Newly public biotechs are having a strong—but uneven

The 2026 biotech IPO market has rebounded sharply:
23 U.S.-listed biotech IPOs had raised about $7.3 billion by late September, compared with just seven biotech IPOs in all of 2025.

Overall performance is strong but uneven. One tracker found 17 of 23 IPOs above their offer price as of September 29; another analysis reported 18 of 21 above offer as of September 1. The different counts reflect different dates and coverage.

Veradermics is the standout, with shares up several-fold since its February IPO. Other notable gainers include Alamar, Vogenx, Hemab and Parabilis, though rankings and returns vary by measurement date.

Recent debuts show the risks as well as the gains:
ADARx rose about 14% on its first day, while Electra Therapeutics fell roughly 16% from its offer price in one late-September snapshot.

A group of IPOs is trading below offer, including Eikon, Agomab, Kailera, Electra, Kardigan and Generate in one tracker. Large offerings and investor interest have returned, but results remain highly company-specific.