IPO TRACKER

A look at every biotech IPO filed and the amount raised across the world's major indexes. Compiled by associate editor Max Gelman.

TOTAL IPOs

41

TOTAL RAISED

5.31B

IPO Tracker Logo
Q1
Gracell Biotechnologies
Cullinan Oncology
Sana Biotechnology
Landos Biopharma
Sensei Biotherapeutics
Evaxion Biotech
Immunocore
Bolt Biotherapeutics
Vor Biopharma
Terns Pharmaceuticals
Pharvaris
Angion Biomedica
Adagene
Biophytis
Protagenic Therapeutics
Decibel Therapeutics
NexImmune
TransCode Therapeutics
Prometheus Biosciences
Longboard Pharmaceuticals
Instil Bio
Connect Biopharma
Gain Therapeutics
Finch Therapeutics
Zymergen
Lava Therapeutics
Ikena Oncology
Edgewise Therapeutics
Design Therapeutics
Universe Pharmaceuticals
Achilles Therapeutics
Q2
Anebulo Pharmaceuticals
Rain Therapeutics
Impel NeuroPharma
Artiva Biotherapeutics
Werewolf Therapeutics
VectivBio
Reneo Pharmaceuticals
Valneva
Vaccitech
Recursion Pharmaceuticals

FILED

Vac­citech

CEO
Bill Enright
ticker
VACC
exchange
NASDAQ
Filed Date
9 April
Est Raise
$100M

snapshot

The British biotech is most fa­mous for cre­at­ing the tech­nol­o­gy be­hind the As­traZeneca/Ox­ford Uni­ver­si­ty Covid-19 vac­cine, with its co-founder Sarah Gilbert hav­ing head­ed up that re­search. Vac­citech’s push to go pub­lic came just a cou­ple of weeks af­ter rais­ing an im­pres­sive $168 mil­lion for a Se­ries B round, led by Lon­don in­vest­ment firm M&G and joined by Gilead and Ten­cent, among oth­ers. Con­cerns have arisen over the As­traZeneca shot due to a rare side ef­fect of blood clots in younger re­cip­i­ents, how­ev­er, which may lim­it some of the op­ti­mism sur­round­ing the biotech. The EMA and MHRA have both re­quest­ed that clots be list­ed as a very rare po­ten­tial risk to the vac­cine, though they not­ed the ben­e­fits of get­ting the shot con­tin­ue to out­weigh those risks. Vac­citech not­ed these con­cerns in its S-1 “risk fac­tor” sec­tion, writ­ing that in ad­di­tion to the pos­i­tive risk-ben­e­fit pro­file of the vac­cine, “there can be no as­sur­ance that the vac­cine is not as­so­ci­at­ed with an in­crease in the over­all risk of throm­boem­bol­ic events.” As­traZeneca al­so paused its vac­cine tri­al in chil­dren as the clot­ting wor­ries con­tin­ued.

coverage

Val­ne­va

CEO
Thomas Lingelbach
ticker
VALN
exchange
NASDAQ
Filed Date
9 April
Est Raise
$100M

snapshot

De­spite its UK deal to sup­ply Covid-19 vac­cines, Val­ne­va is wary of ex­port ten­sions be­tween Britain and the EU slow­ing down de­liv­ery times. The biotech high­light­ed the po­ten­tial risk that’s been in the news re­cent­ly, not­ing in its S-1 that ex­port re­stric­tions may af­fect its abil­i­ty to de­liv­er those shots promised to the UK. Val­ne­va has com­mit­ments to de­liv­er 100 mil­lion vac­cines to Britain by 2022, with the UK own­ing ad­di­tion­al op­tions for an­oth­er 90 mil­lion in sup­ply be­tween 2023 and 2025. They haven’t opt­ed-in just yet, but thanks to Brex­it, Val­ne­va said any lim­its on im­ports or ex­ports may pose a “sub­stan­tial” risk as the shots are man­u­fac­tured in the UK but pack­aged in the EU. The com­pa­ny it­self is head­quar­tered across the Eng­lish chan­nel in Saint-Herblain, France. The April 9 fil­ing comes just a few days af­ter the biotech re­port­ed new pos­i­tive vac­cine da­ta from a Phase I/II tri­al, and a Phase III could be­gin as soon as the end of the month. Val­ne­va test­ed three dos­ing lev­els, and like many oth­er Covid-19 shots be­ing test­ed or au­tho­rized, it was ad­min­is­tered in two jabs three weeks apart. It’s al­so work­ing on a Ly­me dis­ease vac­cine with Pfiz­er, hav­ing launched a Phase II study for that can­di­date in March.

 

 

coverage

Were­wolf Ther­a­peu­tics

CEO
Dan Hicklin
ticker
HOWL
exchange
NASDAQ
Filed Date
8 April
Est Raise
$100M

snapshot

Boston-based Were­wolf out­lined some of its plans to hit the clin­ic back in Jan­u­ary, when CEO Dan Hick­lin took the wraps off a $72 mil­lion Se­ries B. Us­ing an en­gi­neer­ing plat­form dubbed PREDA­TOR, the com­pa­ny has three mol­e­cules be­long­ing to a class they dub In­dukines, which com­pris­es four com­po­nents: a cy­tokine, an in­ac­ti­va­tion do­main, a half-life ex­ten­sion do­main and a link­er that can be cleaved by pro­teas­es found in tu­mors. That way, they rea­son, the drug stays qui­et through­out the body and on­ly trig­gers an in­flam­ma­to­ry ef­fect against can­cer. The sys­tem makes use of tech­nolo­gies from Har­poon — a fel­low MPM com­pa­ny — in­clud­ing “polypep­tides and a bind­ing moi­ety for con­di­tion­al ac­ti­va­tion of cer­tain polypep­tides.” In ad­di­tion to promis­ing roy­al­ties and ex­chang­ing cer­tain oth­er patent rights, Were­wolf paid a grand $500,000 up­front to Har­poon, which is build­ing an op­er­a­tion around T cell en­gage­ment. With an ini­tial fo­cus on IL-2 and IL-12, Were­wolf is look­ing to be­gin hu­man test­ing for WTX-124 and WTX-330 in 2022. The third can­di­date aims to con­di­tion­al­ly ac­ti­vate IFN-a.

coverage

Arti­va Bio­ther­a­peu­tics

CEO
Fred Aslan
ticker
RTVA
exchange
NASDAQ
Filed Date
8 April
Est Raise
$100M

snapshot

Un­til ear­li­er this year, Arti­va didn’t have much of a pro­file in bio­phar­ma land. For­mer Bel­licum CEO Tom Far­rell had as­sem­bled an NK cell ther­a­py com­pa­ny, lean­ing heav­i­ly on a “huge­ly im­pres­sive” man­u­fac­tur­ing fa­cil­i­ty be­long­ing to Green Cross Lab­Cell in Ko­rea, gath­ered $78 mil­lion in Se­ries A mon­ey and did the news rounds last June, then stayed large­ly qui­et. That changed when Mer­ck signed a col­lab­o­ra­tion worth near­ly $2 bil­lion in mile­stones to pick up the off-the-shelf NK cell tech. Arti­va quick­ly fol­lowed up with a $120 mil­lion Se­ries B, de­signed to kick­start Phase I/II for its lead pro­gram in non-Hodgkin’s lym­phoma. The part­ner­ship deal, Arti­va re­vealed in its S-1, gave GC Lab­Cell a 28% stake in the biotech, al­most dou­ble the hold­ings of 5AM Ven­tures, ven­Bio, RA Cap­i­tal and more than quadru­ple what Ven­rock has.

