Biotech IPO Tracker 2026

Live tracker of biotech and biopharma IPOs in 2026 — therapeutic area, lead asset, stage at IPO, pricing date, offer price, gross proceeds, approximate market cap at listing, and aftermarket performance.

● 12 IPOs pricedLast updated 30 May 2026Performance as of 29 May 2026 close

IPOs priced

~$4.0B

Total gross proceeds

8 : 4

Above : Below issue

+494%

Best performer

2026 IPO Market Snapshot

Window2026 remains open, but selective — the market absorbed a run of $250M+ biotech IPOs through April/early May, while the next wave is now building in the queue with Parabilis and Kardigan filed but not yet priced as of 29 May close.

LargestKailera Therapeutics at $718.8M gross proceeds (including full exercise of the underwriters' option); total tracked IPO proceeds now roughly $4.0B.

StandoutVeradermics is still the clear aftermarket winner at roughly +494% from issue price — a reminder that a clean late-stage aesthetic-derm story can still rip even when the broader class is mixed.

BifurcationOf the 12 names with live aftermarket data, four now trade below issue (Odyssey, Generate, Agomab, Eikon), while the winners remain concentrated in differentiated late-stage or cleaner commercial-platform stories.

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Company	Therapeutic area	Lead asset	Phase at IPO	Pricing date	Offer price	Proceeds	MCAP at IPO	1-day	vs. offer
Odyssey Therapeutics	Autoimmune / Inflammation	OD-001 (oral RIPK2 inhibitor; ulcerative colitis)	Phase 2	07 May 2026	$18.00	$279.0M	~$900M	-8.8%	-5.5%
Hemab Therapeutics	Rare bleeding disorders	sutacimig / HMB-001 (bispecific antibody; Glanzmann thrombasthenia)	Phase 3-ready	30 Apr 2026	$18.00	$346.7M	~$841M	+88.9%	+58.3%
Seaport Therapeutics	Neuropsychiatry	GlyphAllo (oral neuroactive steroid; major depressive disorder)	Phase 2b	30 Apr 2026	$18.00	$254.9M	~$912M	+10.2%	+1.1%
Avalyn Pharma	Rare lung disease	AP01 (inhaled pirfenidone; idiopathic pulmonary fibrosis)	Phase 2/3	29 Apr 2026	$18.00	$345.0M	~$813M	+63.8%	+59.9%
Kailera Therapeutics	Obesity / Metabolic disease	ribupatide (GLP-1/GIP dual agonist; obesity)	Phase 3	16 Apr 2026	$16.00	$718.8M	~$2.0B	+62.5%	+43.4%
Alamar Biosciences	Proteomics / Diagnostics	NULISA / ARGO HT System (ultrasensitive proteomics platform)	Commercial	16 Apr 2026	$17.00	$219.9M	~$1.53B	+33.0%	+20.2%
Generate Biomedicines	Inflammation / Immunology / Oncology	GB-0895 (half-life-extended anti-TSLP; severe asthma)	Phase 3	26 Feb 2026	$16.00	$400M	~$2.2B	-21.0%	-18.0%
SpyGlass Pharma	Ophthalmology	BIM-IOL System (bimatoprost drug-pad IOL; OAG/OHT)	Phase 3	05 Feb 2026	$16.00	$172.5M	~$842M	+65.0%	+20.4%
Agomab Therapeutics	Inflammation / Fibrosis	AGMB-129 / ontunisertib (oral ALK5 inhibitor; fibrostenosing Crohn's)	Phase 2a	05 Feb 2026	$16.00	$200M	~$780M	-8.4%	-29.7%
Eikon Therapeutics	Oncology	EIK1001 (TLR7/8 agonist; advanced melanoma)	Phase 2/3	04 Feb 2026	$18.00	$381M	~$972M	-16.7%	-39.8%
Veradermics	Aesthetic dermatology	VDPHL01 (extended-release oral minoxidil; androgenetic alopecia)	Phase 3	03 Feb 2026	$17.00	$294.8M	~$596M	+122.1%	+493.6%
Aktis Oncology	Oncology	225Ac-AKY-1189 (Nectin-4-targeting radioligand; solid tumors)	Phase 1b	08 Jan 2026	$18.00	$365.4M	~$945M	+24.4%	+15.2%

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Methodology

"Proceeds" reflects IPO gross proceeds and, where disclosed and completed, includes the full exercise of the underwriters' option. It excludes concurrent private placements unless explicitly noted. "MCAP at IPO" is approximate market capitalisation at listing. "vs. offer" is based on share prices as of the 29 May 2026 close refresh and will move with the market. Rows are sorted in reverse chronological order by pricing date.