Biotech IPO tracker last updated: 10 November 2026. Prices as of the 6 November 2026 close.
After a lean 2025, this year has reopened the US market for biotech flotations. This biotech IPO tracker lists every US-listed drug developer that has priced an initial public offering this year. It shows what each company raised, what it is developing and how its shares have traded since. By 10 November, 29 companies had priced offerings on Nasdaq or the NYSE. BioSpace data put the whole of 2025 at just eight biotech IPOs. The tracker is updated every week.
2026 Biotech IPOs at a Glance
| Biotech IPO tracker snapshot | As of 10 November 2026 |
|---|---|
| IPOs priced | 29 US-listed drug developers |
| Total base-deal gross proceeds | $8.04 billion |
| Trading above / below offer | 12 above, 17 below (6 November close) |
| Best performer | Veradermics (MANE), +716.4% |
| Worst performer | Eikon Therapeutics (EIKN), -67.2% |
| Largest IPO | Parabilis Medicines (PBLS), $670.0m base deal |
The 29 companies have raised a combined $8.04 billion in base-deal gross proceeds. The median raise was $279 million. Pricing was strong, and most first days were positive. The aftermarket has been less generous. At the 6 November close, 12 of the 29 stocks traded above their offer price and 17 traded below it. The median stock sat 5.3 per cent under its IPO price.
Activity has been spread across the year. The biotech IPO tracker records six listings in the first quarter, raising $1.71 billion. The second quarter brought seven listings and $2.83 billion, the strongest quarter by money raised. Nine companies priced in the third quarter, raising $2.37 billion. The fourth quarter has added seven more so far, raising $1.14 billion.
Every Biotech IPO of 2026
Biotech IPO tracker last updated: 10 November 2026. Prices as of the 6 November 2026 close.
| Company | Ticker / exchange | Pricing date | Offer price | Gross proceeds (base deal) | Therapeutic area | Lead asset and stage at IPO | Day-one move | Latest close | Change since offer |
|---|---|---|---|---|---|---|---|---|---|
| Bambusa Therapeutics | BBTX (Nasdaq) | 29 Oct 2026 | $16.00 | $168.9m | Immunology and inflammation | BBT001 (IL-4Rα x IL-31 bispecific), Phase 2a | -6.3% | $15.73 | -1.7% |
| Aspen Neuroscience | ASPE (Nasdaq) | 29 Oct 2026 | $15.00 | $140.6m | Neuroscience | Sasineprocel (autologous cell therapy, Parkinson’s), Phase 1/2a | -0.7% | $12.43 | -17.1% |
| Lycia Therapeutics | LYCA (Nasdaq) | 22 Oct 2026 | $18.00 | $317.5m | Immunology and inflammation | LCA-0061 (food allergy), Phase 1 | +66.7% | $30.49 | +69.4% |
| City Therapeutics | CTY (Nasdaq) | 15 Oct 2026 | $18.00 | $200.0m | Cardiovascular | CITY-FXI (RNAi, thromboembolic disease), Phase 1 | +24.4% | $18.25 | +1.4% |
| Iambic Therapeutics | IAM (Nasdaq) | 14 Oct 2026 | $16.00 | $150.0m | Oncology | IAM1363 (HER2), Phase 1/1b | +18.2% | $10.18 | -36.4% |
| TRex Bio | TRXB (Nasdaq) | 8 Oct 2026 | $14.00 | $116.7m | Immunology and inflammation | TRB-061 (atopic dermatitis), Phase 1b | 0.0% | $13.26 | -5.3% |
| Retension Pharmaceuticals | RTSN (Nasdaq) | 8 Oct 2026 | $12.00 | $45.0m | Cardiovascular | RTN-001 (hypertension), Phase 2b | -12.3% | $11.04 | -8.0% |
| ADARx Pharmaceuticals | ADRX (Nasdaq) | 24 Sep 2026 | $17.00 | $446.3m | Rare disease | Onvuzosiran (siRNA, hereditary angioedema), Phase 3 | +13.8% | $13.23 | -22.2% |
| Electra Therapeutics | ETRA (Nasdaq) | 17 Sep 2026 | $15.00 | $350.0m | Immunology and inflammation | Ipsoprubart (secondary HLH), Phase 2/3 | -11.7% | $7.80 | -48.0% |
