Q1 2024 for biopharmaceuticals IPO witnessed substantial activity. CG Oncology, Inc. closed its upsized IPO, raising $437 million with 23,000,000 shares at $19 each, while Kyverna Therapeutics, Inc. concluded its IPO, totalling $367 million with 16,675,000 shares at $22 each. ArriVent Biopharma secured $175 million with 9,722,222 shares at $18 each, Metagenomi, Inc. generated $93.8 million with 6,250,000 shares at $15 each, and Boundless Bio raised $100 million with 6,250,000 shares at $16 each. Details to follow.
IPO Activity – Biopharma Therapeutics and Platform
During Q1 2024, the biopharma therapeutics and platforms sector saw 8 IPOs, raising $3.9 billion across all exchanges. A rise from Q4 2023, with just 2 IPOs raising $0.4 billion. There were 10 IPOs and $4.3 billion raised over the last two quarters.
IPO Activity – Biopharma Therapeutics and Platform
NASDAQ and NYSE welcomed 7 IPOs in Q1 2024 for biopharma therapeutics and platforms, generating $1.4 billion, an uptick from Q4 2023, with just 2 IPOs raising $0.4 billion. Over the last two quarters, 9 IPOs raised $1.7 billion.
IPOs, Follow-on, & PIPE Issuances
Q1 2024 for biopharma witnessed robust financing, encompassing IPOs, follow-ons, and PIPEs. There were 8 IPOs, 48 follow-ons/standard stock offerings, and 48 PIPEs, totalling 104 financings. IPOs raised $3.9 billion, while follow-ons and PIPEs secured $10 billion and $4.4 billion, totalling $18.3 billion in total financing. Contrastingly, Q4 2023 saw 2 IPOs, 30 follow-ons/standard stock offerings, and 18 PIPEs, totalling 50 financings. IPOs raised $0.4 billion, while follow-ons and PIPEs garnered $4.8 billion and $1.4 billion, respectively, resulting in a total financing of $6.5 billion. The data signifies a surge in financing in Q1 2024.
IPO Totals – Healthcare and Life Sciences by Subsector
In Q1 2024, the healthcare and life sciences sector saw 11 IPOs across different subsectors. Biopharma therapeutics and platforms led the IPO surge, raising $3.9 billion. Device and diagnostics subsectors raised $0.1 billion collectively, while manufacturing and service subsectors raised $1.1 billion. In contrast, Q4 2023 had only 3 IPOs, with therapeutics and platforms raising $0.4 billion. Overall, Q1 2024 saw an increase in total funding, reaching $5.1 billion, compared to Q4 2023’s $0.9 billion.
IPO Activity – Q1 2024
CG Oncology, Inc. IPOÂ (January 2024)
CG Oncology, Inc. (Nasdaq: CGON) closed its upsized IPO, issuing 23,000,000 shares at $19 per share, totalling $437 million in gross proceeds. CGON specializes in developing bladder-sparing therapy for bladder cancer patients.
Kyverna Therapeutics, Inc. IPOÂ (January 2024)
Kyverna Therapeutics, Inc. (Kyverna), a clinical-stage company focusing on cell therapies for autoimmune diseases, announced the closure of its enlarged IPO of 16,675,000 shares, priced at $22 per share. This includes fully exercising the underwriters’ option to purchase 2,175,000 additional shares. Kyverna raised approximately $367 million in gross proceeds from the offering.
ArriVent Biopharma IPOÂ (January 2024)
ArriVent Biopharma entered the market, securing $175 million in its IPO. The company sold 9,722,222 shares at $18 each, surpassing earlier projections. Funds will primarily support the development of an experimental lung cancer drug, Furmonertinib.
Metagenomi, Inc. IPOÂ (January 2024)
Metagenomi, Inc. is a precision genetic medicines company committed to developing curative therapeutics for patients using its proprietary, comprehensive metagenomics-derived gene-editing toolbox. It completed its IPO, offering 6,250,000 common shares at $15 per share, generating approximately $93.8 million in gross proceeds. Underwriters have a 30-day option to purchase up to 937,500 additional shares.
Boundless Bio IPOÂ (March 2024)
Boundless Bio, a cancer drug developer, raised $100 million in its IPO, becoming the ninth biotech IPO of the year. It priced 6,250,000 shares at $16 each. Trading under “BOLD” on the Nasdaq. Boundless is advancing two assets targeting oncogene-amplified cancers.
