13 Biotech IPOs Have Already Raised $5.0 Billion in 2026 — Topping Every Full-Year Total Since 2021

Thirteen biotech offerings have priced through late June, raising $5.0 billion in aggregate — a figure that already exceeds every full-year total from 2022 through 2025, according to data reported at the BIO International Convention on June 23, 2026, and tracked by BioPharma Dive.

Two of those deals set all-time records.

Parabilis Medicines priced a $670 million upsized IPO in June — the largest venture capital-backed biotech IPO in history, per BioPharma Dive. Founded by Harvard University chemist Gregory Verdine, Parabilis is developing helicon peptides designed to target previously undruggable proteins in cancer and other diseases. The company filed for its IPO one day after announcing a strategic collaboration with Regeneron Pharmaceuticals worth up to $2.3 billion to develop antibody-helicon conjugates.

Kailera Therapeutics debuted in April, raising $718.8 million after selling 44.9 million shares at $16 each — surpassing Moderna's 2018 record of $600 million to become the largest biotech IPO ever, per BioSpace's IPO Tracker (June 18, 2026). The obesity-focused company's offering had initially been sized at $625 million before closing above that figure.

Kardigan raised $400 million at $16 per share — the top end of its offering range — selling 25 million shares that began trading on Nasdaq on June 18, 2026, per BioSpace. Eikon Therapeutics opened the year in February with a $381 million upsized IPO, at that point the sector's largest since 2024. Alamar Biosciences closed an upsized April offering, raising approximately $219.9 million through the sale of 12.94 million shares at $17 each.

Eleven of the thirteen deals exceeded $250 million. Nearly all of this year's IPO class has had drugs in Phase 2 or Phase 3 testing. Biotechs that priced in the most recent quarter banked a median of around $287.5 million, more than double the equivalent figure from early 2025 and the highest quarterly median since the pandemic-era peak of 2021, per Xtalks (July 6, 2026).

The contrast with the recent past is stark. Only 15 U.S. biopharma companies completed IPOs in all of 2025 — the lowest level in years — and by a stricter measure just eight biotechs reached public markets, the fewest in at least five years, per BioPharma Dive. That followed 19 industry IPOs in 2024, 13 in 2023, and 17 in 2022.

Investors and healthcare investment bankers, per BioPharma Dive's June 23 reporting, argued that the pace of IPOs will accelerate in H2 2026, driven by what they described as "the same supply-and-demand dynamics" that ignited the last boom in stock offerings.

"We're still in a disciplined environment where we actually have a checklist of things that makes us successful," said Wonhee Oh, vice president of healthcare investment banking at J.P. Morgan.

On the secondary-market side, the week ending August 6 showed biotech leading small-cap 52-week highs: 8 biotech names were among the 44 Russell 3000 small-caps hitting new highs as of August 6, per Schwab's weekly trader's outlook. The Russell 2000 fell 0.5% to 2,931.34 on Friday but breadth expanded week-over-week to 67.01% from 64.03%, per Schwab and TradeZero.

What's next on the calendar: the MSCI Index Rebalance announcement is scheduled for August 12, and the Federal Reserve's next scheduled FOMC decision is set for September 15–16, per the Federal Reserve's published calendar.