coverage

Im­pel Neu­roPhar­ma

CEO
Adrian Adams
ticker
IMPL
exchange
NASDAQ
Filed Date
2 April
Est Raise
$75M

snapshot

More than two years af­ter its crossover raise, Im­pel Neu­roPhar­ma is fi­nal­ly head­ing to Nas­daq. The Seat­tle-based biotech has a unique ap­proach for get­ting CNS drugs de­liv­ered to the brain — through the nose. Im­pel’s tech is cen­tered around a de­liv­ery sys­tem of nasal dos­es of old and thor­ough­ly un­der­stood drugs, with re­search go­ing to­ward mi­graines, Parkin­son’s and ag­i­ta­tion re­lat­ed to autism. Led by CEO Adri­an Adams, Im­pel hopes an en­hanced nasal de­liv­ery ap­proach can im­prove a drug’s per­for­mance, of­fer­ing an open­ing for an im­proved ther­a­peu­tic ef­fect with a liq­uid or dry for­mu­la­tion of an old drug. Their mi­graine pro­gram has com­plet­ed its piv­otal study, with an ex­pect­ed PDU­FA date of Sept. 6 lat­er this year. As such, the ma­jor­i­ty of the planned IPO cash will go to­ward fund­ing the po­ten­tial com­mer­cial launch of the mi­graine treat­ment, which Im­pel plans to mar­ket as Trud­he­sa. The drug is an up­per nasal for­mu­la­tion of di­hy­droer­go­t­a­mine to treat acute mi­graines. The re­main­der of the IPO funds will help the INP105 pro­gram, de­signed for acute treat­ment of ag­i­ta­tion and ag­gres­sion as­so­ci­at­ed with autism spec­trum dis­or­der. This can­di­date is a nasal re­for­mu­la­tion of olan­za­p­ine.

coverage

Rain Ther­a­peu­tics

CEO
Avanish Vellanki
ticker
RAIN
exchange
NASDAQ
Filed Date
2 April
Est Raise
$100M

snapshot

Rain Ther­a­peu­tics saw a show­er of good for­tune in 2020. Around La­bor Day last year, the biotech tripled its pipeline in the span of a week, li­cens­ing a re­search pro­gram from Drex­el Uni­ver­si­ty and nab­bing a Phase II-ready drug from Dai­ichi Sankyo. Rain fol­lowed that up with a $63 mil­lion fundraise short­ly af­ter to push for­ward all three of its pro­grams. The Dai­ichi pro­gram has now be­come Rain’s lead. Dubbed RAIN-32, the can­di­date will see the bulk of Rain’s IPO funds fun­neled to­ward it. Per the S-1, Rain plans to launch three stud­ies for RAIN-32, in­clud­ing a piv­otal Phase III study in an MDM2-am­pli­fied sub­type of li­posar­co­ma. The new­er can­di­dates pair up with the com­pa­ny’s orig­i­nal mis­sion, one which helped it launch with an $18 mil­lion Se­ries A back in 2018. Rain’s first ex­per­i­men­tal drug was tar­lox­o­tinib, a small mol­e­cule in­hibitor de­signed to tar­get low oxy­gen lev­els in tu­mors, there­by spar­ing healthy tis­sues.

coverage

Aneb­u­lo Phar­ma­ceu­ti­cals

CEO
Daniel Schneeberger
ticker
ANEB
exchange
NASDAQ
Filed Date
1 April
Est Raise
$15M

snapshot

Aneb­u­lo Phar­ma­ceu­ti­cals pen­ciled in a mod­est $15 mil­lion for its IPO raise. The Lake­way, TX-based com­pa­ny, found­ed just last year, is fo­cused on de­vel­op­ing treat­ment for cannabi­noid over­dose and sub­stance ad­dic­tion. Aneb­u­lo’s lead can­di­date, ANEB-001, is de­signed to re­verse the neg­a­tive ef­fects of cannabi­noid over­dose with­in one hour of ad­min­is­tra­tion. Aneb­u­lo is hop­ing to ful­ly fi­nance a Phase II proof-of-con­cept study for the pro­gram with its IPO mon­ey. But this won’t be the last time Aneb­u­lo is look­ing to raise mon­ey — in their S-1, they not­ed that they’ll have more cap­i­tal in about 18 months to run the piv­otal safe­ty tri­als, launch the drug com­mer­cial­ly and make mile­stone pay­ments to Ver­nalis, from whom Aneb­u­lo li­censed its pro­gram.

coverage

Zymer­gen

CEO
Josh Hoffman
ticker
ZY
exchange
NASDAQ
Filed Date
23 March
Est Raise
$401M
Terms set
13.6 million shares at $28 to $31

snapshot

Zymer­gen’s IPO pitch comes five years af­ter the syn­thet­ic bi­ol­o­gy com­pa­ny raised $174 mil­lion from in­vestors by piquing in­ter­est in de­sign­er mi­crobes. The com­pa­ny so far has spe­cial­ized in en­gi­neer­ing mi­crobes for new ma­te­ri­als, in­clud­ing elec­tron­ics and in­sect re­pel­lent, or for man­u­fac­tur­ing chem­i­cals and fu­els. But they’ve al­so qui­et­ly been in­volved in drug de­vel­op­ment and man­u­fac­tur­ing bi­o­log­ics. Their IPO haul, which could be sig­nif­i­cant, rep­re­sents a ma­jor mile­stone for a syn­thet­ic bi­ol­o­gy field that has been try­ing to re­make cor­ners of the bio­phar­ma in­dus­try. The amount they ul­ti­mate­ly raise could pro­vide a bench­mark for the next wide­ly an­tic­i­pat­ed syn­thet­ic bi­ol­o­gy IPO: Gink­go Bioworks, which has played a much more di­rect role in drug de­vel­op­ment, team­ing with Roche, Mod­er­na and Syn­log­ic. Zymer­gen has yet to make any ma­jor pub­lic in­roads in­to bio­phar­ma, but they say on their web­site in a sec­tion la­beled “emerg­ing ar­eas” that they are ac­tive­ly us­ing their ge­net­ic li­braries, high-through­put sys­tems and oth­er tech­nolo­gies to de­vel­op drugs for on­col­o­gy and in­fec­tious dis­eases. Their first prod­uct, a film that al­lows cus­tomers to make fold­able touch­screens, was launched in De­cem­ber 2020. Zymer­gen set its terms on April 14.

coverage

TransCode Ther­a­peu­tics

CEO
Michael Dudley
ticker
RNAZ
exchange
NASDAQ
Filed Date
26 February
Est Raise
$30M

snapshot

Found­ed and led by CRO vet Michael Dud­ley, Boston-based TransCode Ther­a­peu­tics is fo­cused on de­liv­er­ing RNA drugs to where they are need­ed to kill can­cer, and they are am­bi­tious. All of their pro­grams are still in the pre­clin­i­cal stage, with the lead can­di­date de­signed to treat metasta­t­ic can­cer — mean­ing tu­mors in the breast, pan­creas, ovary, colon or even the brain. Ac­cord­ing to the com­pa­ny’s S-1, TransCode’s strat­e­gy seeks to over­come de­liv­ery chal­lenges by re­pur­pos­ing a par­ti­cle, which are used ex­ten­sive­ly in hu­mans for imag­ing pur­pos­es, to de­liv­er syn­thet­ic RNA mol­e­cules to can­cer cells. TransCode is al­so de­vel­op­ing a PD-L1 that they’re hop­ing to use for pan­cre­at­ic can­cer, melanoma, NSCLC and breast can­cer. For their next step, the com­pa­ny in­tends to ad­vance the lead pro­gram to the clin­ic for those suf­fer­ing from late-stage can­cer. In March 2020, TransCode re­ceived FDA guid­ance for their first pro­posed study as part of its pre-IND sub­mis­sion.

coverage

Pro­ta­genic Ther­a­peu­tics

CEO
Garo Armen
ticker
PTIX
exchange
NASDAQ
Filed Date
11 February
Est Raise
$18M

snapshot

The small neu­ro dis­or­der biotech Pro­ta­genic Ther­a­peu­tics filed for an $18 mil­lion IPO last Thurs­day. Work­ing on neu­ropep­tides de­rived from the TCAP fam­i­ly, the com­pa­ny’s lead pro­gram PT00114 is be­ing de­vel­oped to treat stress-re­lat­ed dis­or­ders such as PTSD and drug and al­co­hol ad­dic­tions with­out in­ter­fer­ing with brain func­tion. The com­pound is ex­pect­ed to com­plete IND-en­abling stud­ies in ear­ly 2021, and sub­se­quent­ly, en­ter Phase I/II tri­als. Pro­ta­genic said in its S-1 it plans to fun­nel mon­ey to­ward en­rolling this “bas­ket” tri­al, with the goal of sign­ing up 42 pa­tients. Ul­ti­mate­ly, Pro­ta­genic’s goal is to im­prove men­tal health by coun­ter­bal­anc­ing stress over­drive and restor­ing the health of neu­ronal cells. Pro­ta­genic is al­ready list­ed on the OTC­QB mar­ket, with se­cu­ri­ties list­ed at $4.15 as of Feb. 12.

