Pharma and Biotech IPOs of 2026: A Running List

Biotech IPO activity began to reappear in 2026, with several clinical-stage companies entering public markets after a more cautious funding environment in recent years. Many of these offerings focus on therapies for cancer, immunology and other serious diseases.

In 2025, biotech companies raised significant capital through public offerings and late-stage private financings.

MapLight Therapeutics raised $372.5 million in a Series D financing to advance clinical trials of a muscarinic receptor agonist program for schizophrenia and Alzheimer’s disease psychosis. AI-focused drug discovery company Isomorphic Labs secured $600 million to develop its AI drug design platform and advance therapeutic programs toward the clinic. Eikon Therapeutics also raised more than $350 million in a Series D financing in 2025 to expand its oncology pipeline ahead of a planned public listing.

This blog tracks the major biotech IPOs of 2026, showcasing companies going public and the therapies and technologies they are bringing to the biotech landscape.

Eikon Therapeutics

Eikon Therapeutics raised about $381 million in an upsized IPO after pricing 21.2 million shares at $18 each. The California-based biotech develops cancer drugs targeting immune signaling, DNA repair pathways and androgen receptor biology. Its pipeline includes the TLR7/8 agonist EIK1001, currently in Phase II/III testing with pembrolizumab for melanoma, alongside selective PARP1 inhibitors EIK1003 and EIK1004 and additional candidates discovered using its single-molecule tracking research platform.

Generate Biomedicines

Generate Biomedicines completed its IPO in March 2026, raising approximately $400 million after pricing 25,000,000 shares at $16.00 per share. The company’s stock began trading on the Nasdaq Global Select Market under the ticker GENB on February 27 before the offering closed on March 2. Based in Somerville, Massachusetts, Generate is a clinical-stage biotech developing protein therapeutics using AI-driven design and automated laboratory testing. Its pipeline currently spans respiratory diseases and oncology, with programs including an anti-TSLP antibody in Phase III trials for severe asthma and early-stage oncology candidates such as a toxicity-modulating antibody and a CAR-T cell therapy for ovarian cancer.

Veradermics

Dermatology-focused biotech Veradermics raised about $294.8 million in its February 2026 IPO on the New York Stock Exchange under the ticker MANE. The company is developing VDPHL01, an extended-release oral formulation of minoxidil designed to treat pattern hair loss (androgenetic alopecia), a condition affecting roughly 80 million people in the US. The investigational therapy aims to deliver steady drug exposure to hair follicles while avoiding the concentration spikes associated with immediate-release oral minoxidil. VDPHL01 is currently being studied in multiple late-stage clinical trials in men and women, with topline data from the first Phase II/III trial expected in 2026.

SpyGlass Pharma

SpyGlass Pharma raised $172.5 million in a February 2026 Nasdaq IPO to advance implantable drug delivery treatments for glaucoma and other eye diseases. Its lead program, the BIM-IOL System, is an intraocular lens implant designed to release the glaucoma drug bimatoprost over several years. The implant is placed during cataract surgery and is part of the company’s platform for delivering medicines inside the eye using sustained-release implants. The therapy is being studied in two Phase III trials, and the trials are expected to complete enrollment in 2027.

Agomab Therapeutics

Agomab Therapeutics raised about $200 million in its February 2026 Nasdaq IPO after pricing 12.5 million American Depositary Shares (ADS) at $16 each under the ticker AGMB. The clinical-stage biotech is developing therapies aimed at fibrotic diseases linked to TGFβ signaling. Lead candidate ontunisertib is being studied for fibrostenosing Crohn’s disease, while a second program, AGMB-447, is an inhaled ALK5 inhibitor in development for idiopathic pulmonary fibrosis.

Aktis Oncology

Aktis Oncology closed an upsized IPO in January 2026, raising about $365 million in gross proceeds after pricing 17.65 million shares at $18.00 each and the full exercise of the underwriters’ option for additional shares. The Boston-based, clinical-stage biotech is developing targeted radiopharmaceuticals using a proprietary miniprotein platform designed to deliver alpha-emitting isotopes directly to tumor-associated targets. Its lead program, an actinium-225-labeled radioconjugate targeting Nectin-4, is in a US Phase Ib trial for urothelial cancer and other solid tumors, with a second B7-H3-targeted candidate preparing to enter the clinic. Proceeds will primarily support clinical development and manufacturing scale-up.

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