| Vogenx | VOGX (Nasdaq) | 11 Aug 2026 | $13.00 | $81.3m | Metabolic | Mizagliflozin (post-bariatric hypoglycaemia), Phase 2 | 0.0% | $17.45 | +34.2% |
| Latigo Biotherapeutics | LTGO (Nasdaq) | 6 Aug 2026 | $18.00 | $345.6m | Pain | LTG-001 (non-opioid analgesic), Phase 3-ready | +1.0% | $12.60 | -30.0% |
| BlossomHill Therapeutics | BLSM (Nasdaq) | 6 Aug 2026 | $16.00 | $150.0m | Oncology | BH-30643 (EGFR-mutant NSCLC), Phase 1/2 | 0.0% | $13.50 | -15.6% |
| Braveheart Bio | BRVE (Nasdaq) | 5 Aug 2026 | $18.00 | $382.5m | Cardiovascular | BHB-1893 (cardiac myosin inhibitor, HCM), Phase 3-ready | +65.6% | $18.59 | +3.3% |
| Attovia Therapeutics | ATTO (Nasdaq) | 4 Aug 2026 | $17.00 | $289.0m | Immunology and inflammation | ATTO-1310 (pruritus, atopic dermatitis), Phase 1b | +28.8% | $15.27 | -10.2% |
| Apnimed | APMD (Nasdaq) | 30 Jul 2026 | $16.00 | $192.0m | Respiratory | AD109 (obstructive sleep apnoea), NDA filed | +56.3% | $15.10 | -5.6% |
| Scribe Therapeutics | SCTX (Nasdaq) | 23 Jul 2026 | $15.00 | $128.7m | Cardiovascular | STX-1150 (PCSK9 epigenetic silencer), Phase 1 | +44.3% | $15.70 | +4.7% |
| Kardigan | KARD (Nasdaq) | 17 Jun 2026 | $16.00 | $400.0m | Cardiovascular | Danicamtiv (genetic dilated cardiomyopathy), Phase 2b/3 | +37.5% | $15.52 | -3.0% |
| Parabilis Medicines | PBLS (Nasdaq) | 9 Jun 2026 | $20.00 | $670.0m | Oncology | Helicon peptide lead (desmoid tumours), Phase 1/2 | +58.0% | $28.54 | +42.7% |
| Odyssey Therapeutics | ODTX (Nasdaq) | 7 May 2026 | $18.00 | $279.0m | Immunology and inflammation | OD-001 (ulcerative colitis), Phase 2 | -8.8% | $19.22 | +6.8% |
| Hemab Therapeutics | COAG (Nasdaq) | 30 Apr 2026 | $18.00 | $301.5m | Haematology | Sutacimig (Glanzmann thrombasthenia), Phase 3-ready | +88.9% | $49.01 | +172.3% |
| Seaport Therapeutics | SPTX (Nasdaq) | 30 Apr 2026 | $18.00 | $254.9m | Neuroscience | GlyphAllo (major depressive disorder), Phase 2b | +10.2% | $21.49 | +19.4% |
| Avalyn Pharma | AVLN (Nasdaq) | 29 Apr 2026 | $18.00 | $300.0m | Respiratory | AP01 (inhaled pirfenidone, pulmonary fibrosis), Phase 2b | +63.8% | $29.14 | +61.9% |
| Kailera Therapeutics | KLRA (Nasdaq) | 16 Apr 2026 | $16.00 | $625.0m | Obesity | Injectable GLP-1/GIP agonist (obesity), Phase 3 | +62.5% | $12.98 | -18.9% |
| Generate:Biomedicines | GENB (Nasdaq) | 26 Feb 2026 | $16.00 | $400.0m | Respiratory | GB-0895 (anti-TSLP, severe asthma), Phase 3 | -21.0% | $13.06 | -18.4% |
| SpyGlass Pharma | SGP (Nasdaq) | 5 Feb 2026 | $16.00 | $150.0m | Ophthalmology | BIM-IOL System (glaucoma), Phase 3 | +65.0% | $36.94 | +130.9% |
| AgomAb Therapeutics | AGMB (Nasdaq) | 5 Feb 2026 | $16.00 | $200.0m | Immunology and inflammation | AGMB-129 (fibrostenosing Crohn’s disease), Phase 2a | -8.4% | $7.63 | -52.3% |
| Eikon Therapeutics | EIKN (Nasdaq) | 4 Feb 2026 | $18.00 | $381.2m | Oncology | EIK1001 (TLR7/8 agonist, melanoma), Phase 2/3 | -16.7% | $5.90 | -67.2% |
| Veradermics | MANE (NYSE) | 3 Feb 2026 | $17.00 | $256.3m | Dermatology | VDPHL01 (oral minoxidil, pattern hair loss), Phase 2/3 | +122.1% | $138.79 | +716.4% |
| Aktis Oncology | AKTS (Nasdaq) | 8 Jan 2026 | $18.00 | $318.0m | Oncology | 225Ac-AKY-1189 (Nectin-4 radiopharmaceutical), Phase 1b | +24.4% | $15.82 | -12.1% |
Proceeds are base-deal gross proceeds before fees. They exclude underwriter options and concurrent private placements. Day-one move compares the first close with the offer price. Share prices are 6 November 2026 closes compiled by BioBucks from Yahoo Finance data. The section on how this biotech IPO tracker counts listings explains the rules in full.