coverage

PRICED

Re­cur­sion Phar­ma­ceu­ti­cals

CEO
Chris Gibson
ticker
RXRX
exchange
NASDAQ
IPO Date
16 April
Total Raised
$436.4M
Priced at
$18
Current Price
$30.71

snapshot

Re­cur­sion’s $239 mil­lion Se­ries D marked one of the largest, if not the sin­gle largest, fund­ing rounds for an ar­ti­fi­cial-in­tel­li­gence-fo­cused biotech. That ap­proach cen­ters around a 100,000 square-foot ware­house in down­town Salt Lake City, where ro­bots take Petri dish­es of dif­fer­ent cell types and knock out dif­fer­ent genes. They’re con­stant­ly tak­ing pic­tures in the process, with the dif­fer­ences be­ing too small for a hu­man eye to dif­fer­en­ti­ate. But their com­put­ers can, and by do­ing so pick up pat­terns to in­di­cate what can make a cell sick and which genes, when tar­get­ed, can make them healthy. With­in its S-1, Re­cur­sion sig­naled a broad de­vel­op­ment push across its pipeline. The biotech plans to fo­cus the funds on Phase II tri­als for four of its pro­grams: REC-4881 for fa­mil­ial ade­no­ma­tous poly­po­sis, REC-3599 for GM2 gan­gliosi­do­sis, REC-2282 for neu­rofi­bro­mato­sis type 2 and REC-994 for cere­bral cav­ernous mal­for­ma­tion. There are al­so plans to use some of the mon­ey on six of the biotech’s pre­clin­i­cal can­di­dates, in­clud­ing Bat­ten dis­ease, sol­id and hema­to­log­i­cal ma­lig­nan­cies and the lead mol­e­cule for the treat­ment of C. dif­fi­cile col­i­tis.

coverage

Re­neo Phar­ma­ceu­ti­cals

CEO
Gregory Flesher
ticker
RPHM
exchange
NASDAQ
IPO Date
9 April
Total Raised
$94M
Priced at
$15
Current Price
$12.88

snapshot

Backed by No­vo Ven­tures and Abing­worth, Re­neo had enough cash be­fore­hand to take them through the com­ple­tion of three ear­ly- to mid-stage tri­als for their lead pro­gram, REN001, CEO Gre­go­ry Flesh­er told End­points at the time. With­in its S-1, Re­neo has now de­tailed its plans to use the IPO funds to com­plete those stud­ies in pri­ma­ry mi­to­chon­dr­i­al my­opathies, fat­ty acid ox­i­da­tion dis­or­ders and McAr­dle dis­ease. REN001 is a PPAR-delta ag­o­nist, and the three con­di­tions Re­neo is look­ing at are re­lat­ed to dif­fer­ent parts of mi­to­chon­dr­i­al func­tion. A once-dai­ly pill, REN001 has the abil­i­ty to help cells ex­press cer­tain genes with­in the mi­to­chon­dria that in­crease a pa­tient’s me­tab­o­lism. Though it’s not a gene ther­a­py, the ul­ti­mate goal is to help pa­tients re­plen­ish mi­to­chon­dria cells once old ones die off while si­mul­ta­ne­ous­ly boost­ing en­zyme pro­duc­tion.

coverage

Vec­tivBio

CEO
Luca Santarelli
ticker
VECT
exchange
NASDAQ
IPO Date
8 April
Total Raised
$127.5M
Priced at
$17
Current Price
$16.39

snapshot

Lu­ca Santarel­li tells a straight­for­ward sto­ry about Vec­tivBio. Af­ter sell­ing Ther­a­chon to Pfiz­er in an $810 mil­lion deal, the Roche vet im­me­di­ate­ly spun out with the new com­pa­ny, tak­ing their Phase II drug apraglu­tide for short bow­el syn­drome. The IPO was a nat­ur­al next step on the heels of a mega-raise of $110 mil­lion an­nounced last Oc­to­ber, with the fo­cus still square­ly on ex­e­cut­ing the Phase III and lay­ing the foun­da­tion for com­mer­cial­iza­tion work. A long-act­ing syn­thet­ic pep­tide ana­log of GLP-2, apraglu­tide re­mains the sole as­set in the com­pa­ny and will be de­ployed in a range of rare gas­troin­testi­nal dis­or­ders out­side of SBS. Topline re­sults for the lead in­di­ca­tion, in SBS in­testi­nal fail­ure, are ex­pect­ed in 2023. While Vec­tivBio is look­ing to in-li­cense or ac­quire ad­di­tion­al drugs for the pipeline, the IPO pro­ceeds are most­ly go­ing to­ward the core pro­gram — in­clud­ing a Phase II tar­get­ing a sub­group of SBS-IF pa­tients with colon-in-con­ti­nu­ity anato­my and proof of con­cept in apraglu­tide’s util­i­ty for gas­troin­testi­nal man­i­fes­ta­tions of graft-ver­sus-host dis­ease.

coverage

Achilles Ther­a­peu­tics

CEO
Iraj Ali
ticker
ACHL
exchange
NASDAQ
IPO Date
30 March
Total Raised
$175.5M
Priced at
$18
Current Price
$15.08

snapshot

Achilles pulled in a $175.5 mil­lion raise to take its T cell ther­a­pies tar­get­ing clon­al neoanti­gens to Nas­daq. Co-found­ed by Char­lie Swan­ton of the Fran­cis Crick In­sti­tute, the UK biotech aims to lever­age heavy se­quenc­ing to iden­ti­fy a pa­tient-spe­cif­ic set of tu­mor mu­ta­tions that it can tar­get. Un­like oth­er neoanti­gen pi­o­neers like Grit­stone On­col­o­gy, Neon Ther­a­peu­tics and BioN­Tech, Achilles is look­ing to di­rect­ly de­liv­er can­cer killing T cells rather than stim­u­lat­ing an im­mune re­sponse via a vac­cine. Achilles got a boost in Sep­tem­ber 2019 with a $121 mil­lion Se­ries B thanks to a syn­di­cate led by RA Cap­i­tal. And in No­vem­ber 2020, the biotech pulled in an­oth­er $69.7 mil­lion for an over­sub­scribed Se­ries C.

coverage

Ike­na On­col­o­gy

CEO
Mark Manfredi
ticker
IKNA
exchange
NASDAQ
IPO Date
26 March
Total Raised
$125M
Priced at
$16
Current Price
$17.98

snapshot

Based out of Boston, Ike­na got start­ed with a $49 mil­lion Se­ries A back in 2017, pulling in funds from high-pro­file back­ers like Or­biMed and At­las Ven­tures to ad­vance its im­munome­tab­o­lism ther­a­pies to treat can­cer. The idea is to lever­age meta­bol­ic path­ways and the bro­ken-down mol­e­cules that re­sult from the body’s me­tab­o­lism in­to sup­press­ing the body’s im­mune sys­tem. Ike­na’s lead in-house pro­gram is IK-930, an oral small mol­e­cule in­hibitor of a tran­scrip­tion fac­tor known as TEAD, or the tran­scrip­tion­al en­hanced as­so­ciate do­main. It deals with Hip­po path­way mu­ta­tions, with Ike­na hop­ing the can­di­date can help reg­u­late po­lar­i­ty, pro­lif­er­a­tion and tis­sue home­osta­sis, among oth­er things, in sol­id tu­mors. They’re hop­ing to sub­mit an IND here in the sec­ond half of 2021. There’s al­so two BMS-part­nered pro­grams deal­ing with TDO and IDO, al­though in­di­rect­ly. BMS owns a rough­ly 8% stake in the com­pa­ny af­ter Cel­gene teamed up with then-Kyn Ther­a­peu­tics in ear­ly 2019.

