DealForma’s review of biopharma therapeutics and platforms IPO activity emphasizes growth in 2024, as companies turned to public markets to advance cutting-edge therapies, for cancer immunotherapies, cell and gene therapies, autoimmune and inflammatory diseases. CG Oncology raised $437 million in January through its upsized IPO, offering 23 million shares at $19 per share, focusing on bladder-sparing cancer therapies. Kyverna Therapeutics followed in February, securing $367 million by selling 16.675 million shares at $22 per share to advance cell therapies for autoimmune diseases, including multiple sclerosis and myasthenia gravis.
In August, Bicara Therapeutics raised $362 million through its IPO, issuing 20.125 million shares at $18 per share. The stock debuted at a 31% premium, with proceeds supporting a pivotal Phase II/III trial of its lead asset, ficerafusp alfa, for head and neck squamous cell carcinoma. Septerna completed its IPO in October, raising $331 million by selling 18.4 million shares at $18 each. The company is developing GPCR-targeted oral small molecule therapies for endocrinology, immunology, inflammation, and metabolic diseases, leveraging its Native Complex Platform. Upstream Bio raised $293 million in its September IPO, pricing 17.25 million shares at $17 each. The company is advancing verekitug, a monoclonal antibody targeting the TSLP receptor, with ongoing Phase 2 trials for severe asthma and chronic rhinosinusitis with nasal polyps and plans to expand into COPD.
Biopharma Therapeutics and Platforms – IPO, Follow-on, and PIPE Issuances
In 2024, biopharma therapeutics and platforms saw 26 IPOs raising $6.8 billion, 127 follow-on and common equity financings totaling $27.4 billion, and 150 PIPEs contributing $14.6 billion leading to a combined $48.8 billion in financings across 303 deals.
By comparison, 2023 recorded 17 IPOs worth $2.9 billion, 139 follow-on and common equity financings for $20.4 billion, and 94 PIPEs raising $7.5 billion reaching $30.8 billion overall through 250 deals.
The industry saw increased deal activity and higher capital raised year-over-year, indicating a stronger financing environment in 2024.
Biopharma Therapeutics and Platforms – IPO Activity on NASDAQ & NYSE
In 2024, biopharma therapeutics and platforms listed 19 IPOs on NASDAQ and NYSE, raising $3.8 billion, compared to 13 IPOs and $2.7 billion in 2023. Altogether, that amounts to 32 IPOs generating $6.5 billion over the two years, reflecting growth in both deal volume and total proceeds moving into 2024.
Healthcare and Life Sciences IPO Totals by Subsector
In 2024, healthcare and life sciences IPOs totaled $9.6 billion, driven by $6.8 billion from biopharma therapeutics and platforms, $600 million from manufacturing and services, $1.9 billion from other healthcare sectors, $100 million from devices, and $200 million from diagnostics. This marks an increase from 2023’s $7.8 billion, where biopharma contributed $2.9 billion, manufacturing and services $500 million, and other sectors $4.4 billion, with minimal activity in devices and diagnostics.
Top IPO in 2024
CG Oncology – IPO – $437M – January 2024
CG Oncology, Inc. (Nasdaq: CGON), a late-stage biopharmaceutical company developing bladder-sparing cancer therapies, closed its upsized IPO of 23 million shares at $19 per share, raising $437 million. The offering included the full exercise of underwriters’ option to purchase 3 million additional shares. Morgan Stanley, Goldman Sachs & Co., and Cantor were joint book-running managers, while LifeSci Capital acted as co-managers. CG Oncology is listed on the Nasdaq Global Select Market under the ticker “CGON” and focuses on advancing immunotherapies to improve the quality of life for urologic cancer patients.
Kyverna Therapeutics – IPO – $367M – January 2024
Kyverna Therapeutics, Inc. (Nasdaq: KYTX), a clinical-stage biopharmaceutical company developing cell therapies for autoimmune diseases, closed its upsized IPO on February 8, 2024, raising approximately $367 million. The offering included 16.675 million shares at $22 per share, with underwriters fully exercising their option to purchase 2.175 million additional shares. Kyverna’s lead candidate, KYV-101, is in clinical development for autoimmune diseases, including Phase 2 trials for multiple sclerosis and myasthenia gravis, a Phase 1/2 trial for systemic sclerosis, and Phase 1 trials in the U.S. and Germany for lupus nephritis.
Bicara Therapeutics – IPO – $362M – August 2024
Bicara Therapeutics (Nasdaq: BCAX) raised $362 million in gross proceeds from its IPO, pricing 20.125 million shares at $18 per share, including 2.625 million shares issued to underwriters. The stock debuted on Nasdaq at $26.25, a 31% premium, before settling at $25.41. The company twice upsized its IPO to fund a pivotal Phase II/III trial of its lead candidate, ficerafusp alfa, for head and neck squamous cell carcinoma.
Septerna – IPO – $331M – October 2024
Septerna, Inc. (Nasdaq: SEPN), a clinical-stage biotech company advancing GPCR-targeted oral small molecule therapies, closed its upsized IPO on October 25, 2024, raising $331 million. The offering included 18.4 million shares at $18 per share, with underwriters fully exercising their option for an additional 2.4 million shares. Powered by its proprietary Native Complex Platform, Septerna is developing therapies in endocrinology, immunology and inflammation, and metabolic diseases. J.P. Morgan, TD Cowen, Cantor, and Wells Fargo Securities acted as joint bookrunners.
Upstream Bio – IPO – $293M – September 2024
Upstream Bio, Inc. (Nasdaq: UPB), a clinical-stage biotech company focused on treatments for inflammatory diseases, closed its upsized IPO on October 11, 2024, raising approximately $293 million. The offering included 17.25 million shares at $17 per share, with underwriters fully exercising their option for an additional 2.25 million shares. Upstream is developing verekitug, a monoclonal antibody targeting the receptor for thymic stromal lymphopoietin (TSLP), a key driver of inflammation. The company is advancing Phase 2 trials for severe asthma and chronic rhinosinusitis with nasal polyps, with plans to expand into chronic obstructive pulmonary disease (COPD).
Also check out IPOs – Biopharma Therapeutics & Platforms – 2023
