Af­ter the IPO mar­ket cooled off last week — not just in phar­ma but the en­tire mar­ket, which saw on­ly one pub­lic de­but ac­cord­ing to Re­nais­sance Cap­i­tal — three more biotechs filed their S-1 pa­per­work Fri­day.

The new en­trants are Prometheus Bio­sciences, Long­board Phar­ma­ceu­ti­cals and Gain Ther­a­peu­tics. Prometheus is pen­cil­ing in the high­est raise of the group, es­ti­mat­ing a $125 mil­lion in­flux of cash. Long­board is seek­ing $86 mil­lion, while Gain is look­ing to raise $40 mil­lion.

There have been 16 biotechs to de­but on Nas­daq so far this year, with Sana lead­ing the way. Its mas­sive IPO raise, which was up­dat­ed to more than $675 mil­lion af­ter the un­der­writ­ers ex­er­cised all their op­tions, makes up the li­on’s share of a com­bined $2.86 bil­lion fundraise.

Here’s what these biotechs have in store for Nas­daq:

Prometheus looks to make use of the biotech IPO fire

Just a few months af­ter a $130 mil­lion crossover round, Prometheus is mak­ing the jump to the pub­lic mar­ket.

Spun out of Cedars-Sinai Med­ical Cen­ter, the com­pa­ny built a con­sid­er­able por­tion of its sci­en­tif­ic foun­da­tion around the work of Stephan Tar­gan, an IBD spe­cial­ist who found­ed the IBD Cen­ter at the med­ical cen­ter about 30 years ago. Their lead pro­gram, PRA023, is an an­ti-TL1A an­ti­body. Pfiz­er has a sim­i­lar pro­gram, but CEO Mark McKen­na has am­bi­tions to build a broad pipeline around IBD.

That crossover stretched Prometheus’ run­way out to 2023, when McKen­na hopes to have three to four pro­grams ei­ther IND-ready or in the clin­ic.

In the ini­tial S-1, Prometheus is look­ing to fund de­vel­op­ment for PRA023 in ul­cer­a­tive col­i­tis and Crohn’s dis­ease, as well as their PR600 pro­gram — an an­ti-TNF an­ti­body slat­ed right now as an IBD catch-all. McKen­na hopes to com­plete a Phase II tri­al for the lead can­di­date and wrap up IND-en­abling stud­ies for PR600.

Al­so in­clud­ed in the S-1 was a $1 mil­lion bonus for McKen­na, should he com­plete the IPO raise by March 9. That comes on top of an in­dus­try-stan­dard $500,000 salary last year with $750,000 col­lect­ed in per­for­mance bonus­es.

Long­board heads to Nas­daq four months af­ter spin­ning out

Long­board is mak­ing the quick tran­si­tion to a pub­lic com­pa­ny just a few months af­ter spin­ning out as its own com­pa­ny.

A for­mer neu­ro sub­sidiary of Are­na Phar­ma, Long­board came to life in Oc­to­ber with $56 mil­lion in fund­ing. The biotech was orig­i­nal­ly the brain­child of Are­na CEO Amit Mun­shi, who ar­rived at JP Mor­gan in 2020 with am­bi­tious plans, in­clud­ing launch­ing this sub­sidiary.

The com­pa­ny has three key pro­grams in its pipeline, start­ing with LP352, a “next-gen­er­a­tion,” clin­i­cal stage 5-HT2C ag­o­nist. It’s in de­vel­op­ment for de­vel­op­men­tal and epilep­tic en­cephalopathies, and the S-1 says Long­board wants to use the IPO funds to com­plete a planned Phase Ib/IIa tri­al in this space.

Fol­low­ing up is LP143, an ag­o­nist of the cannabi­noid type 2 re­cep­tor, and LP659, an S1P re­cep­tor mod­u­la­tor. Those two drugs are tar­get­ed at mi­croglial neu­roin­flam­ma­to­ry dis­eases. Long­board is seek­ing to com­plete Phase I tri­als for both pro­grams with the IPO mon­ey, per the S-1.

For­mer CFO Kevin Lind was ap­point­ed as the new CEO back in Oc­to­ber.

Gain to go pub­lic with a mod­est $40 mil­lion raise es­ti­mate

Seek­ing the small­est raise of the group, Gain is aim­ing for a rel­a­tive­ly mod­est $40 mil­lion raise giv­en the run of biotechs over the last year or so to seek hefty IPO cash.

Gain fo­cus­es on pro­tein mis­fold­ing, with an ini­tial goal of treat­ing lyso­so­mal stor­age dis­or­ders. They have ex­clu­sive­ly in-li­censed a pro­pri­etary plat­form to ac­com­plish this, and are tar­get­ing the GLB1 gene to cre­ate ther­a­pies for GM1 gan­gliosi­do­sis and the GBA1 Gauch­er’s dis­ease and Parkin­son’s.

It’s here where Gain will fun­nel its IPO funds, with the hope of push­ing these can­di­dates in­to Phase I/II tri­als for their re­spec­tive in­di­ca­tions. The com­pa­ny al­so has can­di­dates that try to hone in on the ID­UA gene in mu­copolysac­cha­ri­do­sis type 1 and the GALC gene in Krabbe dis­ease.

Gain emerged from stealth last Ju­ly with a $10 mil­lion Se­ries B round, us­ing that fundraise to set up two IND-en­abling stud­ies.

Jazz CEO Bruce Cozadd didn’t beat around the bush.

In his first video meeting with GW Pharma chief Justin Gover last July 8, he offered to pay $172 a share to get the company, which had beaten the odds in getting its remarkable cannabinoid drug Epidiolex across the regulatory finish line for epilepsy. GW’s stock closed at $129 that day.

Cozadd had already done his homework on the financing to make sure he could swing it the way he wanted. He just needed to do some due diligence before making the non-binding bid firm.