2025 saw a significant slowdown in initial public offerings (IPOs) within the biopharma sector, with only eight companies going public, marking the lowest number since the pandemic era. However, 2026 is showing signs of renewed activity as several companies announce or complete their IPOs.
Michael Rachlin, senior managing director at FTI Consulting’s Corporate Finance & Restructuring unit, commented on the current environment in January: “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.” He also expressed optimism for the year ahead: “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.”
Eikon Therapeutics has completed its IPO on February 5, raising $381 million in what is now the largest biotech IPO since 2024. The company will trade under the symbol EIKN on Nasdaq Global Market. Led by former Merck executive Roger Perlmutter, Eikon plans to allocate about $100 million from its proceeds toward advancing its lead asset EIK1001—a dual agonist of TLR-7/8—for melanoma through an ongoing Phase 2/3 study and additional trials in non-small cell lung cancer. Other candidates such as EIK1003 and EIK1004 (both PARP inhibitors), as well as WRN helicase blocker EIK1005, will also receive funding for Phase 1/2 development.
Aktis Oncology initiated this year’s IPO wave with a $318 million raise on January 9. The majority of these funds—approximately $140 million to $150 million—will support further clinical development of its Actinium-225 radiopharmaceutical Ac-AKY-1189 for Nectin-4 positive tumors. Additional resources are allocated for another radiopharma candidate targeting B7-H3-expressing cancers.
Veradermics joined the New York Stock Exchange after announcing a $256.3 million IPO just months following its oversubscribed Series C round. Its main focus is VDPHL01, an extended-release version of minoxidil intended for hair growth applications currently in late-stage development.
AgomAb Therapeutics aims to raise $212.5 million via Nasdaq under the symbol AGMB. The company plans to use around $120 million for clinical work on ontunisertib (an ALK5 blocker) for fibrostenosing Crohn’s disease and around $80 million for AGMB-447 targeting idiopathic pulmonary fibrosis.
SpyGlass Pharma has filed for a $150 million IPO with intentions to list under SGP on Nasdaq Global Select Market. Funds raised would primarily support registrational trials of its bimatoprost drug pad-intraocular lens system designed to lower intraocular pressure after cataract surgery.
Generate:Biomedicines has also announced plans to join Nasdaq under GENB but has not yet disclosed how much it intends to raise. The Massachusetts-based company intends to use future proceeds mainly for late-stage studies of GB-0985 (an anti-TSLP antibody) in severe asthma and chronic obstructive pulmonary disease (COPD), as well as early-phase programs in cancer research.
These developments suggest that while investors remain selective, there is ongoing support for companies with advanced therapeutic programs seeking capital through public markets.