How the 2026 Class Has Traded
Demand at pricing was consistently firm. Parabilis Medicines and Braveheart Bio both priced above their marketed ranges. Kailera Therapeutics, Kardigan, Seaport Therapeutics and Lycia Therapeutics priced at the top of theirs. The exceptions came late in the year. Renaissance Capital noted that TRex Bio became the first biotech IPO to price below its midpoint since February 2025. Aspen Neuroscience also priced at the bottom of its range in late October.
Early trading was mostly positive. Across the 29 listings, the median day-one move was a gain of 18.2 per cent. Veradermics more than doubled on its first day, and Hemab Therapeutics rose 88.9 per cent. A mid-year analysis by Driehaus Capital put the median first-day gain at 34.7 per cent. It drew on Jefferies data. That figure covered the 11 drug developer offerings completed by early June.
Performance since then has been far more uneven. Veradermics leads the class, up 716.4 per cent from its $17 offer price. Hemab, SpyGlass Pharma, Lycia and Avalyn complete the top five. At the other end, Eikon Therapeutics is down 67.2 per cent and AgomAb Therapeutics is down 52.3 per cent. Electra Therapeutics, Iambic Therapeutics and Latigo Biotherapeutics have each lost at least 30 per cent.
Veradermics shows what a strong run can unlock. The company reported positive topline results from Part A of its Phase 2/3 302 study in April. It then sold 3,843,790 shares at $100 in a follow-on offering, raising about $384.4 million. That was more than its IPO had raised in February.
Size at pricing has not predicted returns. Kailera and Generate:Biomedicines raised $1.03 billion between them, and both trade below their offer price. This biotech IPO tracker does not attribute individual share moves to specific company events. It records prices against offer, and readers should treat the figures as a snapshot.
Bankers have nonetheless described the market in strong terms. Jack Bannister of Leerink Partners spoke to Bloomberg in July. “This is the healthiest biotech IPO market we have had in a long time,” he said.
The Biggest Biotech IPOs of 2026
Parabilis Medicines priced 33.5 million shares at $20 on 9 June, above its range of $17 to $19. The base deal raised $670 million, or $770.5 million once underwriters exercised their option in full. Regeneron bought a further $75 million of stock in a concurrent private placement. Parabilis develops Helicons, stabilised helical peptides designed to reach previously undruggable proteins. Its shares closed 58 per cent higher on day one and were up 42.7 per cent at the latest close.
Kailera Therapeutics priced 39,062,500 shares at $16 on 16 April, raising $625 million. Existing holders, including Bain Capital and the Qatar Investment Authority, had signalled interest in up to $225 million. Kailera is developing an injectable GLP-1 and GIP agonist for obesity in Phase 3. Its shares now trade 18.9 per cent below the offer price.
ADARx Pharmaceuticals priced 26.25 million shares at $17 on 24 September, raising $446.3 million. AbbVie bought additional shares in a concurrent private placement. ADARx is developing siRNA medicines, led by onvuzosiran for hereditary angioedema. Kardigan and Generate:Biomedicines each raised $400 million at $16. Kardigan, a cardiovascular company run by former MyoKardia executives, closed 37.5 per cent up on day one. Generate, which uses AI to design proteins, fell 21 per cent on its debut.
At the other end of the scale, Retension Pharmaceuticals raised $45 million and Vogenx raised $81.3 million. Vogenx, which is developing mizagliflozin for post-bariatric hypoglycaemia, is up 34.2 per cent from its $13 offer price. Smaller deals have therefore not been shut out entirely, although most of the class raised well over $100 million.
Which Therapeutic Areas Are Investors Backing?
Immunology and inflammation is the largest group, with seven listings raising $1.72 billion. It includes Odyssey Therapeutics, Electra, AgomAb, Attovia Therapeutics, TRex Bio, Lycia and Bambusa Therapeutics. Oncology follows with five listings and $1.67 billion, led by Parabilis, Eikon and Aktis Oncology. Cardiovascular disease also has five listings, raising $1.16 billion. That group spans Kardigan, Braveheart, City Therapeutics, Scribe Therapeutics and Retension Pharmaceuticals. Respiratory medicine has three listings and $892 million, from Generate, Avalyn Pharma and Apnimed.
Single listings cover obesity (Kailera), rare disease (ADARx) and metabolic disease (Vogenx). Dermatology (Veradermics), ophthalmology (SpyGlass), pain (Latigo) and bleeding disorders (Hemab) also have one each. Neuroscience has two entrants, Seaport and the Parkinson’s cell therapy developer Aspen. Two of the year’s AI drug discovery stories, Generate and Iambic, both trade below their offer prices.