coverage

Edge­wise Ther­a­peu­tics

CEO
Kevin Koch
ticker
EWTX
exchange
NASDAQ
IPO Date
26 March
Total Raised
$176M
Priced at
$16
Current Price
$27.48

snapshot

Edge­wise is fo­cus­ing on rare mus­cle dis­or­ders, with am­bi­tions in Duchenne mus­cu­lar dy­s­tro­phy, Beck­er mus­cu­lar dy­s­tro­phy, and limb-gir­dle mus­cu­lar dy­s­tro­phy. Its lead pro­gram is al­ready in the clin­ic. Edge­wise says that EDG-5506 is a small mol­e­cule in­hibitor for fast my­ofiber (type II) myosin de­signed to ad­dress the root cause of dy­s­trophinopathies. It’s cur­rent­ly in a Phase I tri­al for DMD, Beck­er and LGMD and Edge­wise hopes it can lim­it the hy­per­con­trac­tion stress caused by the lack of dy­s­trophin in these dis­eases. About $80 mil­lion of the IPO funds will be fun­neled to­ward this pro­gram to get it through the Phase I study and through the in­ter­im read­out of a Phase II/III study. An ad­di­tion­al $55 mil­lion is ear­marked for the re­search and de­vel­op­ment of three pre­clin­i­cal pro­grams, EDG-6289, EDG-002 and EDG-003. EDG-6289 is list­ed as a mus­cle sta­bi­liz­er, while the oth­er two are billed as mus­cle de­sen­si­tiz­ers.

 

coverage

De­sign Ther­a­peu­tics

CEO
Joao Siffert
ticker
DSGN
exchange
NASDAQ
IPO Date
26 March
Total Raised
$240M
Priced at
$20
Current Price
$23.53

snapshot

De­sign se­cured its launch round just over a year ago, and is now tak­ing its Gene­TAC plat­form pub­lic. The San Diego-based biotech fo­cus­es on de­gen­er­a­tive dis­eases linked to nu­cleotide re­peat ex­pan­sions, and is co-found­ed and chaired by Pratik Shah, who pre­vi­ous­ly helped en­gi­neer two mul­ti-bil­lion M&A deals. Shah was CEO of Aus­pex for 2 years be­fore Te­va scooped it up for $3.5 bil­lion in 2015, and he was al­so chair­man at Syn­thorx, which Sanofi bought out for $2.5 bil­lion at the end of 2019. Gene­TAC, short for gene tar­get­ed chimeras, helps De­sign go af­ter what it says are more than 40 de­gen­er­a­tive dis­eases caused by nu­cleotide re­peat ex­pan­sions. The biotech has two pipeline pro­grams thus far, one in Friedre­ich’s atax­ia and one in my­oton­ic dy­s­tro­phy type-1. IPO funds are slat­ed to go to­ward both of these pro­grams, De­sign wrote in its S-1. It es­ti­mates $30 mil­lion is need­ed to take the Friedre­ich’s atax­ia can­di­date through a Phase I tri­al and $35 mil­lion to take the DM1 pro­gram through Phase I. An­oth­er $35 mil­lion will fund a cur­rent­ly undis­closed pro­gram, with the re­main­der of the cash go­ing to­ward gen­er­al R&D and cor­po­rate pur­pos­es.

coverage

Uni­verse Phar­ma­ceu­ti­cals

CEO
Gang Lai
ticker
UPC
exchange
NASDAQ
IPO Date
26 March
Total Raised
$25M
Priced at
$5
Current Price
$3.84

snapshot

The Ji’an, Jiangxi, Chi­na-based com­pa­ny mar­kets its pro­grams to­ward the el­der­ly in Chi­na with its tra­di­tion­al Chi­nese med­i­cine de­riv­a­tives, with the goal of ad­dress­ing phys­i­cal con­di­tions re­lat­ed to ag­ing as well as their gen­er­al well-be­ing. Found­ed in 2019, Uni­verse boasts 26 reg­is­tra­tions and ap­provals with Chi­nese reg­u­la­tors and sells 13 prod­ucts as of ear­ly March. With­in its F-1, Uni­verse says it’s split­ting the IPO raise in­to four rough­ly equal parts. There is 28% list­ed for up­grad­ing and ex­pand­ing man­u­fac­tur­ing fa­cil­i­ties, 27% for R&D, 24% for mar­ket­ing and 21% for cor­po­rate up­keep.

coverage

La­va Ther­a­peu­tics

CEO
Steve Hurly
ticker
LVTX
exchange
NASDAQ
IPO Date
25 March
Total Raised
$100.5M
Priced at
$15
Current Price
$14.88

snapshot

La­va de­buted back in May 2018 with a mod­est $18.9 mil­lion to re­search what was then a nascent field: gam­ma delta T cells. They stayed al­most en­tire­ly un­der the radar — not is­su­ing an­oth­er press re­lease for over a year and a half — un­til an­nounc­ing a can­cer bis­pecifics part­ner­ship with J&J’s Janssen in May 2020. A few months lat­er, they re­turned to the ven­ture well with $83 mil­lion in Se­ries C fi­nanc­ing and two pro­grams ready for the clin­ic. With a fo­cus on im­muno-on­col­o­gy, the Dutch-Amer­i­can biotech’s sci­en­tif­ic ap­proach in­volves build­ing bis­pe­cif­ic an­ti­bod­ies that grab a re­cep­tor on gam­ma delta T cells and link it with a par­tic­u­lar pro­tein on the tu­mor, aim­ing to on­ly ac­ti­vate while in the vicin­i­ty of the can­cer. La­va al­so says its ther­a­pies can help in­duce im­mune mem­o­ry of the can­cer, should it ap­pear again, due to gam­ma delta T cells’ sim­i­lar­i­ty to anti­gen-pre­sent­ing cells. The biotech built its re­search on the sci­en­tif­ic dis­cov­er­ies of CSO Hans van der Vli­et, an on­col­o­gist at VU Uni­ver­si­ty Med­ical Cen­ter and Can­cer Cen­ter Am­s­ter­dam.

coverage

In­stil Bio

CEO
Bronson Crouch
ticker
TIL
exchange
NASDAQ
IPO Date
18 March
Total Raised
$320M
Priced at
$20
Current Price
$18.93

snapshot

By div­ing in­to tu­mor-in­fil­trat­ing lym­pho­cytes, In­stil Bio faces some high-pro­file com­pe­ti­tion not just with TIL play­ers like Io­vance, Adap­ti­m­mune and PACT Phar­ma but al­so CAR-T and TCR-T cell ther­a­py de­vel­op­ers like Gilead’s Kite and Bris­tol My­ers Squibb’s Juno. Yet the Dal­las-based biotech is all-in on the tech plat­form, in­clud­ing the man­u­fac­tur­ing know-how, it first in-li­censed then ac­quired from Im­meta­cyte, a Uni­ver­si­ty of Man­ches­ter spin­out that’s been run­ning a com­pas­sion­ate use pro­gram at a UK hos­pi­tal for eight years. Since its found­ing in 2018, it’s raised $380 mil­lion of ven­ture fund­ing to get here, and CEO Bron­son Crouch’s crew ini­tial­ly pen­ciled in an­oth­er $100 mil­lion raise, but that fig­ure was up­sized to $250 mil­lion when In­stil set its IPO terms on March 15. In­stil ul­ti­mate­ly priced at $20 per share with a $320 mil­lion raise. The plan now is to sub­mit an IND to the FDA — its first — and jump straight in­to a Phase II tri­al for melanoma lat­er this year, which In­stil hopes can sup­port a BLA sub­mis­sion as ear­ly as 2023. Giv­en how fre­quent­ly CMC is­sues trip up cell and gene ther­a­pies these days, though, there’s like­ly a long way to go for its in-house man­u­fac­tur­ing crew.

