Updated Monday, 11/9.
The US IPO market remains relatively quiet following election week, with three biotechs and one SPAC scheduled to raise $340 million in the week ahead.
Oncology biotech IN8bio (INAB) plans to raise $75 million at a $325 million market cap. IN8bio is focused on developing cancer therapies by employing allogeneic, autologous and genetically modified gamma-delta T cells. The company’s lead candidates, INB-200 and INB-100, are targeting glioblastoma and a subset of patients with leukemia. Both are in Phase 1 trials, with topline data expected in 2021 and 2022, respectively.
Immuno-oncology biotech Compass Therapeutics (CMPX) plans to raise $50 million at a $337 million market cap. The company's lead candidate, CTX-471, is a monoclonal antibody agonist of CD137, a key co-stimulatory receptor on immune cells. CTX-471 is currently in a Phase 1 trial in a subset of oncology patients previously treated with immune checkpoint inhibitors. Compass plans to initiate a Phase 2/3 trial by early 2022.
Clinical stage biotech Inhibikase Therapeutics (IKT), which is developing kinase inhibitors for Parkinson's (PD) and related disorders, plans to raise $15 million at a $142 million market cap. Its lead candidate, IkT-148009, is being developed for PD and related disorders that arise inside and outside the brain. Inhibikase has filed two INDs for IkT-148009 and expects to begin the first dosing of patients shortly after the IPO.
Sustainable food-focused SPAC Natural Order Acquisition (NOACU) plans to raise $200 million. The company is led by Chairman Sebastiano Castiglioni, who is a Partner at Blue Horizon Group, and CEO Paresh Patel, who manages his private investment office Sandstone Investments.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Inhibikase Therapeutics (IKT) Atlanta, GA |
$15M $142M |
$10 - $12 1,363,636 |
ThinkEquity |
| Clinical stage biotech developing kinase inhibitors for Parkinson's and related disorders. | |||
| Natural Order Acquisition (NOACU) Weston, MA |
$200M $250M |
$10 20,000,000 |
Chardan Barclays |
| Blank check company focusing on technologies and products related to sustainable plant-based food and beverages. | |||
| IN8bio (INAB) New York, NY |
$75M $325M |
$15 - $17 4,687,500 |
Barclays Cantor Fitz. |
| Phase 1 oncology biotech developing allogeneic gamma-delta T cell therapies. | |||
| Compass Therapeutics (CMPX) Cambridge, MA |
$50M $337M |
$5 - $6 9,000,000 |
Citi Credit Suisse |
| Phase 1 immuno-oncology biotech developing novel protein and antibody therapies. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/5/20, the Renaissance IPO Index was up 82.6% year-to-date, while the S&P 500 was up 8.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was up 40.3% year-to-date, while the ACWX was down 0.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