Why the Biotech IPO Window Reopened in 2026
Three things changed. First, investors would back companies with mid-stage or late-stage data. Driehaus found that 55 per cent of the early 2026 offerings had a lead asset in Phase 2. A further 36 per cent were in Phase 3. Mean deal size reached $345.2 million, against a typical $150 million to $250 million in 2020 to 2025.
Second, pharma acquisitions gave earlier IPO investors profitable exits. BioPharma Dive reported that the fast pace of company acquisitions had become an important catalyst. The trend is tracked in our list of every $1bn-plus biotech deal of 2026.
Third, the first listings traded well enough to bring others forward. Aktis Oncology opened the year in January, upsizing its deal after Eli Lilly committed a $100 million anchor order. Biotechs then raised $1.7 billion in the first quarter, the most of any quarter since 2021, according to BioPharma Dive. Strategic investors kept appearing, with Regeneron, AbbVie and Sanofi all buying stock alongside IPOs. The shift also eased pressure on private funding, covered in our review of biopharma venture funding in the first half.
“The window’s open,” Jim Healy of Sofinnova Investments told BioPharma Dive.
What to Watch Next
The wider market has cooled. Renaissance Capital said the autumn pickup stumbled on AI spending concerns. It also cited a 19-year high in bond yields and resumed rate rises. S&P Global Market Intelligence counted seven US IPOs across all sectors in October. That matched October 2025 but trailed the historical October average of 16 deals. All seven were healthcare listings, and every one appears in this tracker.
Biotech has therefore carried the US IPO market through that slowdown. Two larger deals are now in the market. Rezera, a Boston developer of peripheral artery disease drugs, set terms for a $200 million IPO on 5 November. It was expected to begin trading on 12 November. Windward Bio, a Swiss asthma and atopic dermatitis developer, set terms for a $175 million offering on 9 November. Its shares were expected to start trading a day later. NuvOx Therapeutics has amended its filing for a small offering of 2.86 million shares at $6 to $8. Corxel Pharma has chosen a different route, agreeing to go public through a merger with a blank-cheque company. SPAC mergers fall outside this tracker.
The fourth-quarter listings have had a harder start than the spring class. Of the seven, only Lycia and City trade above their offer prices. Lycia is up 69.4 per cent, but Iambic is down 36.4 per cent and Aspen is down 17.1 per cent. The biotech IPO tracker will add any further pricings in the week they happen.
Lock-up expiries are the next test for the summer class. Regulatory catalysts matter too. Apnimed has an FDA action date of 28 February 2027 for AD109, its oral therapy for obstructive sleep apnoea. Kardigan plans to report topline Phase 2b data for danicamtiv in the first half of 2027.
How This Biotech IPO Tracker Counts Listings
This biotech IPO tracker includes drug developers that priced an IPO on Nasdaq or the NYSE in 2026. It excludes tools and diagnostics companies such as Alamar Biosciences, SPAC mergers and listings outside the US. Proceeds are base-deal gross proceeds from each pricing release or final prospectus. Performance compares the offer price with the closing price on the date shown above the table. Closing prices are compiled by BioBucks from Yahoo Finance data. Published counts differ because outlets define a biotech IPO differently. BioSpace counted 18 in the first half, for example, whereas this tracker counts 13 for the same period.
Frequently Asked Questions
How many biotech IPOs have there been in 2026?
This biotech IPO tracker counts 29 US-listed drug developer IPOs between 1 January and 10 November 2026. Together they raised $8.04 billion in base-deal gross proceeds. Other trackers report different totals because some include tools, diagnostics or non-US listings. For comparison, BioSpace data put the 2025 total at eight biotech IPOs.
What is the largest biotech IPO of 2026?
Parabilis Medicines is the largest. It priced 33.5 million shares at $20 in June, raising $670 million in the base deal. Including the underwriters’ option, gross proceeds reached $770.5 million. Kailera Therapeutics is second, with $625 million raised in April. ADARx Pharmaceuticals is third, with $446.3 million in September.
Are biotech IPOs performing well in 2026?
The picture is mixed. Many deals priced at or above the top of their ranges, and the median day-one gain was 18.2 per cent. By the 6 November close, however, only 12 of 29 stocks traded above offer. Veradermics was up 716.4 per cent, while Eikon Therapeutics was down 67.2 per cent.
What is an IPO lock-up period, and when do the 2026 lock-ups expire?
A lock-up stops insiders and existing investors selling shares for a period after an IPO. US biotech lock-ups commonly run for 180 days, but each prospectus sets its own terms. On a 180-day basis, the spring listings would already be unlocked. Parabilis and Kardigan would follow in December. Check each final prospectus for the exact date.
