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Biotech IPOs in 2024: Navigating the New Wave of Innovation

Biotech IPOs in 2024: Navigating the New Wave of Innovation

Biotech IPOs present enticing prospects for investors.

An initial public offering (IPO) is the process by which a privately held company offers its shares to the public for the first time, allowing it to become a publicly traded company. In the biotech industry, a biotech IPO refers to a specific case where a biotechnology company goes public and lists its shares on a stock exchange. This enables the company to raise funds from public investors. Successful biotech IPOs in 2024 have the potential to generate substantial returns for early investors and provide the crucial capital required for biotech firms to sustain and advance their research and development endeavors.


Related: Biotech IPOs in 2023: Shaping the Future of Innovation


Here are the biotech IPOs in 2024 that have made it to Wall Street so far:

biotech ipos 2024

Rapport Therapeutics

IPO date: June 7, 2024

IPO price: $17.00

Price on June 24, 2024: $22.79

Rapport Therapeutics is advancing the field of small molecule medicines targeting central nervous system (CNS) disorders through their innovative RAP technology platform, focusing on manipulating receptor-associated proteins (RAPs). These proteins are critical for neuronal receptor function and expression, making them key targets in CNS disorders. Rapport’s strategic goal is to develop precise, targeted therapies for CNS disorders, which could lead to more effective treatments with fewer side effects.

The company recently issued 8,000,000 shares of common stock at $17.00 per share (totaling $136 million dollars), with an additional 1,200,000 shares available for underwriters to purchase. This IPO supports Rapport’s ongoing research and development, especially in the CNS disorder space. Rapport has listed its stocks on the Nasdaq Global Market under the ticker “RAPP.”

RAP-219, Rapport’s leading candidate developed using their RAP technology, is an AMPA receptor (AMPAR) negative allosteric modulator (NAM). It targets TARPγ8, a RAP associated with AMPARs, enhancing specificity. AMPARs regulate brain glutamate activity that has been implicated in the development of several neurological diseases.

TARPγ8 is predominantly found in brain regions like the hippocampus, which is directly involved in focal epilepsy. The specificity of RAP-219 might offer a more targeted approach to treating epilepsy, potentially reducing side effects compared to broader-acting drugs.

Rapport Therapeutics also explores other avenues through their RAP technology. They have discovery-stage nicotinic acetylcholine receptor (nAChR) programs aimed at chronic pain (α6) and hearing disorders (α9α10), again leveraging their ability to target specific receptor subunits that traditional methods might miss.

Rapport has successfully completed Phase I clinical trials assessing the safety and tolerability of RAP-219 in healthy adults. These trials are foundational in establishing the initial safety profile of RAP-219 before proceeding to more targeted patient populations. The company plans to initiate a Phase IIa proof-of-concept trial in mid-2024. This trial will focus on adult patients with drug-resistant focal epilepsy, with expectations to deliver topline results by mid-2025. Additionally, Phase IIa trials for RAP-219 targeting peripheral neuropathic pain and bipolar disorder are scheduled for the second half of 2024 and in 2025.

Another molecule targeting TARPγ8, RAP-199, is slated to enter Phase I trials in the first half of 2025. This candidate also leverages the RAP technology but with different chemical and pharmacokinetic properties.

biotech IPOs in 2024

Contineum Therapeutics

IPO date: April 4, 2024

IPO price: $16.00

Price on June 24, 2024: $18.48

Contineum Therapeutics, a clinical-stage biopharmaceutical company focused on discovering and developing novel, oral small molecule therapies that target biological pathways associated with specific clinical impairments for the treatment of neuroscience, inflammation and immunology (NI&I) indications, recently unveiled the pricing details of its IPO. The offering consisted of 6,875,000 shares of common stock priced at $16.00 per share for public acquisition. Trading of these shares started on the Nasdaq Global Select Market on April 4, 2024, under the ticker symbol “CTNM.”