coverage

Con­nect Bio­phar­ma

CEO
Zheng Wei
ticker
CNTB
exchange
NASDAQ
IPO Date
18 March
Total Raised
$191M
Priced at
$17
Current Price
$16.83

snapshot

Found­ed by two old pals whose friend­ship traces back to a uni­ver­si­ty in Guangzhou, Chi­na, Con­nect Bio­phar­ma had snagged $115 mil­lion from a slate of mar­quee in­vestors back in Au­gust. Now, they’re ready to take the com­pa­ny to Nas­daq with a pipeline of im­mune mod­u­la­tors, led by an an­ti-IL-4Ra an­ti­body that can treat in­flam­ma­to­ry al­ler­gic dis­eases such as atopic der­mati­tis, asth­ma, and chron­ic rhi­nos­i­nusi­tis with nasal polyps. These are big in­di­ca­tions chased by some of the top names in the glob­al bio­phar­ma world — the lead drug hits the same tar­get as Re­gen­eron and Sanofi’s Dupix­ent — but Con­nect be­lieves the as­says they used in drug dis­cov­ery could make them a best-in-class con­tender. The big re­veal will come in the sec­ond half of 2021, when topline Phase IIb re­sults are due. For now, the Phase Ib re­sults will have to do, re­sults that showed a four-week treat­ment im­proved skin le­sion and pru­ri­tus in mod­er­ate-to-se­vere atopic der­mati­tis pa­tients. Con­nect set its terms on March 12.

coverage

Gain Ther­a­peu­tics

CEO
Eric Richman
ticker
GANX
exchange
NASDAQ
IPO Date
18 March
Total Raised
$40M
Priced at
$11
Current Price
$14.69

snapshot

Hav­ing sought a rel­a­tive­ly mod­est raise giv­en the run of biotechs over the last year or so to go af­ter hefty IPO cash, Gain raised $40 mil­lion for its pub­lic of­fer­ing. The com­pa­ny 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 for 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. Gain set its terms on March 10.

coverage

Finch Ther­a­peu­tics

CEO
Mark Smith
ticker
FNCH
exchange
NASDAQ
IPO Date
18 March
Total Raised
$128M
Priced at
$17
Current Price
$16.33

snapshot

When Mark Smith helped start the non­prof­it stool bank Open­Bio­me in 2012, there weren’t re­li­able, stan­dard­ized ways to man­u­fac­ture and dis­trib­ute stool prepa­ra­tions for fe­cal mi­cro­bio­ta trans­plants. More than eight years lat­er, he be­lieves new al­ter­na­tives are on the hori­zon. Finch Ther­a­peu­tics’ S-1 dropped just days af­ter Open­Bio­me an­nounced it’s phas­ing out pro­duc­tion of new treat­ments, with an aim to save enough in­ven­to­ry to meet de­mand through­out 2021 “as a bridge to FDA-ap­proved ther­a­pies.” The biotech wants to bring one of those ther­a­pies to the mar­ket. CP101, a cap­sule made of freeze-dried stool sam­ples from healthy donors, has hit the mark on re­cur­rence-free bac­te­ria clear­ance for pa­tients with a C. dif­fi­cile in­fec­tion — re­sults that Smith, co-founder and CEO at Finch, said came at a turn­ing point for the field. Af­ter some ear­ly fail­ures and im­plo­sions, sci­en­tists may have found the right way to pack all the ben­e­fits of a fe­cal mi­cro­bio­ta trans­plant (FMT) in­to a pill and skip the cum­ber­some pro­ce­dure. Smith raised $128 mil­lion in the IPO to ac­com­plish this, and a sec­ond, con­fir­ma­to­ry tri­al is ex­pect­ed to be­gin not long af­ter Finch lands on Nas­daq and should read out in 2023. Finch set its terms on March 15.

coverage

Long­board Phar­ma­ceu­ti­cals

CEO
Kevin Lind
ticker
LBPH
exchange
NASDAQ
IPO Date
11 March
Total Raised
$80M
Priced at
$16
Current Price
$11.78

snapshot

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. Long­board set terms for its IPO on March 8.

coverage

Prometheus Bio­sciences

CEO
Mark McKenna
ticker
RXDX
exchange
NASDAQ
IPO Date
11 March
Total Raised
$190M
Priced at
$19
Current Price
$25

snapshot

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 McKen­na has am­bi­tions to build a broad pipeline around IBD. The 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. Prometheus set its IPO terms on March 8.

coverage

Nex­Im­mune

CEO
Scott Carmer
ticker
NEXI
exchange
NASDAQ
IPO Date
12 February
Total Raised
$110M
Priced at
$17
Current Price
$18.74

snapshot

Spun out of Johns Hop­kins with a $23 mil­lion Se­ries A back in 2018, Nex­Im­mune pulled in a high­er than ex­pect­ed $110 mil­lion range. The com­pa­ny cen­ters around the idea of spe­cial­ized nanopar­ti­cles that act as anti­gen-pre­sent­ing cells to in­cite a T cell at­tack on tu­mors, and had main­tained a rel­a­tive­ly low pro­file af­ter that Se­ries A, but re­searchers pre­sent­ed ini­tial re­sults from a Phase I/II study in its lead pro­gram at ASH last De­cem­ber. That study, for NEXI-001, is eval­u­at­ing pa­tients with acute myeloid leukemia. Among the first five pa­tients dosed, the can­di­date was shown to in­duce a re­turn to base­line lev­els of ab­solute lym­pho­cyte counts with­in 3 to 35 days. The pro­gram is still in its ear­ly clin­i­cal days, how­ev­er, and aims to en­roll be­tween 22 and 28 pa­tients. Nex­Im­mune’s oth­er lead can­di­date NEXI-002 hasn’t yet had a da­ta read­out, but was dosed in the first pa­tient with mul­ti­ple myelo­ma last Oc­to­ber. The com­pa­ny’s ul­ti­mate goal for its mol­e­cules is to pro­vide a more durable at­tack, in­volv­ing more tar­gets and less like­li­hood of a set­back for pa­tients, par­tic­u­lar­ly if they can make an im­pact on naïve and mem­o­ry T cells to keep the hu­man im­mune sys­tem on alert. IPO funds will go to­ward both of these pro­grams.

coverage

Deci­bel Ther­a­peu­tics

CEO
Laurence Reid
ticker
DBTX
exchange
NASDAQ
IPO Date
11 February
Total Raised
$127M
Priced at
$18
Current Price
$9.92

snapshot

Deci­bel rough­ly dou­bled their cap­i­tal in No­vem­ber af­ter rais­ing $82 mil­lion in a Se­ries D, and now they’ve gone pub­lic just a cou­ple of months lat­er with an up­sized $127 mil­lion raise. The com­pa­ny spent years fo­cused on pre­vent­ing hear­ing loss, but they piv­ot­ed last win­ter. Faced with what they char­ac­ter­ized as sur­pris­ing ad­vance­ments in ge­nom­ic and re­gen­er­a­tive tech­nol­o­gy, and hav­ing failed to find a bio­mark­er that could let them run a pre­ven­ta­tive tri­al, they de­cid­ed to scrap key pro­grams and fo­cus on gene ther­a­pies that can re­store hear­ing loss. De­vel­oped in part­ner­ship with Re­gen­eron, Deci­bel’s gene ther­a­py for the same pro­tein isn’t sched­uled to hit the clin­ic un­til 2022. Re­searchers are start­ing with fix­ing a sin­gle gene in peo­ple with the OTOF mu­ta­tions, but the long-term goal is to build cures for more gen­er­al hear­ing loss and bal­ance dis­or­ders. The biotech is one of three Boston-area com­pa­nies chas­ing cures for hear­ing dis­or­ders, next to the well-heeled gene ther­a­py up­start Ak­ou­os and the stem cell re­gen­er­a­tion de­vel­op­ers at Fre­quen­cy Ther­a­peu­tics.

