Updated Monday 9/9/24
Three biotechs are scheduled to complete IPOs this week.
Bicara Therapeutics (BCAX) plans to raise $200 million at an $865 million market cap. Its lead candidate, ficerafusp alfa, is a bifunctional antibody that combines two clinically validated targets, an epidermal growth factor receptor (EGFR)-directed monoclonal antibody with a domain that binds to human transforming growth factor beta (TGF-b). Through this dual-targeting mechanism, the company believes ficerafusp alfa has the potential to exert potent anti-tumor activity by simultaneously blocking both cancer cell-intrinsic EGFR survival and proliferation, as well as the immunosuppressive TGF-b signaling within the tumor microenvironment. It plans to initiate a pivotal Phase 2/3 trial late in the 4Q24 or early in the 1Q25.
Zenas BioPharma (ZBIO) is set to raise $200 million at a $685 million market cap. The company’s lead candidate, obexelimab, is a bifunctional monoclonal antibody targeting CD19 and FcγRIIb in order to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them. It is currently being evaluated in clinical trials for multiple indications including IgG4-Related Disease (IgG4-RD; Phase 3), multiple sclerosis (MS; Phase 2), and systemic lupus erythematosus (SLE; Phase 2). The company expects to report topline data for its most advanced indication in 2025. Zenas BioPharma's pipeline also includes several other clinical-stage programs targeting various immunological pathways.
MBX Biosciences (MBX) aims to raise $128 million at a market cap of $478 million. The company is developing peptides that are selectively engineered to have optimized pharmaceutical properties, including extended time-action profiles and consistent drug concentrations with low peak-to-trough concentration ratios, consistent exposure to target tissues, and less frequent dosing. Its lead candidate, MBX 2109, is a parathyroid hormone peptide that is designed as a potential long-acting hormone replacement therapy for chronic hypoparathyroidism. The company dosed its first patient for its Phase 2 trial in August 2024.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Bicara Therapeutics (BCAX) Boston, MA | $200M $865M | $16 - $18 11,765,000 | Morgan Stanley TD Cowen |
| Phase 1 biotech developing a bifunctional antibody to target solid tumors. | |||
| MBX Biosciences (MBX) Carmel, IN | $128M $478M | $14 - $16 8,500,000 | JP Morgan Jefferies |
| Phase 2 biotech developing precision peptides for endocrine and metabolic diseases. | |||
| Zenas BioPharma (ZBIO) Waltham, MA | $200M $685M | $16 - $18 11,760,000 | Morgan Stanley Jefferies |
| Phase 3 biotech developing therapies for autoimmune and inflammatory diseases. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/5/2024, the Renaissance IPO Index was up 8.1% year-to-date, while the S&P 500 was up 16.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index was down 5.3% year-to-date, while the ACWX was up 9.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Internasional.