The company’s pipeline features a range of internally developed programs focused on neuroinflammation and immune disorders. A standout within this lineup is PIPE-791, an LPA1 receptor antagonist currently undergoing Phase I trials for idiopathic pulmonary fibrosis and progressive multiple sclerosis. In vitro experiments have highlighted PIPE-791’s capabilities in encouraging oligodendrocyte differentiation and myelination, as well as its protective effects against cytokine-induced cell death in oligodendrocytes. Furthermore, preclinical in vivo studies have shown its ability to engage central nervous system LPA1 receptors, promoting remyelination and reducing neuroinflammation.

Contineum Therapeutics obtained clearance from the US Food and Drug Administration (FDA) last year to start a Phase I clinical trial for PIPE-791. This randomized, double-blind, placebo-controlled dose-ranging study is anticipated to enroll around 80 healthy volunteer subjects.

Another prominent candidate in Contineum’s portfolio is PIPE-307, which is being developed as a potential first-in-class selective inhibitor of the M1 receptor. This candidate is currently in Phase II trials for relapsing-remitting multiple sclerosis and is expected to begin Phase II trials for depression by mid-2024. Initial results from Phase I trials have been promising, showing that PIPE-307 has a linear pharmacokinetic (PK) profile that aligns with preclinical modeling. Additionally, it has shown good tolerability across all dosage groups tested. Importantly, the dosages used in the Phase I trials have resulted in brain uptake levels that correlate with the remyelination observed in preclinical studies.

biotech ipos in 2024

Boundless Bio

IPO date: March 27, 2024

IPO price: $16.00

Price on June 24, 2024: $5.19

Boundless Bio, a pioneering clinical-stage oncology company dedicated to exploring extrachromosomal DNA (ecDNA) biology to revolutionize therapies for patients with previously refractory oncogene-amplified cancers, recently unveiled the pricing details of its IPO. The offering consisted of 6,250,000 shares of common stock priced at $16.00 per share for public acquisition. Trading of these shares started on the Nasdaq Global Select Market on March 27, 2024, under the ticker symbol “BOLD.”

The company’s primary clinical focus lies in a novel approach to cancer therapeutics, addressing the substantial unmet needs of patients with oncogene-amplified tumors by targeting ecDNA, a fundamental driver of oncogene amplification observed in over 14 percent of cancer patients.

Using its proprietary Spyglass platform, the company identifies key targets crucial for the functionality of ecDNA. It then designs and develops small molecule drugs, known as ecDNA-directed therapies (ecDTx), aimed at inhibiting these targets. This approach blocks the ability of cancer cells to use ecDNA for growth, adaptation and resistance to current treatments.

Boundless Bio is at the forefront of developing the first ecDTx, BBI-355, currently under evaluation in a Phase I/II clinical trial. Additionally, the company announced promising preclinical data last year regarding its second ecDTx, BBI-825, an innovative, orally available, selective inhibitor of ribonucleotide reductase (RNR). BBI-825 has showcased significant RNR inhibition across various tumor cell lines and induced tumor regressions in ecDNA-enabled preclinical cancer models. Presently, it is undergoing assessment in Investigational New Drug (IND)-enabling studies.

biotech ipos in 2024

Chromocell Therapeutics

IPO date: February 15, 2024

IPO price: $6.00

Price on June 24, 2024: $1.49

Chromocell Therapeutics Corporation, a clinical-stage biotech company dedicated to pioneering new non-opioid therapeutics for pain relief, recently disclosed the pricing details of its IPO. The offering comprised 1,100,000 shares of common stock priced at $6.00 per share for public acquisition. Trading of these shares started on the Nasdaq Global Select Market on February 15, 2024, under the ticker symbol “CHRO.”

The company’s primary clinical focus revolves around selectively targeting the sodium ion channel NaV1.7 for treating various forms of chronic neuropathic pain and eye pain. Chromocell’s leading candidate, CC8464, is designed as a potent and state-dependent inhibitor of human NaV1.7 with target selectivity. This design aims to preferentially impact injured or inflamed tissues while exerting minimal effects on NaV1.7 channels in uninjured or healthy tissues.

