Three more biotechs price their Nasdaq IPOs

AgomAb Therapeutics, SpyGlass Pharma, and Veradermics have all set the terms for their initial pubic offerings on the Nasdaq, looking to raise somewhere between $150 million and $200 million.

Antwerp, Belgium-based immunology and inflammation specialist AgomAb – which plans to list under the AGMB symbol – is offering 2.5 million shares at a price range of $15 to $17, hoping to raise $200 million, which could give it a value upwards of $875 million.

Aliso Viejo, California-based SpyGlass, meanwhile, is offering 9.4 million shares – also in a price range of $15 to $17 – that could garner $150 million and give it a valuation of around $550 million. The eye disease therapy developer's listing has the proposed symbol SGP.

And New Haven, Connecticut-based Veradermics, which is developing hair loss therapies, is pitching for a market valuation of $530 million-plus from the sale of 13.4 million shares at a range of $14 to $16, under the MANE symbol, in the hope of raising $200 million.

The new announcements bring the number of IPOs priced this week to four, coming shortly after South San Francisco cancer-focused biotech Eikon Therapeutics (EIKN) said it hoped to raise around $318 million from its listing.

They provide further evidence of improved investor sentiment towards the biotech sector after IPO numbers fell sharply in 2024 and 2025, at least for companies with programmes that are in mid- to late-stage clinical development and can make a case that they can answer challenging clinical needs.

Another cancer player, Boston radiopharmaceutical specialist Aktis Oncology (AKTS), was the first biotech to complete a Nasdaq listing this year, raising $318 million.

AgomAb's lead candidates are ontunisertib (AGMB-129), a gastrointestinal tract-retained ALK5 inhibitor in a phase 2a trial in fibrostenosing Crohn's disease, and lung-restricted ALK5 inhibitor AGMB-447 in early human testing and potential as a treatment for idiopathic pulmonary fibrosis (IPF).

SpyGlass is concentrating on the development of drug-delivering intraocular implants for chronic ophthalmic disease, with an intraocular lens (IOL) delivering bimatoprost, BIM-IOL, in phase 3 testing for sight-robbing disease glaucoma.

Finally, Veradermics is focused on developing an oral, non-hormonal extended-release formulation of minoxidil (VDPHL01) to treat male and female pattern hair loss, which affects approximately 50 million men and 30 million women in the US. It is in phase 3 testing as an alternative to topical minoxidil, which is well established but has limited efficacy.

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