An initial public offering (IPO) is the process through which a private company sells its shares to the public for the first time, transitioning into a publicly traded entity. In the biotechnology sector, a biotech IPO occurs when a biotech firm lists its shares on a stock exchange, thereby attracting investment from public markets. This move not only raises funds from a wider pool of investors but also secures the essential capital needed to drive R&D. Successful pharma and biotech IPOs in 2025 can offer significant returns to early investors while fueling the ongoing innovation and growth within the industry.
Related: Biotech IPOs in 2024: Navigating the New Wave of Innovation
Here are six pharma and biotech IPOs in 2025 that have made it to Wall Street so far:
Aardvark Therapeutics, Inc.
IPO Date: February 13, 2025
Initial IPO Price: $16.00
Current Share Price:
Aardvark Therapeutics, headquartered in San Diego, went public in February 2025. The company is pioneering innovative small-molecule therapies for metabolic diseases by targeting bitter taste receptors (TAS2Rs) to modulate hunger signals — an approach aimed at reducing hyperphagia in conditions such as Prader-Willi syndrome (PWS).
Leveraging extensive preclinical research, Aardvark is developing advanced compounds to restore natural satiety. With a pipeline that includes lead candidate ARD-101, currently advancing through Phase II trials, and ARD-201, a novel combination therapy in early development, the company aims to tackle extreme hunger associated with obesity, PWS and related metabolic disorders.
Sionna Therapeutics, Inc.
IPO Date: February 7, 2025
Initial IPO Price: $18.00
Current Share Price:
Sionna Therapeutics, headquartered in Boston, went public in February 2025. The company is pioneering innovative small molecule therapies for cystic fibrosis by stabilizing the CFTR protein’s nucleotide-binding domain 1 (NBD1) — an approach aimed at restoring near-normal cellular function in patients.
Leveraging over a decade of research, Sionna is developing advanced compounds to address the underlying genetic defects of cystic fibrosis. With a strong pipeline that includes lead candidates SION-719 and SION-451 currently advancing through Phase I trials, the company hopes to transform cystic fibrosis treatment through both standalone and combination approaches.
Metsera, Inc.
IPO Date: January 31, 2025
Initial IPO Price: $18.00
Current Share Price:
Metsera, based in the US, went public with its IPO in January 2025. The clinical-stage biotech company is focused on developing next-generation peptide therapies for obesity, overweight and metabolic diseases. Leveraging its proprietary HALO and MOMENTUM platforms, Metsera creates ultra-long-acting injectable and oral treatments. The company’s pipeline includes MET-097i, currently in Phase IIb trials, and MET-233i, in early-stage clinical trials. With these candidates, Metsera aims to transform obesity care and enhance patient outcomes through precision-targeted, long-acting therapies.
Maze Therapeutics, Inc.
IPO Date: January 31, 2025
Initial IPO Price: $16.00
Current Share Price:
Maze Therapeutics, headquartered in the US, went public with its IPO in January 2025. The clinical-stage biopharmaceutical company focuses on developing precision medicines for chronic kidney disease (CKD), cardiovascular and metabolic conditions. Utilizing its proprietary Compass platform, Maze analyzes genetic data to create targeted therapies that address the root causes of disease. With its lead programs aimed at APOL1-mediated kidney disease, the company plans to improve patient outcomes through genetically-informed treatments.
Ascentage Pharma Group International
IPO Date: January 24, 2025
Initial IPO Price: $17.25
Current Share Price:
Ascentage Pharma, headquartered in China, went public with its IPO in January 2025. The company specializes in discovering and developing innovative therapies for hematological malignancies, focusing on targeting key apoptotic pathways and tyrosine kinases.
The company’s approach combines small molecule therapies and targeted protein degradation. Leveraging a proprietary drug discovery platform, Ascentage Pharma is advancing its pipeline with candidates like olverembatinib and lisaftoclax, which aim to address significant unmet medical needs in cancers such as chronic myeloid leukemia and chronic lymphocytic leukemia.
Zhengye Biotechnology Holding Limited
IPO Date: January 7, 2025
Initial IPO Price: $4.00
Current Share Price:
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