US IPO Week Ahead: Biotechs and software lead a 15 IPO week

Updated Monday, 6/14.

15 IPOs are currently slated to raise $2.5 billion in the week ahead, led by a preclinical biotech being valued at $4.7 billion.

The largest deal of the week, Lyell Immunopharma (LYEL) plans to raise $425 million at a $4.7 billion market cap. The company is using proprietary genetic and epigenetic reprogramming to develop T cell therapies for multiple solid tumor indications. Lyell’s multi-modality pipeline contains only preclinical candidates, but the company anticipates submitting four INDs by the end of 2022.

Israeli customer engagement and business insight platform WalkMe (WKME) plans to raise $282 million at a $2.9 billion market cap. The company’s no-code platform overlays any application and provides businesses with a unified view and insights across the organization’s software stack. Unprofitable with strong net revenue retention, WalkMe had roughly 2,000 customers as of 3/31/21, including 155 of the Fortune 500. 

Chinese pre-owned consumer electronics company AiHuiShou International (RERE) plans to raise $227 million at a $36 billion market cap. The company operates Paijitang Marketplace, China's leading B2B marketplace for trading electronic products and services and Paipai Marketplace, a retail marketplace for pre-owned products of certified quality which was acquired from JD Group in 2019. The company claims it was the largest pre-owned consumer electronics platform in China by GMV in 2020.

Gene editing biotech Verve Therapeutics (VERV) plans to raise $201 million at an $812 million market cap. Verve's lead candidate, VERVE-101, is designed to be a single-course gene editing treatment that permanently turns off the PCSK9 gene in the liver. The company has initiated IND-enabling studies for VERVE-101 and intends to submit an IND in 2022.

German psychedelics startup ATAI Life Sciences (ATAI) plans to raise $200 million at a $2.3 billion market cap. ATAI was founded as a response to unmet need and lack of innovation in the mental health treatment landscape, and its pipeline currently contains 10 development programs and six enabling technologies. One of its companies has initiated a Phase 2a trial in the US, and ATAI expects to initiate a Phase 2 trial for another program in 2021 and three additional Phase 2 trials for other programs in 2022.

Preclinical stem cell biotech Century Therapeutics (IPSC) plans to raise $200 million at a $1.1 billion market cap. Century Therapeutics is developing an allogenic stem cell platform that allows it to incorporate multiple transgenes and remove target genes to optimize cell product performance. The company expects to file an IND for its lead candidate, CNTY-101, in mid-2022, targeting CD19 for lymphoma. 

Medicare solutions provider Convey Holding (CNVY) plans to raise $200 million at a $1.1 billion market cap. Convey Health partners with healthcare payors to improve government-sponsored health plans like Medicare Advantage and Medicare Part D. The company has generated solid top-line growth along with high net dollar retention rates, but its revenue is concentrated to a small group of clients. 

Mortgage REIT Angel Oak Mortgage (AOMR) plans to raise $165 million at a $537 million market cap. The company’s mortgage portfolio is primarily comprised of first lien loans made to higher-quality, non-qualified mortgage borrowers, which are sourced from its proprietary mortgage lending platform. As of 3/31/21, Angel Oak’s loan portfolio had a FICO score of 715 and a weighted average LTV ratio of 76%.

China-partnered oncology biotech Ambrx Biopharma (AMAM) plans to raise $126 million at a $725 million market cap. The company's lead candidate, ARX788, is an antibody-drug conjugate currently being studied in breast, gastric and other solid tumors. The most advanced trial of ARX788 is being conducted by Ambrx Biopharma's partner, NovoCodex Biopharmaceuticals, in China in patients with HER2-positive metastatic breast cancer. The ongoing Phase 2/3 trial is expected to report topline data by the end of 2022.

Oncology biotech Cyteir Therapeutics (CYT) plans to raise $126 million at a $618 million market cap. Cyteir Therapeutics' lead candidate, CYT-0851, is a novel, oral small molecule inhibitor of homologous recombination, a DNA repair pathway critical for the survival of some cancers. CYT-0851 is currently in a Phase 1/2 trial in adult patients with hematologic malignancies and solid tumors.

Digital financial services provider AMTD Digital (HKD) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the "fusion reactor" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.

Synthetic biology solutions provider Codex DNA (DNAY) plans to raise $100 million at a $448 million market cap. Codex DNA states that its synthetic biology solution addresses the bottlenecks across the multi-step process of building DNA and mRNA. The company commercially launched its current synthetic biology solution in September 2019 and has placed approximately 160 BioXp systems globally.

Swiss-listed biotech Molecular Partners (MOLN) plans to raise $81 million at a $900 million market cap. The company uses its proprietary molecular platform to create product candidates with multiple mechanisms of action, and currently has development partnerships with Novartis, Amgen, and AbbVie. Its target indications span ophthalmology, oncology, and infectious disease, and it expects to report interim data from a Phase 2/3 trial of its COVID-19 candidate in August. 

Women's health medical device developer Femasys (FEMY) plans to raise $34 million at a $160 million market cap. Femasys is focused on transforming women's healthcare by developing novel solutions and next-generation advancements to address severely underserved areas. The company's initial focus is reproductive health, and its two lead product candidates are FemBloc for permanent birth control and FemaSeed as an artificial insemination infertility treatment.

Kidney disease biotech Unicycive Therapeutics (UNCY) plans to raise $25 million at a $116 million market cap. The company’s candidates include Renazorb, which was in-licensed from Spectrum Pharmaceuticals, and UNI 494, which was in-licensed from Sphaera Pharmaceuticals. Unicycive began conducting preclinical trials on UNI 494 in 2020.

Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.

Street research is expected for four companies, and lock-up periods will be expiring for up to eight companies. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/10/21, the Renaissance IPO Index was down 4.0% year-to-date, while the S&P 500 was up 12.9%. 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 down 1.6% year-to-date, while the ACWX was up 11.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.