Biopharma therapeutics and platforms IPO activity was cautious and slow through Q1 2025, and this figure is for globally listings across all exchanges and life sciences segments. U.S. biopharma has had a slow start to the year in terms of new Nasdaq and NYSE listings. Globally, over $3 billion was raised through IPOs, PIPEs, and follow-on offerings, signaling a market rebound. Beam Therapeutics led with a $500 million offering in March to advance gene editing therapies for conditions including sickle cell disease and alpha-1 antitrypsin deficiency. Immunovant secured $450 million in a January PIPE to support autoimmune disease drug development. Akero Therapeutics raised $403 million in January to progress treatments for metabolic dysfunction-associated steatohepatitis (MASH). Metsera completed a $316 million IPO in February, focusing on obesity and related disorders with next-generation hormone analogs. 89bio garnered $288 million in January to advance therapies for MASH and severe hypertriglyceridemia.
BridgeBio Oncology arranged a $260 million PIPE in February as part of a merger, targeting KRAS-driven cancers. Sionna Therapeutics raised $219 million in February for cystic fibrosis treatments. Solid Biosciences secured $200 million in February to develop precision genetic medicines for neuromuscular and cardiac diseases. Maze Therapeutics completed a $140 million IPO in January, focusing on renal, cardiovascular, and metabolic diseases. Lastly, Aardvark Therapeutics raised approximately $94 million in February to develop metabolic disease therapeutics targeting innate homeostatic pathways.
In Q1 2025, 6 biopharma therapeutics and platform companies went public globally (all exchanges), raising approximately $900 million, matching both deal count and capital raised in Q4 2024. This steady performance signals a stable appetite, with no significant shift in outlook. Over the past 2 quarters, 12 IPOs have generated $1.8 billion, indicating the reopening of IPOs following a slowdown in 2024.
Nasdaq and NYSE biopharma IPOs, however, have been slow to return with only 4 new listings on U.S. exchanges ($773 million), plus 2 more biopharma companies globally ($127 million) for the slowest quarter in a few years.
Biopharma Therapeutics and Platforms Follow-on Issuances
Biopharma therapeutics and platform companies raised approximately $2.9 billion through 23 follow-on offerings in Q1 2025, down from 30 deals and $5.9 billion in Q4 2024. Despite the quarterly decline, the combined total of 53 follow-ons and $8.8 billion over the last 2 quarters signals continued access to equity markets.
Biopharma Therapeutics and Platforms PIPE Issuances
In Q1 2025, biopharma therapeutics and platform companies completed 20 PIPE financings totaling approximately $2.7 billion, fewer deals than Q4 2024’s 33 but with a higher average investment size. Despite the drop in volume, the 2 quarters together saw 53 PIPEs raise $5.1 billion.
Top IPOs in Q1 2025
Metsera – IPO – $316.2M – January 2025
Metsera, Inc. (Nasdaq: MTSR) completed its initial public offering on February 3, 2025, raising $316 million in gross proceeds. The IPO included 15.28 million shares priced at $18 each, with underwriters exercising their full option to purchase an additional 2.29 million shares at the same price. All shares were offered by the company. Metsera, a clinical-stage biotech firm, is developing next-generation injectable and oral nutrient-stimulated hormone (NuSH) analog peptides for the treatment of obesity, overweight, and related conditions.
Sionna Therapeutics – IPO – $219.2M – February 2025
Sionna Therapeutics (Nasdaq: SION), focused on developing novel therapies for cystic fibrosis (CF), closed its upsized initial public offering on February 7, 2025, raising approximately $219 million in gross proceeds. The offering included 12,176,467 shares priced at $18 each, reflecting the full exercise of the underwriters’ option to purchase additional shares. All shares were sold by Sionna, and the company’s stock began trading on the Nasdaq Global Market under the ticker “SION.” Proceeds will support Sionna’s mission to normalize CFTR protein function through innovative CF treatments. The offering was led by Goldman Sachs, TD Cowen, Stifel, and Guggenheim Securities.
Maze Therapeutics – IPO – $140M – January 2025
Maze Therapeutics (Nasdaq: MAZE) completed its upsized initial public offering, raising $140 million in gross proceeds through the sale of 8.75 million shares at $16 per share. All shares were offered by the company, which focuses on developing small molecule precision medicines for renal, cardiovascular, and metabolic diseases using human genetics. Underwriters were granted a 30-day option to purchase an additional 1.31 million shares. The IPO was led by J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities as joint book-running managers.