CC8464 is currently undergoing Phase I clinical investigation, with encouraging results from animal models of neuropathic pain suggesting its potential efficacy across several neuropathic pain types. Furthermore, it offers promise for addressing erythromelalgia (EM), a rare neuromuscular condition lacking approved treatments.

In February, Chromocell announced a strategic partnership with Benuvia Operations, a prominent figure in pharmaceutical innovation, aimed at advancing healthcare through pioneering research, development and commercialization efforts. By using the manufacturing and supply services provided by Benuvia, Chromocell anticipates developing clinical programs for one or more licensed products within 18 months, thus accelerating the progress of potentially groundbreaking therapies.

biotech IPOs in 2024

Metagenomi

IPO date: February 8, 2024

IPO price: $15.00

Price on June 24, 2024: $3.70

Metagenomi is a pioneering precision genetic medicines company dedicated to developing curative therapeutics for patients through its proprietary, comprehensive metagenomics-derived toolbox. Recently, it announced the pricing of its IPO of 6,250,000 shares of common stock at a price of $15.00 per share for the public. Trading of these shares commenced on the Nasdaq Global Select Market on February 9, 2024, under the ticker symbol “MGX.”

Metagenomi’s groundbreaking discovery platform unlocks novel cellular machinery sourced from natural environments to create next-generation genome editing tools. Its CRISPR-associated transposase (CAST) systems, tailored for large, site-specific gene integrations, consistently achieve programmable transposition into multiple endogenous sites within the human genome.

Preliminary data from non-human primate trials using MG29-1, a novel type V CRISPR system, demonstrate promising outcomes for therapeutic gene knockdown. The study revealed Metagenomi’s ability to achieve high editing efficiency (up to 55 percent of the entire liver and approximately 75 percent of hepatocytes) with MG29-1 in primary human cells in laboratory settings, as well as in mice and non-human primates.

Furthermore, Metagenomi has been actively constructing libraries of nucleases, deaminases and reverse transcriptases, critical components for advanced engineering systems facilitating larger integrations. Through RNA-Mediated Integration Systems (RIGS), the company achieves both small edits (prime editing) and substantial edits, addressing complex gene modifications such as insertions, deletions and various types of point mutations.

new biotech IPOs in 2024

Telomir Pharmaceuticals

IPO date: February 8, 2024

IPO price: $7.00

Price on June 24, 2024: $5.08

Telomir Pharmaceuticals, Inc. is a preclinical-stage pharmaceutical company dedicated to advancing the development and commercialization of TELOMIR-1, an innovative small molecule designed to serve as an oral in situ therapeutic treatment for human stem cells. Recently, the company announced the pricing of its IPO of 1,000,000 shares of common stock at a public offering price of $7.00 per share. Trading of these shares commenced on the Nasdaq Capital Market on February 9, 2024, under the ticker symbol “TELO.”

TELOMIR-1 represents a pioneering approach as the first small molecule intended to elongate DNA’s protective telomere caps, potentially facilitating age reversal. By leveraging its metal-binding properties to target specific classes of enzymes, TELOMIR-1 is poised to selectively influence the key processes responsible for the concentration and accumulation of iron and copper in serum, with implications for diseases such as hemochromatosis and cancer.

Telomir Pharmaceuticals initially focuses on treatments aimed at inhibiting the production of pro-inflammatory cytokines, notably IL-17, through the oral administration of TELOMIR-1 as a therapeutic intervention for stem cells in situ. Investigations into TELOMIR-1’s potential as a therapeutic agent extend to addressing age-related inflammatory conditions like hemochromatosis and aiding in post-chemotherapy recovery. This is achieved by disrupting and preventing the IL-17-induced inflammatory pathways that contribute to the systemic imbalance of cellular metals.

Kyverna Therapeutics is a new biotech IPO in 2024

Kyverna Therapeutics

IPO date: February 7, 2024

IPO price: $22.00

Price on June 24, 2024: $8.02

Kyverna Therapeutics, Inc., a leading clinical-stage biopharmaceutical company dedicated to pioneering cell therapies for individuals afflicted by autoimmune diseases, has officially concluded its expanded IPO of 16,675,000 shares of common stock. Trading of Kyverna’s common stock commenced on the Nasdaq Global Select Market on February 8, 2024, under the ticker symbol “KYTX.”