coverage

Bio­phytis

CEO
Stanislas Veillet
ticker
BPTS
exchange
NASDAQ
IPO Date
10 February
Total Raised
$20M
Priced at
$16.75
Current Price
$12.7

snapshot

Bio­phytis is tak­ing a sec­ond crack at an IPO, hav­ing pre­vi­ous­ly filed an F-1 back in May 2019. The com­pa­ny with­drew its $15 mil­lion pitch lat­er that Ju­ly due to “un­fa­vor­able mar­ket con­di­tions,” but is pen­cil­ing in the same amount for its lat­est at­tempt. If suc­cess­ful this time around, Bio­phytis plans on fun­nel­ing most of the funds in­to its lead pro­gram: a small mol­e­cule dubbed Sar­co­neos, which the biotech be­lieves can treat sar­cope­nia, Duchenne mus­cu­lar dy­s­tro­phy, and pneu­mo­nia re­lat­ed to SARS-CoV-2. The mol­e­cule is de­signed to ac­ti­vate the MAS re­cep­tor in mus­cle cells, a key com­po­nent of the Renin-an­giotensin sys­tem that con­trols things like flu­id bal­ance, blood pres­sure, car­dio­vas­cu­lar func­tion and mus­cu­lar me­tab­o­lism. Sar­co­neos’ ini­tial tar­get in­di­ca­tion, sar­cope­nia, is the age-re­lat­ed de­gen­er­a­tion of skele­tal mus­cle. It’s cur­rent­ly in a Phase II study for sar­cope­nia with topline re­sults com­ing in the sec­ond quar­ter this year, as well as a Phase II/III for Covid-19 pa­tients with pneu­mo­nia. The first in­ter­im analy­sis for that in­di­ca­tion is slat­ed for 2021’s first quar­ter.

coverage

Ada­gene

CEO
Peter Luo
ticker
ADAG
exchange
NASDAQ
IPO Date
9 February
Total Raised
$140M
Priced at
$19
Current Price
$13.53

snapshot

Ada­gene dis­cov­ered a new CAR-T can­di­date ear­li­er in Jan­u­ary, and sought to cap­i­tal­ize on the mo­ment with an IPO. They suc­ceed­ed, pulling in a raise slight­ly above ex­pec­ta­tions. Their pro­gram for re­nal cell car­ci­no­ma is the first of which the biotech is aware that tar­gets a hu­man en­doge­nous retro­virus ex­pressed in the ma­jor­i­ty of clear-cell kid­ney tu­mors. The CAR-T was de­vel­oped in tan­dem with the NHLBI, and the NIH is ex­pect­ed to take over man­u­fac­tur­ing and clin­i­cal de­vel­op­ment. Ada­gene’s IPO funds are slat­ed to go else­where, with 95% of the raise pen­ciled in for R&D. The ex­ec team will di­rect 26% of funds to­ward its lead can­di­date, ADG106. A mon­o­clon­al an­ti­body and CD137 ag­o­nist, the pro­gram is cur­rent­ly in Phase Ib/IIa tri­als for ad­vanced or metasta­t­ic sol­id tu­mors and/or re­lapsed/re­frac­to­ry non-Hodgkin’s lym­phoma. An­oth­er 26% of funds are slat­ed to go to­ward Ada­gene’s oth­er two pro­grams, ADG116 and ADG126. Both pro­grams seek to block the known can­cer tar­get CT­LA-4, with ADG116 fo­cus­ing on a “unique” epi­tope. ADG116 has en­tered a Phase I study while ADG126 is still in pre­clin­i­cal stages. The last 43% al­lo­cat­ed to R&D will help fund pre­clin­i­cal can­di­dates and fur­ther plat­form de­vel­op­ment.

coverage

An­gion Bio­med­ica

CEO
Jay Venkatesan
ticker
ANGN
exchange
NASDAQ
IPO Date
5 February
Total Raised
$80M
Priced at
$16
Current Price
$14.07

snapshot

De­vel­op­ing small mol­e­cule ther­a­pies for acute or­gan in­juries, An­gion priced at the high end of its range and raised a slight­ly up­sized $80 mil­lion. Its lead pro­gram, ANG-3777, is cur­rent­ly en­rolling Phase III stud­ies for re­duc­ing the sever­i­ty of de­layed graft func­tion af­ter a kid­ney trans­plant. In an up­dat­ed S-1, the com­pa­ny says it plans to com­mit $15 mil­lion to $25 mil­lion to fund this tri­al as well as prep an NDA for the com­pound. If every­thing goes as planned, da­ta from the tri­al will read out by the end of 2021 with an NDA com­ing next year. ANG-3777 is al­so be­ing stud­ied in acute kid­ney in­jury as­so­ci­at­ed with car­diac surgery, with a Phase II study un­der­way. Some IPO funds will be di­rect­ed to­ward launch­ing a Phase III in this in­di­ca­tion, as well as an­oth­er Phase II study in ARDS re­lat­ed to Covid-19. An­gion has a sec­ond clin­i­cal pro­gram called ANG-3070, which is in a Phase I tri­al for a fi­brot­ic dis­ease. Rough­ly $17 mil­lion to $27 mil­lion will push this Phase I through and launch a Phase II study for the pro­gram. An­gion set its IPO terms on Feb. 1 and ex­pects to price the same week.

coverage

Evax­ion Biotech

CEO
Lars Wegner
ticker
EVAX
exchange
NASDAQ
IPO Date
4 February
Total Raised
$30M
Priced at
$10
Current Price
$6.6

snapshot

A Dan­ish com­pa­ny us­ing ar­ti­fi­cial in­tel­li­gence to de­vel­op im­muno-on­col­o­gy ther­a­pies, Evax­ion priced at the low end of its range. The com­pa­ny has four pro­grams it ex­pects to fund us­ing the IPO raise. Its lead pro­gram EVX-01, a per­son­al im­munother­a­py treat­ment based on the in­di­vid­ual pa­tient’s DNA. Re­searchers say they are us­ing an AI plat­form to get the body’s own im­mune sys­tem to find and kill the can­cer tu­mor cells by ap­ply­ing an al­go­rithm to se­lect mu­tat­ed pro­teins most like­ly to gen­er­ate an im­mune re­sponse. Evax­ion says it can de­liv­er the ther­a­py about 7 weeks af­ter tak­ing a pa­tient’s blood sam­ple. A Phase I/IIa read­out in blad­der can­cer, ma­lig­nant melanoma and NSCLC is ex­pect­ed in the first half of 2021. In ad­di­tion to im­muno-on­col­o­gy, Evax­ion is study­ing a vac­cine pro­gram against bac­te­r­i­al dis­eases, called EVX-B1. IPO fund­ing will help this can­di­date get through pre­clin­i­cal and CMC ac­tiv­i­ties and to a hope­ful reg­u­la­to­ry fil­ing in the sec­ond half of 2022.

coverage

Im­muno­core

CEO
Bahija Jallal
ticker
IMCR
exchange
NASDAQ
IPO Date
4 February
Total Raised
$258M
Priced at
$26
Current Price
$38.08

snapshot

TCR pi­o­neer Im­muno­core, pric­ing above its range with an up­sized $258 mil­lion raise, re­vealed a promis­ing set of piv­otal in­ter­im da­ta for their lead pro­gram tebenta­fusp back in No­vem­ber, and is aim­ing to use the IPO funds to fin­ish a Phase III for the can­di­date in front­line cas­es of metasta­t­ic uveal melanoma. Re­searchers gath­ered 378 pa­tients for the late-stage study, pit­ting the com­pound against in­ves­ti­ga­tors’ choice. There’s no ap­proved ther­a­py for this in­di­ca­tion, so the choice tends to be be­tween Keytru­da or Yer­voy, with some pa­tients opt­ing for dacar­bazine in­stead. At the first planned in­ter­im read­out for the in­tent-to-treat, all-com­ers pa­tient pop­u­la­tion, Im­muno­core reg­is­tered a haz­ard ra­tio of 0.51. Jal­lal told End­points News at the time that not on­ly was this the first pos­i­tive late-stage sur­vival da­ta for a TCR, but al­so the first pos­i­tive Phase III snap­shot for a bi-spe­cif­ic in a sol­id tu­mor, as well as the first such match-up against check­points. The com­pa­ny had pre­vi­ous­ly raised more than $450 mil­lion, in­clud­ing a then-record Eu­ro­pean round of $320 mil­lion for their Se­ries A in 2015. Im­muno­core was al­so the vic­tim of an al­leged “kick­back” fraud in a scheme in­volv­ing two third-par­ty sup­pli­ers, The Times re­port­ed in late Jan­u­ary. The com­pa­ny had al­so ex­pect­ed to raise an ad­di­tion­al $15 mil­lion in pri­vate place­ment from the Bill and Melin­da Gates Foun­da­tion at the same time as the IPO.