Aardvark Therapeutics – IPO – $98M – February 2025
Aardvark Therapeutics (Nasdaq: AARD), a clinical-stage biopharmaceutical company developing small-molecule therapeutics that target innate homeostatic pathways for metabolic diseases, priced its initial public offering of 5.89 million shares at $16 per share, raising approximately $94 million in gross proceeds. All shares were offered by the company. The stock is expected to begin trading on the Nasdaq Global Select Market under the ticker “AARD” on February 13, 2025, with the offering closing around February 14, 2025, pending customary conditions. Additionally, underwriters have a 30-day option to purchase up to 883,200 additional shares at the offering price.
Top Follow-On / Public Offerings of Common Stock in Q1 2025
Beam Therapeutics – Common – $500M – March 2025
Beam Therapeutics (Nasdaq: BEAM) priced a $500 million public offering of 16.15 million common shares at $28.48 and 1.4 million pre-funded warrants at $28.47, expected to close by March 11, 2025. Proceeds will support its gene editing platform, R&D, and pre-commercialization, with pipeline priorities including BEAM-101 (BLA), BEAM-302 (pivotal trial for AATD), and a Phase 1/2 trial of the ESCAPE platform for sickle cell disease. The offering is led by J.P. Morgan, Jefferies, Cantor, Citigroup, and Wells Fargo.
Akero Therapeutics – Common – $402.5M – January 2025
Akero Therapeutics (Nasdaq: AKRO) raised $403 million in January 2025 via a follow-on offering, pricing 6.43 million shares at $48 and 1.96 million pre-funded warrants at $47.99; as of March 31, it held $1.1 billion in cash and equivalents. Positive 96-week Phase 2b SYMMETRY data showed significant reversal of F4 cirrhosis due to MASH with efruxifermin (EFX), reinforcing Akero’s leadership in advanced liver disease therapies.
89bio – Common – $287.5M – January 2025
89bio (Nasdaq: ETNB) raised $288 million in a public offering of 25.96 million shares at $8.75, 4.29 million additional shares via underwriters’ option, and 6.9 million pre-funded warrants at $8.749. Led by Goldman Sachs, Leerink, BofA Securities, and Cantor, proceeds will fund Phase 3 trials of pegozafermin for MASH and SHTG—an FGF21 analog engineered with glycoPEGylation to boost potency and durability.
Top PIPE Offerings in Q1 2025
Immunovant – PIPE – $450M – January 2025
Immunovant, Inc. (NASDAQ: IMVT) has entered into a PIPE agreement to sell 22.5 million shares of common stock at $20 per share to three institutional investors, aiming to raise approximately $450 million in gross proceeds. The transaction is expected to close around January 15, 2025, pending customary closing conditions. Proceeds will be used to advance the company’s autoimmune disease pipeline, as well as for working capital and general corporate purposes.
BridgeBio Oncology – PIPE – $260M – February 2025
BridgeBio Oncology is merging with Helix Acquisition Corp II to form BridgeBio Oncology Therapeutics (BBOT), raising $450 million through $196 million from Helix’s trust and a $260 million PIPE led by Cormorant Asset Management. With $550 million in total cash post-transaction, BBOT will advance key assets including BBO-8520 (KRASG12C inhibitor, Phase I NSCLC), BBO-10203 (RAS-PI3Kα, Phase I), and BBO-11818 (pan-KRAS inhibitor, dosing expected H1 2025). The merger values BBOT at $949 million pro forma, with shareholders rolling over their equity; closing is expected in Q3 2025.
Solid Biosciences – PIPE – $200M – February 2025
Solid Biosciences (Nasdaq: SLDB) priced an underwritten offering of 35.7 million common shares at $4.03 each and 13.9 million pre-funded warrants at $4.029, targeting approximately $200 million in gross proceeds. The pre-funded warrants are immediately exercisable at $0.001 per share. Expected to close around February 19, 2025, the offering includes participation from top life sciences investors such as Adage Capital, Bain Capital Life Sciences, Invus, Perceptive Advisors, and RA Capital Management. Proceeds will support the development of precision genetic therapies for neuromuscular and cardiac diseases. Jefferies, Leerink Partners, and William Blair serve as joint book-runners, with H.C. Wainwright & Co. as lead manager.
Also check out Biopharma Therapeutics and Platforms IPO Activity in 2024
