Avalyn Pharma, Inc.

iStock, avgust01 Kailera Therapeutics is advancing a pipeline of obesity drugs, led by the GLP-1/GIP dual agonist ribupatide, which the biotech is developing both as an injectable and as a pill. After declaring its intent to go public last month, Kailera Therapeutics has now revealed an initial public offering amount that could be the highest the industry has seen in years. Kailera will put 33 million shares of common stock up for sale for $14 to $16 apiece, according to its updated prospectus , resulting in a raise that could reach as high as $533 million. The biotech has also opened a 30-day option for underwriters to purchase up to 5 million additional shares of common stock at the initial public offering (IPO) price. If underwriters completely take Kailera up on this offer, the biotech could see an $80 million bump to the IPO raise, bringing the total haul over $610 million. If fully realized, this would be the biggest public market debut in years and put Kailera firmly at the head of this year’s IPO class . In February, AI-forward Generate:Biomedicines brought in $400 million in an IPO, a sum that had been hailed as a record raise. Generate itself outpaced Eikon Therapeutics’ $381 million earlier that same month, which at the time was called the largest since 2024. Other companies that have declared an intent to go public this year include Seaport Therapeutics, Hemab Therapeutics and Avalyn Pharma. IPO tracker Seaport, Hemab set sail for Nasdaq Analysts are cautiously optimistic about an IPO rebound for biopharma. BioSpace is keeping track of companies that seek to trade on the public markets this year. April 13, 2026 · 9 min read · Tristan Manalac Read more Whatever the IPO brings in, Kailera will add the sum to its $600 million series B round in October 2025, money that at the time was earmarked to advance its pipeline of obesity assets into late-stage development. Kailera hasn’t yet announced when the IPO window will close, but the company intends to trade on the Nasdaq Global Select Market under the symbol KLRA. Kailera’s pipeline is led by ribupatide, a GLP-1/GIP receptor dual agonist being developed in partnership with China’s Jiangsu Hengrui Pharmaceuticals. The companies are currently advancing both injectable and oral versions of ribupatide. Phase 2 data in February demonstrated a 12.1% reduction in weight at 26 weeks for patients on 25-mg or 50-mg ribupatide, whereas the placebo group hit 2.3% weight loss at this time point. The partners were emboldened by these findings to push the drug into late-stage studies. Kailera expects to allot roughly $625 million for the development of injectable ribupatide, currently in three ongoing Phase 3 studies, into the second quarter of 2028, according to the updated prospectus. Meanwhile, around $150 million will go toward the pill form of ribupatide, for which a late-stage study is in the works and is expected to start in the second quarter of 2028. Aside from ribupatide, Kailera is also advancing KAI-7535, a daily oral GLP-1 drug. Some $50 million will help push the pill through Phase 2. The rest of Kailera’s money will go toward other R&D activities and support general corporate operations, as per the prospectus. Kailera was one of the buzziest startups to hit the scene with its October 2024 debut , carrying $400 million in starting funds. The biotech launched as a NewCo featuring Chinese assets, a startup method that has been rising in popularity as investors, pharmas and biotech leaders alike hunt for assets in the country. Peer obesity startup Metsera sparked a wild bidding war last fall when Pfizer and Novo Nordisk duked it out to seal the M&A deal. Pfizer ultimately walked away with the prize, spending nearly $10 billion to buy Metsera and its pipeline of obesity medications. Mergers & acquisitions Pfizer Closes Metsera Deal, Officially Ending Bidding War Drama Speaking at a conference this morning, Pfizer CEO Albert Bourla suggested that Metsera’s therapies could begin hitting the market in 2028. November 13, 2025 · 1 min read · Annalee Armstrong Read more