coverage

Bolt Bio­ther­a­peu­tics

CEO
Randy Schatzman
ticker
BOLT
exchange
NASDAQ
IPO Date
4 February
Total Raised
$230M
Priced at
$20
Current Price
$22.39

snapshot

Bolt had most re­cent­ly raised $93.5 mil­lion in a Se­ries C last Ju­ly and raised an up­sized $230 mil­lion af­ter orig­i­nal­ly ex­pect­ing a range of $16 to $18. The main idea is one that comes from the in­ven­tor of the first can­cer vac­cine, with a lead pro­gram in BDC-1001 they call an im­mune-stim­u­lat­ing an­ti­body con­ju­gate. Where­as the vac­cine process in­volved ex­tract­ing den­drit­ic cells, ex­pos­ing them to a pro­tein from the pa­tients’ own tu­mors and re­in­fus­ing them, Bolt is try­ing to di­rect­ly ac­ti­vate den­drit­ic cells around tu­mors with­out the need for re­moval. If it works, the can­di­date would turn the en­vi­ron­ment around the tu­mor from an im­muno-sup­pres­sive to one that could not on­ly kill the tu­mors once but pre­vent a re­cur­rence. BDC-1001 en­tered a Phase I/II tri­al for pa­tients with HER2-ex­press­ing sol­id tu­mors in the first quar­ter of 2020. It’s cur­rent­ly in a dose-es­ca­la­tion stage, and is ex­pect­ed to move in­to Phase II dose ex­pan­sions this year. Af­ter the first da­ta emerge from that study, the com­pa­ny will move in­to tri­als specif­i­cal­ly for gas­tric and breast can­cer.

coverage

Vor Bio­phar­ma

CEO
Robert Ang
ticker
VOR
exchange
NASDAQ
IPO Date
4 February
Total Raised
$203.4M
Priced at
$18
Current Price
$30.22

snapshot

Vor priced at the high end of its range and raised an up­sized $203.4 mil­lion, up from an es­ti­mat­ed $150 mil­lion. That in­cludes the op­tions picked up by un­der­writ­ers af­ter the com­pa­ny priced. The goal for their IPO is to fund two of its pro­grams, VOR33 and VCAR33, that it hopes can work hand in hand. VOR33 is a pro­gram of en­gi­neered hematopoi­et­ic stem cells de­signed to re­place the stan­dard of care in trans­plant set­tings, and once those cells have been en­graft­ed, Vor says pa­tients can be treat­ed with an­ti-CD33 ther­a­pies like VCAR33. Vor cur­rent­ly has plans to start a Phase I/IIa tri­al for VOR33 in acute myeloid leukemia in the first half of this year, with funds from the raise al­so go­ing to­ward pre­clin­i­cal de­vel­op­ment for myelodys­plas­tic/myelo­pro­lif­er­a­tive neo­plasms. For VCAR33, a CD33-di­rect­ed CAR-T cell ther­a­py li­censed from the NIH in No­vem­ber, Vor is seek­ing to fund a Phase I/II tri­al from launch through com­ple­tion in adult AML. The biotech has sig­nif­i­cant back­ing, in­clud­ing a com­bined $152 mil­lion be­tween two fundrais­ing rounds with both co-led by RA Cap­i­tal. Vor was found­ed by Co­lum­bia on­col­o­gist and Pulitzer Prize-win­ning au­thor Sid­dhartha Mukher­jee, who chron­i­cled the promise and price of the first gen­er­a­tion of CAR-T ther­a­pies for the New York­er.

coverage

Terns Phar­ma­ceu­ti­cals

CEO
Senthil Sundaram
ticker
TERN
exchange
NASDAQ
IPO Date
4 February
Total Raised
$128M
Priced at
$17
Current Price
$17.96

snapshot

Terns pulled in an $87.5 mil­lion Se­ries C ear­li­er in Jan­u­ary but is now aim­ing to take ad­van­tage of the hot NASH mar­ket by go­ing pub­lic, pric­ing at the high end of its range and rais­ing an up­sized $128 mil­lion. The com­pa­ny has seen a sharp rise since be­ing found­ed with the help of Eli Lil­ly, which pro­vid­ed seed fund­ing and li­censed the com­pa­ny’s three NASH can­di­dates, back in 2018. Terns has sent two of those pro­grams to the clin­ic and is aim­ing to main­ly fund a Phase IIa tri­al for lead can­di­date TERN-101 through com­ple­tion. The pro­gram is ex­pect­ed to pro­duce topline Phase IIa da­ta in the sec­ond half of 2021 and is a liv­er-di­rect­ed non-bile acid far­ne­soid X re­cep­tor (FXR) ag­o­nist be­ing test­ed on 96 pa­tients. While Terns faces com­pe­ti­tion from oth­er NASH play­ers like In­ter­cept and Ab­b­Vie, which snagged an FXR ag­o­nist in the Al­ler­gan buy­out, the com­pa­ny thinks its can­di­date’s safe­ty pro­file is where it will stand out. Terns’ S-1 al­so de­tailed plans to com­plete a Phase I study and launch Phase II de­vel­op­ment for the pro­gram TERN-501, and to ad­vance a third pro­gram TERN-201 through Phase Ib.

coverage

Phar­varis

CEO
Berndt Modig
ticker
PHVS
exchange
NASDAQ
IPO Date
4 February
Total Raised
$165.4M
Priced at
$20
Current Price
$28.07

snapshot

Phar­varis is head­ing to Nas­daq af­ter rais­ing an $80 mil­lion Se­ries C back in No­vem­ber, pric­ing above its range with an up­sized $165 mil­lion raise. Their lead pro­gram, an in­hibitor and se­lec­tive small-mol­e­cule bradykinin B2-re­cep­tor an­tag­o­nist, is in de­vel­op­ment as an oral al­ter­na­tive to cur­rent­ly avail­able HAE treat­ments. Those in­clude CSL’s Hae­gar­da, Take­da’s Cin­ryze, Takhzy­ro and Fi­razyr, which are all in­jectable. Modig and his team of vet­er­ans come from Jeri­ni, the biotech that orig­i­nal­ly de­vel­oped Fi­razyr. Back in No­vem­ber, the com­pa­ny re­leased Phase I da­ta from 16 healthy vol­un­teers it said sug­gest their mol­e­cule is 24 times more po­tent than that drug. Phar­varis is launch­ing two Phase II tri­als, one for pro­phy­lax­is and one for treat­ing acute HAE at­tacks. If those are suc­cess­ful, they’ll fol­low up with piv­otal Phase III stud­ies. They plan on read­ing out Phase II da­ta for the acute pa­tients in 2022. They are al­so de­vel­op­ing a new for­mu­la­tion that they plan to even­tu­al­ly use in pro­phy­lax­is tri­als. Phar­varis could face chal­lenges, how­ev­er, as oth­er com­pa­nies have strug­gled to de­vel­op oral HAE treat­ments in the past. No­tably, BioCryst saw its shares cut in half last year af­ter Phase III re­sults fell short of in­vestor ex­pec­ta­tions.

