14.00$55.75 million$13 – $15
Atturo Health (NASDAQ: ATTU)Digital therapeutics; Pain managementRoth Capital Partners, Aegis Capital, Maxim Group08/15/2024$10.00$20 million$9 – $11
UroGen Pharma (NASDAQ: URGN)Urology-focused therapeuticsGoldman Sachs & Co., J.P. Morgan Securities, Piper Sandler07/25/2024$17.00$200 million$15 – $18
Alder Biopharmaceuticals (NASDAQ: ALDR)Monoclonal antibodies; Migraine treatmentCredit Suisse, Barclays, BofA Securities06/20/2024$21.00$220 million$19 – $22
NeuroMetrix (NASDAQ: NURO)Neurological diagnostics and therapeuticsStifel GMP, Canaccord Genuity, Lake Street Capital Markets05/10/2024$13.00$40 million$12 – $14
Inozyme Pharma (NASDAQ: INZY)Rare disease therapeutics; Enzyme replacementJ.P. Morgan Securities, Cowen, Evercore ISI04/17/2024$19.00$150 million$17 – $20
Viaskin Therapeutics (NASDAQ: VSKN)Allergy immunotherapy; Peanut allergyLeerink Partners, Wells Fargo Securities, William Blair03/30/2024$12.00$65 million$11 – $13
 
 

2023

Company Name Therapeutic Focus; Treatment Type Underwriters IPO Date Offer Price to the Public Aggregate Offering Raise Original Price Range
CARGO Therapeutics (NASDAQ: CRGX)CAR-T; OncologyJPM Securities, Jefferies, Cowen & Co., Truist Securities11/09/2023 S-1$15.00$281.25 million$15 – $17
Lexeo Therapeutics (NASDAQ: LXEO)Alzheimer’s and Cardiovascular DiseasesJPM Securities, Leerink, Stifel, RBC Capital Markets11/02/2023 S-1$11.00$100 million$13 – $15
Abivax SA (NASDAQ: ABVX)Therapeutics; Chronic Inflammatory DiseasesMorgan Stanley, Leerink, LifeSci Capital, RBC Capital Markets10/19/2023 F-1$11.60$216.91 million$11.60 – $13
Neumora Therapeutics (NASDAQ: NMRA)Neuroscience Drug DevelopmentJPM Securities, BofA Securities, Stifel, Guggenheim, RBC Capital Markets, William Blair & Co.09/14/2023 S-1$17.00$250.7 million$16 – $18
RayzeBio, Inc. (NASDAQ: RYZB)Radiopharmaceutical Medicines; OncologyJPM Securities, Jefferies, Evercore Group, Truist Securities09/14/2023 S-1$18.00$311 million$16 – $18
Turnstone Biologics (NASDAQ: TSBX)Solid Tumors; Tumor Infiltrating Lymphocytes (TIL)BofA Securities, Piper Sandler, Leerink Partners07/20/2023 S-1$12.00$80 million$12 – $14
Sagimet Biosciences Inc. (NASDAQ: SGMT)Non-Alcoholic Steatohepatitis (NASH), Acne and Various Cancers; InhibitorsGoldman Sachs, Cowen & Co., Piper Sandler, JPM Securities07/13/2023 S-1$16.00$85 million$15 – $17
Apogee Therapeutics, Inc. (NASDAQ: APGE)Pulmonary and Inflammatory Diseases; BiologicsJefferies, Cowen & Co., Stifel, Guggenheim, Wedbush Securities07/13/2023 S-1$17.00$300.5 million$15 – $17
ACELYRIN, INC. (NASDAQ: SLRN)Transformative MedicinesMorgan Stanley, Jefferies, Cowen & Co., Piper Sandler05/04/2023 S-1$18.00$540 million$16 – $18
Mineralys Therapeutics, Inc. (NASDAQ: MLYS)Hypertension and Cardiovascular DiseasesBofA Securities, Evercore, Stifel, Guggenheim, Credit Suisse, Wells Fargo02/09/2023 S-1$16.00$192 million$14 – $16
Structure Therapeutics Inc. (NASDAQ: GPCR)Chronic Diseases; Oral TherapeuticsJefferies, SVB Securities, Guggenheim, BMO Capital Markets02/02/2023 S-1$15.00$161.1 million$13 – $15
 
 

2022

Company Name Therapeutic Focus; Treatment Type Underwriters IPO Date Offer Price to the Public Aggregate Offering Raise Original Price Range
Acrivon Therapeutics (NASDAQ: ACRV)Precision OncologyJefferies, Cowen & Co., Piper Sandler11/14/2022 S-1$12.50$94.38 million$16 – $18
Prime Medicine (NASDAQ: PRME)Gene EditingJPMorgan, Goldman Sachs, Jefferies, Morgan Stanley10/19/2022 S-1$17.00$175 million$16 – $18
Third Harmonic Bio (NASDAQ: THRD)Dermal, Respiratory and Gastrointestinal Diseases; Small MoleculesMorgan Stanley, Jefferies, Cowen & Co., LifeSci Capital09/14/2022 S-1$17.00$185.3 million$16 – $18
PepGen Inc. (NASDAQ: PEPG)Neuromuscular and Neurologic Diseases; TherapeuticsBofA Securities, Stifel, SVB Securities, Wedbush Securities05/05/2022 S-1$12.00$108 million$13 – $15
AN2 Therapeutics (NASDAQ: ANTX)Rare, Chronic and Serious Infectious Diseases; TherapeuticsOppenheimer & Co., Cowen & Co., SVB Leerink, Evercore03/24/2022 S-1$15.00$69 million$14 – $16
Arcellx, Inc. (NASDAQ: ACLX)Cancer; Cell TherapiesBarclays Capital, BofA Securities, SVB Leerink, William Blair & Co.02/04/2022 S-1$15.00$142.31 million$15 – $17
Vigil Neuro (NASDAQ: VIGL)Neurodegenerative Diseases; Cell TherapiesMorgan Stanley, Jefferies, Stifel, Guggenheim01/11/2022 S-1$14.00$98 million$14 – $16
Amylyx Pharmaceuticals (NASDAQ: AMLX)Neurodegenerative Diseases; TherapeuticsEvercore, Goldman Sachs, H.C. Wainwright, SVB Leerink01/07/2022 S-1$19.00$190 million$18 – $20
Cincor Pharma (NASDAQ: CINC)Neurodegenerative Diseases; TherapeuticsEvercore, Jefferies, Morgan Stanley, Oppenheimer01/06/2022 S-1$17.00$193.60 million$15 – $17