Biotech IPOs are off to a slow start. As of February 10th, 2025, seven biotech companies have successfully gone public or declared their intentions to do so, raising approximately $1B to fuel their R&D. This pales in comparison to the ~$4B raise in the same period of last year. But, there are still 7 weeks to catch up.
So far, six biotech companies have made their public market debut or filed to do so in 2025. These include:
- Metsera: This weight-loss drug developer successfully completed its IPO on January 31st, 2025 2. Metsera focuses on developing next-generation obesity and metabolic disease treatments. Their lead candidate, MET-097i, is a GLP-1 receptor agonist currently in Phase 2 trials13.
- Aardvark Therapeutics: Focused on obesity treatments, Aardvark Therapeutics filed for an IPO on January 23rd, 2025 4. Aardvark is developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. Their lead candidate, ARD-101, is an oral drug targeting Bitter Taste Receptors to suppress hunger. It is currently in Phase 3 development for hyperphagia associated with Prader-Willi Syndrome and in Phase 2 trials for hypothalamic obesity15.
- Ascentage Pharma: This China-based company specializing in cancer therapies completed its IPO on the Nasdaq on January 23rd, 2025. This marks a significant development as Ascentage Pharma is the first life sciences company listed on the HKEX to complete a U.S. listing 5. Ascentage Pharma focuses on developing apoptosis-targeted therapies for cancers. Their lead candidate, olverembatinib, is a BCR-ABL inhibitor approved in China for chronic myeloid leukemia (CML) and is in Phase 3 trials in the US16.
- Sionna Therapeutics: Developing novel therapies for cystic fibrosis, Sionna Therapeutics completed their IPO on February 7, 2025 8. Sionna Therapeutics is dedicated to developing treatments for cystic fibrosis by normalizing the function of the CFTR protein. Their lead candidates, SION-719 and SION-451, are highly potent NBD1 stabilizers currently in Phase 1 clinical trials18.
- Odyssey Therapeutics: Focused on autoimmune diseases, Odyssey Therapeutics filed for an IPO on January 17th, 2025. Odyssey Therapeutics is developing treatments for autoimmune and inflammatory diseases. Their lead candidate, OD-07656, is a RIPK2 inhibitor that is set to start a Phase 2a monotherapy trial for ulcerative colitis20. The exact date of their IPO is unknown, but it will be soon.
- Maze Therapeutics: This company, focused on developing treatments for kidney disease, successfully completed its IPO on January 30th, 2025 2. According to recent filings, Maze's lead programs include MZE829, an APOL1 inhibitor in Phase 2 trials for APOL1-mediated kidney disease, and MZE782, a SLC6A19 inhibitor in Phase 1 trials for chronic kidney disease and phenylketonuria.
- Aurion Biotech: This clinical-stage company focuses on developing a cell therapy for corneal endothelial disease. Their lead candidate, AURN001, is an allogeneic cell therapy currently in Phase I/II trials.
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2 周Great overview! Thanks for sharing!