New York, March 10, 2023 - PRISM MarketView - Biotech companies launching IPOs in the first quarter of 2024 have been largely met with enthusiasm and optimism from investors. The first two months of the year have seen seven companies IPO in fields including gene editing, personalized medicine, and next-generation therapeutics.
With advancements in CRISPR technology, companies investigating genetic therapies have become a focal point for investors as they offer potential solutions for previously incurable diseases. In addition, the rise of precision medicine, driven by advancements in biomarker identification and targeted therapies, has attracted investor interest. Amid the global health challenges and a growing demand for innovative healthcare solutions, biotech IPOs in 2024 reflect a sector poised for substantial growth and transformative impact.
In January, CG Oncology ($CGON) enjoyed a stellar Nasdaq debut, with its shares soaring 96% above the original IPO price on its first day of trading. CG’s lead candidate, cretostimogene is in Phase 3 development for non-muscle invasive bladder cancer (NMIBC) patients unresponsive to Bacille Calmette-Guérin (BCG) therapy. The company’s shares have held their value and its market cap now sits at $2.361 billion.
Kyverna Therapeutics ($KYTX) captured investor hearts and minds with its mission to develop life changing medicines for people living with autoimmune diseases. The company’s lead program is in Phase 2 trials for myasthenia gravis and multiple sclerosis. The company launched an IPO for $100 million and in less than one month of trading, its shares have held their value. Kyverna’s market cap is currently $1.17 billion.
Also in January, ArriVent BioPharma ($AVBP) priced an upsized offering, selling 9.7 million shares and achieving gross proceeds of $175 million. ArriVent is working to bring drugs developed in China to Western markets via in-licensing deals. ArriVent’s market cap is now $626.67 million and its share price has fluctuated between $18.37 and $25.95 since the company’s IPO.
Gene editing company, Metagenomi ($MGX) is focused on developing treatments for devastating diseases including amyotrophic lateral sclerosis (ALS), cystic fibrosis, cardiovascular disease and hemophilia A. The company raised $94 million in its IPO, adding to a $275 million cash runway generated through an oversubscribed Series B financing round. Metagenomi’s market cap is $442.07 million.
BrightSprings Health Services ($BTSG) planned to raise approximately $960 million in an IPO that would value the company at about $3 billion. The IPO priced at below the anticipated range and closed down (15.28%) on its first day of trading. The stock has since recovered to reach $9.06 and the company has a market cap of $1.55 billion.
Precision medicine company, Alto Neuroscience ($ANRO) focused on psychiatric drug development based on AI-derived brain biomarkers. The company has candidates in development targeting depression, PTSD, and other neurodegenerative and neuropsychiatric diseases. The company filed for a $100 million IPO and now has a market cap of $368.49 million and its shares are trading at $13.76 after reaching a high of $24.00 earlier in the quarter.
Fractyl Health ($GUTS) is targeting a portion of the burgeoning Type 2 diabetes and obesity markets. The company is currently conducting a pivotal clinical study to evaluate an investigational procedure called Revita, a non-drug procedure that may help improve blood sugar without increasing medicines or insulin. Revita is CE Marked and available in Germany. Fractyl filed for a $100 million IPO and has a market cap of $396.56 million. Its share price has bounced between $6.91 and $14.50 since its market debut.
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