生物科技IPO追踪：行业生命线表现与数据

Biotech IPOs: The industry's lifeline, tracking performance and trends

Initial public offerings are the lifeblood of the biotech industry. Going public provides young companies with the capital needed to develop drugs, while also giving venture capital backers a chance to reap returns.

For most of the past decade, biotech companies found Wall Street receptive to their funding appeals. Public investment, attracted by scientific advances and company success stories, nurtured the growth of a generation of emerging drugmakers.

IPO activity peaked in 2021, when more than 100 biotech companies completed their initial public offerings, raising nearly $15 billion in total. However, this momentum came to an abrupt halt in 2022, as shares of newly listed companies fell sharply amid an industry-wide downturn. The pace of IPOs then stalled, with only 11 drugmakers completing their initial stock sale pricing last year.

Today, the path to the public markets for emerging biotech companies has become more difficult. Which companies will successfully go public? Which will create value, and which will fail? What types of companies achieve the best returns? And who are their investors?

BioPharma Dive is tracking these questions through the database below, which will be updated regularly. If you notice any omissions or would like to see additional information, please contact us by email.

Editor's note: Click on a company name for more details, and scroll to the bottom of the page for information on data collection and methodology. If the table or figures below do not display properly, try clearing your browser cache and reloading the page.

Database overview

This database covers biotech companies that have raised funds through IPOs on U.S. stock exchanges. BioPharma Dive defines a biotech company as a developer of novel prescription drugs. Manufacturers of generics or over-the-counter drugs are not included, and IPOs of special purpose acquisition companies (SPACs), diagnostic companies, and medical device manufacturers are also excluded.

Company and investor information is sourced from S-1 filings submitted to the U.S. Securities and Exchange Commission (SEC) prior to the IPO. Shareholder names are listed by corporate entity, rather than the specific funds investing in the company. Individual trusts or holding entities with a 50% or greater stake in the company are also noted. In some cases, particularly in smaller IPOs, individual names are listed.

Equity raised before the IPO typically includes both stock and convertible securities, with data taken from the "Liquidity and Capital Resources" and "Financing Activities" sections of the S-1. Total proceeds refer to funds raised at IPO pricing and do not necessarily reflect subsequent underwriter exercise of over-allotment options.

Current stock price, percentage change, and market capitalization data come from Google Finance. For companies marked "N/A," it indicates that the data returned by Google Finance did not reflect the correct value and was therefore omitted, or that the company has been delisted or acquired. An asterisk (*) also indicates that the stock is no longer trading.

Equity percentages and fundraising amounts are rounded to the nearest whole number. Companies conducting multi-phase trials are categorized by their earlier trial phase.