The focal point of Kyverna’s efforts lies in its lead product candidate, KYV-101, which is progressing through clinical development across rheumatology and neurology. Notably, Phase II trials for multiple sclerosis and myasthenia gravis, a Phase I/II trial for systemic sclerosis, and two ongoing multi-center, open-label Phase I trials in the US and Germany for patients with lupus nephritis underscore the breadth of its potential impact. KYV-101, a fully human CD19 CAR T-cell therapy tailored for individuals with B cell-driven autoimmune diseases, recently obtained fast track designation from the FDA for the treatment of multiple sclerosis.

Kyverna harnesses cutting-edge CAR T engineering and insights gleaned from conventional CAR T-cell therapies for cancer to amass a formidable collection of cell therapy assets and tools targeting various facets of autoimmune disease pathogenesis. Specifically, KYV-101 zeroes in on CD19, a surface protein expressed by B cells that plays a pivotal role in numerous autoimmune disorders. The company remains committed to exploring additional indications for KYV-101 and cultivating a robust pipeline of innovative immunotherapy candidates aimed at addressing unmet medical needs in the realm of autoimmune diseases.


Related: How Kyverna Therapeutics Is Pioneering Cell Therapy for Autoimmune Diseases


Fractyl health is one of the biotech IPOs in 2024

Fractyl Health

IPO date: February 1, 2024

IPO price: $15.00

Price on June 24, 2024: $4.49

Fractyl Health, a leading metabolic therapeutics company dedicated to advancing innovative solutions for type 2 diabetes (T2D) and obesity treatment, has recently disclosed the pricing details of its IPO. The company will offer 7,333,333 shares of common stock at a public offering price of $15.00 per share, resulting in total gross proceeds of approximately $110.0 million. Fractyl Health’s common stock commenced trading on the Nasdaq Global Market under the ticker symbol “GUTS” on February 2, 2024.

Fractyl Health is actively developing two promising therapies for T2D treatment. Revita, an outpatient endoscopic procedural therapy, which aims to eliminate insulin needs and enhance glycemic control by ablating dysfunctional duodenal mucosa. Rejuva, a local adeno-associated virus (AAV)-delivered pancreatic gene therapy, seeks to enhance islet health through advanced delivery systems and proprietary screening methods, targeting the pancreas with metabolically active gene therapy candidates.

In a recent development, Fractyl Health announced the selection of RJVA-001 as its inaugural clinical T2D candidate in the Rejuva gene therapy platform. RJVA-001 represents the first GLP-1 pancreatic gene therapy (GLP1 PGTx) candidate nominated by the company, designed to address issues such as treatment discontinuation and metabolic rebound commonly observed with existing GLP-1-based therapies. Fractyl Health has initiated discussions with European regulators to establish an investigational new drug (IND)-enabling pathway for RJVA-001 in the treatment of T2D. The company anticipates completing IND-enabling studies, or equivalent milestones, for RJVA-001 by the second half of 2024.

Alto Neuroscience is one of the biotech IPOs in 2024

Alto Neuroscience

IPO date: February 1, 2024

IPO price: $16.00

Price on June 24, 2024: $10.80

Alto Neuroscience is a clinical-stage biopharmaceutical company committed to reshaping psychiatry through the application of neurobiology to craft personalized and highly effective treatment options. Recently, it disclosed the pricing of its expanded IPO of 8,040,000 shares of common stock at a public offering price of $16.00 per share. Trading of the shares started on the New York Stock Exchange on February 2, 2024, under the ticker symbol “ANRO.”

Alto Neuroscience uses an AI-enabled platform to enhance the identification of patients likely to respond to novel product candidates and propel drug development through biomarkers. Currently, several noteworthy candidates are undergoing Phase II evaluation. For instance, in 2023, Alto Neuroscience disclosed encouraging results from its Phase 2a investigation of ALTO-300, a groundbreaking treatment for depression. Post-administration of ALTO-300, patients characterized by an electroencephalogram (EEG) biomarker exhibited substantial clinical amelioration in depression symptoms and higher response rates. These findings underscore the potential of ALTO-300 as an innovative treatment for major depressive disorder (MDD).

