Get In-depth Biotech Coverage with Timmerman Report.
29
Apr
2026
Biotech IPO Scorecard: Investors Rewarded for Bets on New Medicines in 2026
Already this year, we have seen more biotech IPOs than there were in the entire year of 2025. Investors who have stuck their necks out have been rewarded.
This week there are three biotech companies doing road shows that are expected to culminate in Nasdaq listings. They are:
- Boston-based Seaport Therapeutics, a developer of neuropsychiatric drugs.
- Boston-based Avalyn Pharma, a developer of inhalable treatments for lung diseases. (TR coverage, July 2025).
- Cambridge, Mass. and Copenhagen-based Hemab Therapeutics, the developer of targeted therapies for bleeding and clotting disorders.

Lyn Baranowski, CEO, Avalyn Pharma
These companies have few things in common, besides geography. They are all are seeking to break new ground for patients. All are seeking at least $200 million from investors to push through the later stages of drug development. All have already accumulated evidence from clinical trials that investors can use to handicap the odds of success.
When these companies arrive on the Nasdaq, there will be 11 official biotech IPOs in 2026. That’s more than the 10 that were completed in all of 2025, according to Dealogic.
A healthy IPO market could be defined as one that provides access to capital for some of the best venture-backed companies in the world. It provides access to larger pools of capital necessary to complete the long, difficult process of drug development. It provides public market investors with a high-risk / high-reward proposition to balance out portfolios. It provides young companies with bargaining leverage with large pharmaceutical acquirers, knowing they don’t have to accept low-ball takeover offers if there’s a viable option to raise sufficient capital to stay independent. It provides founders, early employees, and early investors with financial rewards for all the time and money they put at risk in a startup.
Maybe most importantly, it provides the entire sector with a shot of optimism. It emboldens entrepreneurs and venture capitalists to take more risks that move fields forward.
Here’s a list of the first 11 members of the biotech IPO class of 2026.
| Company | IPO Date | Amount | What it Does |
| Seaport Therapeutics | Pending | $200m | Neuropsychiatric drugs |
| Hemab Therapeutics | Pending | $201m | Rare blood disorders |
| Avalyn Pharma | Pending | $283m | Inhalable lung drugs |
| Kailera Therapeutics | Apr. 16 | $625m | Obesity |
| Alamar Biosciences | Apr. 16 | $191m | Proteomics |
| Generate Biomedicines | Feb. 26 | $400m | Asthma |
| Eikon Therapeutics | Feb. 5 | $381m | Cancer |
| Agomab Therapeutics | Feb. 5 | $200m | Fibrosis |
| Spyglass Pharma | Feb. 5 | $172m | Eye drugs |
| Veradermics Inc | Feb. 4 | $295m | Hair loss |
| Aktis Oncology Inc | Jan. 12 | $365m | Targeted radiopharmaceuticals for cancer |
The next table is the one that bodes well for the sector in the months ahead. If the first 11 companies of the year perform poorly, then the conga line would come to a halt. But five of the first eight IPOs trading in positive territory, and three down from the IPO price, that offers a fair shot for public investors and creates demand for the next thing.
It also rewards some of the key venture firms listed below, giving them something positive to put in their reports to their limited partners who provide most of their capital.
| Company | Phase | Return from IPO | Top Pre-IPO Investors | |
| Seaport Therapeutics | I | Puretech, Arch Venture Partners, General Atlantic | ||
| Hemab Therapeutics | III | RA Capital, Novo Holdings, Access Industries | ||
| Avalyn Pharma | II | Novo Holdings, SR One, F-Prime Capital | ||
| Kailera Therapeutics | III | 55% | Bain Capital, Jiangsu Hengrui, RTW Investments | |
| Alamar Biosciences | Commercial | 44% | Qiming Venture Partners, Illumina Ventures, Sherpa Healthcare Partners | |
| Generate Biomedicines | III | (23)% | Flagship Pioneering | |
| Eikon Therapeutics | II | (49)% | Lux Capital, The Column Group, Foresite Capital | |
| Agomab Therapeutics | II | (33)% | EQT Life Sciences, Fidelity, Pontifax | |
| Spyglass Pharma | II | 38% | NEA, RA Capital, Vensana | |
| Veradermics Inc | III | 527% | Longitude Capital, SR One, JW Childs | |
| Aktis Oncology Inc | I | 4% | MPM Bioimpact, Vida Ventures, EcoR1 Capital | |




















