IPO

BioSpace is launching an IPO dashboard to help the industry keep tabs on U.S. biotechs that have taken the public plunge in 2026.

Merck stole the show at the European Society for Medical Oncology (ESMO) annual conference, with new data on its Moderna-partnered personalized cancer vaccine leaking prior to the presentation and antibody-drug conjugate sac-TMT making a splash in endometrial cancer; Bristol Myers Squibb revealed the death of a patient with multiple sclerosis in an early-stage trial of zola-cel; and pharma is on track to easily surpass last year’s deal count.

While biopharma financing exit activity has remained strong through the third quarter, public-market performance for the same period was muted, with most of the yearly gains for the U.S. biotech-specific index largely driven by the first half of 2026.

The sector’s IPO tally has surpassed each of the past four years, with four October debuts adding momentum—but activity still remains well below the COVID-19 boom that saw nearly 100 public debuts in 2021.

In this bonus episode, BioSpace Vice President of Marketing Chantal Dresner and Angela Gabriel, content manager, life sciences careers, discuss how the job market shaped up in Q3 and what Q4 might hold.

City Therapeutics will join a slew of biotechs that have entered the public markets this year, with a $200 million raise that landed above expectations.

TRexBio and Retension Pharmaceuticals are set to debut Friday, bringing this year’s biotech IPO count to 29 as the sector’s rebound continues. City Therapeutics and Iambic Therapeutics hope to push that number even higher.

Two RNA biotechs, ADARx Pharmaceuticals and City Therapeutics, are taking advantage of the IPO frenzy, which has led to a total of 27 newly public biotechs so far this year.

With more than 25 companies debuting on the public markets, 2026 has recorded the highest number of biotech IPOs since 2021. Now, four companies—including Iambic Therapeutics and ADARx Pharmaceuticals—are looking to grow this total even further.

Electra Therapeutics has exceeded its initial fundraising plans as it becomes the 26th biotech to debut publicly this year and outlines pivotal development plans for its monoclonal antibody ipsoprubart.