Another noteworthy candidate, ALTO-100, also demonstrates efficacy and favorable safety in patients with post-traumatic stress disorder (PTSD) in its Phase II trial. The PTSD patient group defined by biomarkers (n=44) displayed a mean reduction of 17.5 points in CAPS-5 scores at Week 4, compared to 12.9 points in the non-biomarker patient group (n=40), alongside a favorable safety and tolerability profile.

By harnessing its AI-enabled Precision Psychiatry Platform, Alto Neuroscience can predict clinical response and match each patient to the appropriate product candidate by identifying and prospectively replicating brain biomarkers through analysis of EEG activity, neurocognitive task performance, wearable devices and other metrics.

ArriVent Biopharma is one of the biotech IPOs in 2024.

ArriVent BioPharma

IPO date: January 25, 2024

IPO price: $18.00

Price on June 24, 2024: $17.85

ArriVent BioPharma is a clinical-stage biopharmaceutical company committed to identifying, developing and commercializing differentiated medicines to meet the unmet medical needs of cancer patients. Recently, it announced the pricing of its increased IPO of 9,722,222 shares of its common stock at a public offering price of $18.00 per share. ArriVent’s common stock started trading on the Nasdaq Global Market on January 26, 2024, under the ticker symbol “AVBP.”

As a clinical-stage entity, ArriVent is actively assessing its leading drug candidate, furmonertinib, an oral, brain penetrant, epidermal growth factor receptor (EGFR) mutant-selective inhibitor in its Phase III clinical trial. In 2023, the US Food and Drug Administration (FDA) granted Breakthrough Therapy designation for furmonertinib for the treatment of patients with previously untreated, locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) with EGFR exon 20 insertion mutations. Interim results from the trial demonstrated that furmonertinib has promising anti-tumor activity as a single agent with a well-tolerated safety profile in first-line and previously treated patients. The pivotal Phase III FURVENT trial of furmonertinib for the treatment of first-line NSCLC with EGFR exon 20 insertion mutations is currently enrolling patients globally.

ArriVent is constructing its pipeline with a profound grasp of cancer biology and unmet medical needs and is extending these competencies to other medications and research collaborations.

CG Oncology is one of the biotech IPOs in 2024.

CG Oncology

IPO date: January 24, 2024

IPO price: $19.00

Price on June 24, 2024: $31.94

CG Oncology is a late-stage clinical biopharma company dedicated to the development and commercialization of a potential backbone bladder-sparing therapeutic for patients suffering from bladder cancer. Recently, it disclosed the completion of its increased IPO of 23,000,000 shares of its common stock. CG Oncology’s common stock is now listed on the Nasdaq Global Select Market under the ticker symbol “CGON.”

CG Oncology’s product candidate, cretostimogene grenadenorepvec, represents an investigational engineered oncolytic immunotherapy. In Bacillus Calmette-Guerin (BCG)-unresponsive non-muscle invasive bladder cancer (NMIBC), cretostimogene has demonstrated clinical benefit and has generally been well-tolerated in clinical trials, both as a monotherapy and in combination with other therapies. Additionally, it is undergoing Phase II evaluation in combination with pembrolizumab for the same indication. Furthermore, cretostimogene is being assessed in combination with nivolumab for other types of bladder cancer. They are currently planning further studies in bladder cancer.

Last month, the FDA granted fast track and breakthrough therapy designations to cretostimogene grenadenorepvec for potential therapeutic use in patients with high-risk BCG-unresponsive NMIBC with carcinoma in situ, with or without Ta or T1 tumors. This decision is supported by ongoing clinical trials, including the Phase III BOND-003 trial, which demonstrated that intravesically delivered oncolytic immunotherapy provided clinical benefit in the form of complete responses with acceptable tolerability.


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