Seaport has a crew of 58 full-time employees.\n Seaport Therapeutics and Hemab Therapeutics are both charting a course for the public markets.Boston-based Seaport is captained by CEO Daphne Zohar, a co-founder of Karuna, the biotech behind Bristol Myers Squibb’s approved schizophrenia drug Cobenfy. While Seaport has yet to disclose how many shares it would offer in an IPO, or at what price, we know that top of the list of spending priorities will be its lead depression candidate SPT-300, also known as GlyphAllo.SPT-300 is a prodrug of allopregnanolone—a naturally occurring neurosteroid that is marketed in a synthetic form as Zulresso for postpartum depression. The asset has been developed by Seaport’s Glyph platform, which is designed to enhance the bioavailability of oral drugs by reducing their metabolism in the body before they reach their intended target. The idea is that this should, in turn, reduce hepatotoxicity and other side effects.A Fierce 15 winner last year, Seaport has used the Glyph platform to retain allopregnanolone’s potency while delivering it as an oral drug. The company pointed to a phase 2a trial in 2023 that showed SPT-300 could reduce levels of cortisol in healthy volunteers as evidence that the drug could treat stress-related mood and anxiety disorders.Now, the biotech wants to use an IPO to fund an ongoing phase 2b study of SPT-300 in major depressive disorder (MDD) through to a topline readout next year, as well as launch a phase 3 study, according to an April 10 filing with the Securities and Exchange Commission.Some of the proceeds have also been earmarked to complete phase 2 studies of SPT-320, also known as GlyphAgo, a prodrug of agomelatine—an antidepressant available in Europe as Valdoxan but not approved by the FDA. Seaport has been banking on the ability of its Glyph platform to lower the dose required for effectiveness by reducing its metabolism in the liver and therefore removing the need for liver function monitoring. The aim is to launch a phase 2a study to determine whether SPT-320 can improve the sleep of patients with generalized anxiety disorder (GAD), as well as a phase 2b trial focused on GAD itself. Both studies would likely read out in 2028, according to the filing.When Seaport took SPT-320 into the clinic in September 2025, Chief Medical Officer Antony Loebel, M.D., pointed out that agomelatine’s “efficacy in GAD is already well established.” “The key question is whether we can achieve effective exposure at a lower dose, which would demonstrate GlyphAgo’s ability to avoid agomelatine’s dose-dependent liver issues,” Loebel said at the time. “We believe GlyphAgo has the potential to redefine the treatment landscape for GAD and represents an important clinical advancement for patients.”The remainder of the IPO proceeds will be used for SPT-348, a prodrug of a non-hallucinogenic analog of LSD, as well as for general R&D activities and working capital. Seaport’s CEO Zohar isn’t the only Karuna veteran on board—Karuna’s former CEO Steven Paul, M.D., serves as the chair of Seaport’s board of directors. The biotech employs 58 people and was originally assembled by PureTech Health—where Zohar was previously CEO—and supplied with $100 million when it launched in spring 2024. Seaport followed that up with a $225 million series B a few months later.Out of the $325 million raised to date, Seaport entered 2026 with a hefty chunk of funds—$233.7 million, to be precise—still intact, according to Friday’s filing. Hemab hopes for public listing Hemab also unveiled an intention on Friday to go public. The Cambridge, Massachusetts and Copenhagen, Denmark-based biotech has previously touted an ambition to become “the ultimate clotting company” and the highest priority recipient of its IPO proceeds will be sutacimig.The biotech has already tested the bispecific antibody in Glanzmann thrombasthenia, a rare genetic bleeding disorder caused by a deficiency of the platelet integrin alpha IIb beta3, which prevents blood from properly clotting. Hemab has previously pointed to phase 2 study as demonstrating that sutacimig achieved clinically meaningful bleeding reduction in these patients.The IPO funds would help finance a phase 3 study in Glanzmann thrombasthenia, as well as an ongoing phase 2 trial in another bleeding disorder called Factor VII deficiency, according to an April 10 filing with the SEC.There’s also a monovalent antibody, dubbed HMB-002, in a phase 1/2 study for von Willebrand disease, another genetic disorder that impacts blood clotting. Data have so far has shown that the drug can directly target the underlying pathophysiology of the disease.Further back in development, Hemab said it expects to take one of its preclinical assets into the clinic in the second half of 2026. The company employs 72 people full-time, split across the U.S. and Denmark. They are led by Benny Sorensen, M.D., Ph.D., who previously served at the likes of Codiak Biosciences and Alnylam Pharmaceuticals.Hemab’s strategy of using “targeted solutions rather than generic approaches” to clotting disorders has secured a steady stream of financings, from a $55 million series A haul in 2021, to a $135 million series B in 2023 and a $157 million series C last year. By the end of 2025, Hemab still had $185.5 million in the bank, according to the filing.Biotech IPOs rebounded in the first couple of months of 2026, although listings petered out again in March. Seaport joins a short list of companies that have more recently expressed an interest in going public, including respiratory-focused Avalyn Pharma and obesity biotech Kailera Therapeutics.

The spring IPO cohort is starting to take shape. On Friday night, neuroscience drug developer Seaport Therapeutics and blood clotting disorder biotech Hemab Therapeutics both filed for IPOs, adding to about half a dozen biotechs that have already gone public this year. The two companies follow obesity drug developer Kailera Therapeutics and pulmonary fibrosis startup Avalyn Pharma , which filed last week. Kailera priced its IPO on Monday morning at $14 to $16 per share, as the company seeks to raise $458.7 million at a valuation of roughly $1.77 billion. The batch of pending listings will test investors’ appetite for public stock in new startups, as biotech’s IPO window begins to open up. The bump in IPOs has followed a rising market for biotech stocks, a run of dealmaking by large pharma companies, and renewed enthusiasm for venture capital investments in newer, riskier companies . Seaport plans to list as $SPTX and Hemab expects to trade as $COAG , a nod to its focus on coagulation disorders. The companies have yet to say how much they hope to raise. Seaport has a drug called SPT-300 in mid-stage testing for major depressive disorder, and another called SPT-320 in early-stage clinical development for generalized anxiety disorder. The IPO would give it enough money to carry SPT-300 into Phase 3 development. It’s run by Daphne Zohar, a veteran executive who formerly led PureTech Health. PureTech incubated Karuna Therapeutics, which developed a schizophrenia treatment marketed as Cobenfy. Karuna was sold to Bristol Myers Squibb in a $14 billion deal. PureTech also incubated Seaport and remains a 43% shareholder. Seaport’s other major investors include ARCH (13%), General Atlantic (8%), Sofinnova Venture Partners (7%) and Third Rock Ventures (5%). Seaport had $233 million to work with at the end of 2025. It raised two megarounds in 2024 . Hemab has a suite of trials underway for various bleeding disorders. Its lead drug is a bispecific antibody called sutacimig in a Phase 1/2 study for the prophylactic treatment of a rare, inherited ailment called Glanzmann thrombasthenia, and a Phase 2 trial for the prophylactic treatment of factor VII deficiency. Hemab’s next drug, a monovalent antibody dubbed HMB-002, is in Phase 1/2 for Von Willebrand disease, a slightly more common bleeding ailment. “There’s probably more than 30 approved drugs for hemophilia A and B. There are zero approved drugs for Glanzmann. There are zero preventative drugs for factor VII. There are no new modern, subcutaneously-administered preventative therapies for Von Willebrand disease,” CEO Benny Sorensen said in an interview with Endpoints News at the time of the company’s $157 million Series C in October. Hemab has multiple investors with a 5% or larger shareholding: RA Capital, Novo Holdings, Access Industries, Sofinnova Partners, Deep Track Capital, SMALLCAP World Fund, HealthCap and Avoro Ventures. Editor’s note: This article has been updated to include information about Kailera pricing its IPO.