Biopharma’s exit activity in the first half of 2026 was one for the books. Eighteen industry IPOs occurred in the first half of this year, and two of these set records as the largest public debuts in biotech history.
That number far exceeds last year’s total of eight IPOs, according to BioSpace’s historical data. That multi-year low was a steep fall from the 19 industry IPOs in 2024, 13 in 2023 and 17 in 2022. However, the number still doesn’t come close to the nearly 100 industry IPOs recorded in 2021, when pandemic-driven investments poured into the sector.
The values associated with these public market debuts are also shooting excitement through the industry. In April, obesity-focused Kailera debuted with $625 million, surpassing Moderna’s 2018 record of $600 million to become the largest biotech IPO ever. But the company held that title for less than two months. On June 10, peptide maker Parabilis Medicines went public with $670 million.
The biotechs that have entered the public market—especially those in the U.S.—have generally fared well since emerging. A major standout is the $256 million IPO from hair loss biotech Veradermics. Since debuting in February, the company’s stock has risen nearly 550% from its expected opening price of $17 per share to $118 as of closing on July 13.
When looking at Veradermics’ opening price, which was $37.75, the company still leads the pack in performance, with the highest increase in price share since debuting. But Veradermics is not alone in its success. Seven of the 13 U.S. biotechs to IPO this year have added value to their price since IPOing, amid a strong performance of the overall sector in the last month.
“June was a strong month for biotech with the XBI rising 18% MoM,” Truist analysts wrote in a July 6 note. “We attribute the rally to continued fundamental improvement across the sector, including robust M&A activity, a healthy IPO/follow-on financing backdrop, clinical readouts, and improving sentiment as the FDA returns to a more optically predictable review process, with greater use of AdComs and a re-evaluation of NDA/BLA for programs previously issued CRLs.”
The second half of the year is already off to a strong start, with two biotechs filing plans to join the public party. Scribe Therapeutics’ public bid is particularly notable given the biotech’s early-stage pipeline, with one candidate having just entered the clinic. The company, which was co-founded by Jennifer Doudna, is developing CRISPR-based medicines.
Another U.S. biotech called Kalohexis, which spun out of Endevica Bio earlier this year, is also hoping to make the plunge. The clinical-stage company is targeting the melanocortin system to create new candidates for metabolic diseases.
If the two proposals materialize, 2026 will become biotech’s strongest IPO year since the market highs recorded amid the COVID-19 pandemic.
After debuting on the public markets with $256.3 million and raking in an additional $472 million, Veradermics has emerged as one of biotech’s biggest post-IPO standouts. CEO Reid Waldman credits the weight loss craze for establishing consumer-driven channels.
July 6, 2026
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5 min read
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