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Biotech IPO Tracker 2026
This page tracks biotech and biopharma IPOs in 2026, including therapeutic area, lead asset, stage at IPO, pricing date, offer price, gross proceeds, approximate market capitalization at listing, and aftermarket performance. It is built for biotech investors, bankers, founders, and BD teams who want a fast read on how the IPO window is developing — which stories are getting out, which are holding up, and what that says about risk appetite across the financing market. BioBucks updates this tracker as new IPOs price. The daily newsletter then adds the read-through: new filings, launches, pricings, discounts, upsizes, and aftermarket movers — plus what they mean for the broader biotech capital-markets backdrop. Last updated: 29 Mar 2026
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2026 biotech IPO market snapshot
  • 6 priced biotech IPOs are tracked here so far in 2026, with no additional U.S. biotech IPO pricing since Generate Biomedicines; late-March activity has shown up more in new filings than new pricings.
  • Largest deal so far: Generate Biomedicines at $400M gross proceeds.
  • Best aftermarket performer: Veradermics, which remains the strongest offer-to-current winner in the current cohort.
  • The class is clearly bifurcated: some later-stage and cleaner clinical stories have worked, while other names have traded below issue.
  • Window read-through: 2026 looks selective, not fully open — biotech issuance is back, but quality and differentiation still matter heavily.
IPOs
Company Name Therapeutic Area Lead Asset Phase at IPO Pricing Date Offer Price IPO Proceeds Valuation (MCAP) 1-day (%) Offer to current (%)
Generate Biomedicines Inflammation / Immunology / Oncology Half-life extended TSLP / severe asthma Phase 3 27-Feb-26 $16.00 $400M ~$2.2B -21.0% -28.5%
SpyGlass Pharma Ophthalmology BIM-IOL System (bimatoprost drug-pad IOL; OAG/OHT) Phase 3 05-Feb-26 $16.00 $172.5M ~$842M +65.0% +41.3%
Agomab Therapeutics Inflammation / Fibrosis AGMB-129 / ontunisertib (oral ALK5 inhibitor; fibrostenosing Crohn’s) Phase 2a 05-Feb-26 $16.00 $200M ~$780M -8.4% -32.2%
Eikon Therapeutics Oncology EIK1001 (TLR7/8 agonist; advanced melanoma) Phase 2/3 04-Feb-26 $18.00 $381M ~$860M -16.7% -45.5%
Veradermics Aesthetic dermatology VDPHL01 (extended-release oral minoxidil; androgenetic alopecia) Phase 3 03-Feb-26 $17.00 $294.8M ~$596M +122.1% +285.5%
Aktis Oncology Oncology 225Ac-AKY-1189 (Nectin-4+ solid tumors) Phase 1b 08-Jan-26 $18.00 $318M ~$945M +24.4% -15.6%
Methodology note: “IPO Proceeds” reflects gross proceeds and, where disclosed and completed, includes the full exercise of the underwriters’ option. “Valuation (MCAP)” is shown as an approximate market capitalization at listing. “Offer to current (%)” is based on the latest share price at the time of page update and will move with the market.
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