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M&ABD&LIPOVC

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.

● 14 IPOs pricedLast updated 29 June 2026Performance as of 26 June 2026 close
14
IPOs priced
~$5.0B
Total gross proceeds
12 : 2
Above : Below issue
+646%
Best performer
2026 IPO Market Snapshot
Window2026 remains open, but selective — Parabilis priced above range at $20/share, raised $670M, and has traded well post-IPO, while Kardigan priced an upsized $400M cardiovascular IPO at $16/share and has also continued to trade strongly above issue. The class continues to favor larger, late-stage and well-backed stories rather than a broad reopening for earlier-stage biotech, with no new US-listed therapeutic-biotech IPO added since Kardigan.
LargestParabilis Medicines is the largest biotech IPO priced in 2026 at $670.0M before any overallotment exercise, ahead of Kailera Therapeutics at $625.0M and Kardigan at $400.0M on the same base-offering basis; total tracked IPO proceeds are roughly $5.0B across US-listed biotech IPOs.
StandoutVeradermics is still the clear aftermarket winner at roughly +646% 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 14 US-listed names with live aftermarket data, 12 trade above issue and two trade below issue (Agomab and Eikon), while winners remain concentrated in differentiated late-stage, platform-validated, cardiovascular, obesity, proteomics, ophthalmology, radiopharma, and cleaner commercial-platform stories.
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CompanyTherapeutic areaLead assetPhase at IPOPricing dateOffer priceProceedsMCAP at IPO1-dayvs. offer
KardiganCardiovascular / Precision medicinesdanicamtiv, ataciguat and tonlamarsen (three late-stage cardiovascular programs)Phase 2b/318 Jun 2026$16.00$400.0M~$1.4B+37.5%+47.5%
Parabilis MedicinesOncology / Peptide therapeutics / Hard-to-drug targetszolucatetide (clinical-stage Helicon peptide; desmoid tumors and other solid tumors)Phase 1/210 Jun 2026$20.00$670.0M~$2.3B+58.0%+44.0%
Odyssey TherapeuticsAutoimmune / InflammationOD-001 (oral RIPK2 inhibitor; ulcerative colitis)Phase 207 May 2026$18.00$279.0M~$900M-8.8%+0.3%
Hemab TherapeuticsRare bleeding disorderssutacimig / HMB-001 (bispecific antibody; Glanzmann thrombasthenia)Phase 3-ready30 Apr 2026$18.00$346.7M~$841M+88.9%+79.8%
Seaport TherapeuticsNeuropsychiatryGlyphAllo (oral neuroactive steroid; major depressive disorder)Phase 2b30 Apr 2026$18.00$254.9M~$912M+10.2%+18.9%
Avalyn PharmaRare lung diseaseAP01 (inhaled pirfenidone; idiopathic pulmonary fibrosis)Phase 2/329 Apr 2026$18.00$345.0M~$813M+63.8%+70.6%
Kailera TherapeuticsObesity / Metabolic diseaseribupatide (GLP-1/GIP dual agonist; obesity)Phase 316 Apr 2026$16.00$625.0M~$2.0B+62.5%+30.2%
Alamar BiosciencesProteomics / DiagnosticsNULISA / ARGO HT System (ultrasensitive proteomics platform)Commercial16 Apr 2026$17.00$219.9M~$1.53B+33.0%+56.9%
Generate BiomedicinesInflammation / Immunology / OncologyGB-0895 (half-life-extended anti-TSLP; severe asthma)Phase 326 Feb 2026$16.00$400M~$2.2B-21.0%+2.9%
SpyGlass PharmaOphthalmologyBIM-IOL System (bimatoprost drug-pad IOL; OAG/OHT)Phase 305 Feb 2026$16.00$172.5M~$842M+65.0%+32.4%
Agomab TherapeuticsInflammation / FibrosisAGMB-129 / ontunisertib (oral ALK5 inhibitor; fibrostenosing Crohn's)Phase 2a05 Feb 2026$16.00$200M~$780M-8.4%-13.7%
Eikon TherapeuticsOncologyEIK1001 (TLR7/8 agonist; advanced melanoma)Phase 2/304 Feb 2026$18.00$381M~$972M-16.7%-36.4%
VeradermicsAesthetic dermatologyVDPHL01 (extended-release oral minoxidil; androgenetic alopecia)Phase 303 Feb 2026$17.00$294.8M~$596M+122.1%+646.4%
Aktis OncologyOncology225Ac-AKY-1189 (Nectin-4-targeting radioligand; solid tumors)Phase 1b08 Jan 2026$18.00$365.4M~$945M+24.4%+63.6%

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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 26 June 2026 close refresh and will move with the market. Rows are sorted in reverse chronological order by pricing date.