coverage

Sana Biotech­nol­o­gy

CEO
Steve Harr
ticker
SANA
exchange
NASDAQ
IPO Date
3 February
Total Raised
$675.6M
Priced at
$25
Current Price
$25.19

snapshot

Harr’s team at Sana orig­i­nal­ly pen­ciled in a $150 mil­lion raise, but they end­ed up with a much big­ger fig­ure, re­sult­ing in a rough­ly $4.6 bil­lion val­u­a­tion. Sana al­so sold all of its avail­able op­tions, tak­ing its to­tal raise about $90 mil­lion high­er than when it first priced. That scale, which marked the high­est mar­ket cap in his­to­ry for a biotech with­out any pro­grams in the clin­ic, has drawn com­par­isons to an­oth­er Flag­ship start­up in Mod­er­na, which de­buted at a $7.5 bil­lion val­u­a­tion and has soared on the backs of its Covid-19 vac­cine to reach north of $50 bil­lion. Sana’s lofty raise is based sole­ly on the com­pa­ny’s an­i­mal da­ta and the track records of its in­vestors. As laid out in its S-1, Sana’s long-term goals are “to con­trol or mod­i­fy any gene in the body, to re­place any cell that is dam­aged or miss­ing, and to marked­ly im­prove ac­cess to cel­lu­lar and gene-based med­i­cines.” The com­pa­ny ex­pects to file its first INDs in 2022 and 2023 and is re­search­ing a range of in­di­ca­tions in in vi­vo and ex vi­vo set­tings, in­clud­ing non-Hodgkin lym­phoma, mul­ti­ple myelo­ma, and Type 1 di­a­betes. Sana has made big win­ners out of Bob Nelsen’s ARCH Ven­tures and Flag­ship, who will com­bine to own 43% of shares af­ter the IPO clos­es. And they’re bank­ing the com­pa­ny turns out to be a suc­cess sto­ry like Mod­er­na — or per­haps some­thing even big­ger. The hype is re­al, as Sana closed up rough­ly 60% in its first day and a half of trad­ing.

coverage

Lan­dos Bio­phar­ma

CEO
Josep Bassaganya-Riera
ticker
LABP
exchange
NASDAQ
IPO Date
3 February
Total Raised
$100M
Priced at
$16
Current Price
$11.64

snapshot

The lead com­pa­ny in the port­fo­lio of Chris Garabe­di­an’s fund with Per­cep­tive, Lan­dos did not im­press on its last da­ta dump. And since pric­ing at the mid­point late Wednes­day night, Lan­dos shares have since fall­en about 31% from the IPO. In Jan­u­ary, a Phase II proof-of-con­cept tri­al in its lead com­pound, BT-11, missed on all its pri­ma­ry end­points in IBD de­spite “pos­i­tive” signs it mea­sured up with stan­dard of care. Vir­ginia Tech pro­fes­sor Josep Bas­saganya-Ri­era has stud­ied the path­way known as Lan­thio­n­ine Syn­thetase C-Like 2 (LAN­CL2) for more than a decade, and BT-11 aims to lever­age this re­search. Lan­dos is prepar­ing a Phase III tri­al for lat­er this year, seek­ing to eval­u­ate main­te­nance of clin­i­cal re­mis­sion af­ter a year fol­low­ing the 12-week in­duc­tion pe­ri­od. BT-11 is one of three Lan­dos com­pounds uti­liz­ing this path­way, with lead in­di­ca­tions in ul­cer­a­tive col­i­tis and Crohn’s dis­ease, and Lan­dos al­so has plans for BT-11 in eosinophilic esophagi­tis, pso­ri­a­sis and atopic der­mati­tis. The com­pa­ny has ad­vanced a sec­ond pro­gram in­to the clin­ic in IBD as well, launch­ing a Phase I study of NX-13 last Ju­ly.

coverage

Sen­sei Bio­ther­a­peu­tics

CEO
John Celebi
ticker
SNSE
exchange
NASDAQ
IPO Date
3 February
Total Raised
$133M
Priced at
$19
Current Price
$14.26

snapshot

For­mer­ly known as Panacea, Sen­sei had pen­ciled in a $100 mil­lion raise for their bac­te­rio­phage-based can­cer ther­a­pies and pulled in an up­sized raise. Sen­sei is one of a few play­ers ap­ply­ing the bac­te­rio­phages in the can­cer space, though they’ve been stud­ied for decades. Their lead can­di­date, SNS-301, is be­ing stud­ied in com­bi­na­tion with Mer­ck’s Keytru­da for squa­mous cell car­ci­no­ma of the head and neck. The Phase I/II tri­al had en­rolled 11 pa­tients as of Dec 10, and 7 of the 10 evalu­able pa­tients saw some form of dis­ease con­trol. That in­clud­ed one pa­tient with a par­tial re­sponse and two who achieved long-stand­ing sta­ble dis­ease. Sen­sei ex­pects to read out topline da­ta by the end of 2021, which they hope will pave the way to a reg­is­tra­tion-en­abling tri­al. This IPO push comes just a few months af­ter Sen­sei raised $28.5 mil­lion in what they called a Se­ries AA round. Sen­sei is al­so de­vel­op­ing two pre­clin­i­cal can­di­dates — SNS-401, a po­ten­tial vac­cine cock­tail against Merkel cell car­ci­no­ma; and SNS-VISTA, an an­ti­body-based ther­a­peu­tic. With a mar­ket cap of about $640 mil­lion, Sen­sei shares have ticked up about 30% since pric­ing.

coverage

Gra­cell Biotech­nolo­gies

CEO
Wei William Cao
ticker
GRCL
exchange
NASDAQ
IPO Date
8 January
Total Raised
$209M
Priced at
$19
Current Price
$12.91

snapshot

The first biotech IPO of 2021, Gra­cell is mov­ing a CAR-T ther­a­py orig­i­nat­ing from Chi­na in­to the pub­lic eye. Gra­cell was built on two tech­nolo­gies: FasT­CAR, which promis­es to short­en man­u­fac­tur­ing turn­around time to 22-36 hours; and Tru­U­CAR, its take on al­lo­gene­ic CAR-T. Ad­di­tion­al­ly, the com­pa­ny has its own pro­duc­tion site in Suzhou to keep the key process­es in-house. In its F-1 fil­ing, Gra­cell re­port­ed that GC012F, its au­tol­o­gous CAR-T ther­a­py tar­get­ing both BC­MA and CD19, has treat­ed 16 pa­tients with re­lapsed/re­frac­to­ry mul­ti­ple myelo­ma, and that 15 achieved and main­tained a re­sponse. The high­est dose co­hort record­ed a 100% strin­gent com­plete re­sponse rate for the six evalu­able pa­tients. Though it faces tough com­pe­ti­tion from well-fund­ed US com­pa­nies like Al­lo­gene, Lyell and even Sana, Gra­cell is plung­ing full speed ahead with a reg­is­tra­tional tri­al in Chi­na that just got cleared and plans to start US tri­als in 2021.

coverage

Cul­li­nan On­col­o­gy

CEO
Owen Hughes
ticker
CGEM
exchange
NASDAQ
IPO Date
8 January
Total Raised
$249.9M
Priced at
$21
Current Price
$35.2

snapshot

Cul­li­nan in­vestors aren’t buy­ing in­to a sin­gle drug or plat­form, but in­stead a sort of um­brel­la with sev­er­al dif­fer­ent hot ap­proach­es to fight­ing can­cer. The com­pa­ny works with a hub-and-spoke mod­el much like Bridge­Bio, re­serv­ing in­di­vid­ual as­sets in sep­a­rate en­ti­ties op­er­at­ing un­der the flag­ship. That way, ex­ecs can cen­tral­ize R&D, BD and ad­min­is­tra­tive work while bet­ting on as many dif­fer­ent ap­proach­es as pos­si­ble. Cul­li­nan has nine such projects un­der the um­brel­la, with the most re­cent pro­gram, known as Cul­li­nan Am­ber an­nounced last Ju­ly. The whole op­er­a­tion’s first drug in the clin­ic is CLN-081 and the on­ly tar­get­ed ther­a­py in the mix, tar­get­ing NSCLC with EGFR ex­on 20 in­ser­tion mu­ta­tions. Oth­er tech ap­proach­es rep­re­sent­ed in­clude bis­pecifics, NK cell-en­gag­ing an­ti­bod­ies, cy­tokine fu­sion pro­tein, as well as TCR-based ther­a­py. Cul­li­nan filed for its IPO short­ly af­ter pre­sent­ing what they called ini­tial clin­i­cal da­ta on CLN-081, and on the heels of an­nounc­ing a $131 mil­lion Se­ries C.

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