Biotech has already logged 31 IPOs in 2026, more than any of the past four years
- Thirty-one biotechs have listed so far in 2026 versus 8 in all of 2025; Q3 had nine debuts and four more listed in October, though 2021's near-100 remains far off.
- Parabilis ($670M) and Kailera ($625M) set the two largest biotech IPOs on record; ADARx raised about $446M in September.
- Lycia (protein degraders), Aspen Neuroscience, Bambusa and NodThera/Rezera have filed to join the queue.
💡 Points
The window is open for scale and for late-stage stories: record-size raises are going to obesity and platform names, not to the long tail. The queue's mix of degraders, cell therapy and I&I bispecifics suggests investors will fund modalities with a clear path to the clinic, but the Q3 deal slowdown in M&A and venture shows the market is selective.
Biotech notches 31 IPOs already this year with 4 more joining queue ↗