Six Biotech Companies Go Public or File IPOs in January 2024, Raising Over $1 Billion

At the beginning of 2024, the biotechnology industry showed signs of recovery after years of stagnation. On January 25, CG Oncology, Inc., a biopharmaceutical company focused on developing oncolytic immunotherapies for bladder cancer, successfully went public on NASDAQ. In January, six biotech companies reported good news: two successfully completed IPOs, four filed for IPOs, with a total financing amount of $1.009 billion.

On January 29, Fractyl Health (GUTS.US), a company dedicated to developing procedural and gene therapy solutions for type 2 diabetes and obesity, filed for its initial public offering (IPO), planning to raise up to $100 million.

Fractyl Health is a metabolic therapeutics company focused on developing new treatments for metabolic diseases, including type 2 diabetes and obesity. The company’s lead candidate products are the outpatient procedural treatment Revita DMR System and the pancreatic gene therapy platform Rejuva.

Fractyl Health R&D Pipeline

On January 23, neuroscience startup Alto Neuroscience, Inc. filed its prospectus for an IPO on the NYSE.

Alto Neuroscience, Inc. was founded in 2019 by Stanford University psychiatrist Amit Etkin, who has been obsessed for decades with how to better define mental illnesses. Frustrated by the lack of innovation in treating mental health conditions over the decades, he suspected that traditional diagnoses actually failed to address the core of what is happening in patients' brains.

Alto Neuroscience R&D Pipeline

On January 5, 2024, ArriVent Biopharma filed for a Nasdaq IPO, and the prospectus was officially disclosed.

ArriVent Biopharma was founded in 2021 by Dr. Zhenbin Yao. ArriVent Biopharma's core product is Furmonertinib, which was introduced from Allist in 2021, and its second product is ARR-002, a new ADC drug co-developed with Aarvik. ArriVent Biopharma completed a $150 million Series A financing in 2021 and a $155 million Series B financing in April 2023.

ArriVent Biopharma R&D Pipeline

On January 25, CG Oncology announced the completion of an upsized IPO, raising $380 million. This marks the first biotech IPO of 2024.

CG Oncology is a biotechnology company in the late stage of clinical development. Its lead investigational therapy, cretostimogene grenadenorepvec (CG0070), is an oncolytic virus therapy used to treat high-risk BCG (Bacillus Calmette-Guérin)-unresponsive non-muscle invasive bladder cancer (NMIBC) carcinoma in situ. The therapy has received Breakthrough Therapy Designation from the U.S. FDA.

CG Oncology R&D Pipeline

On January 5, gene therapy company Metagenomi, Inc. filed for an initial public offering (IPO) in the United States, aiming to raise up to 100 million U.S. dollars through its IPO.

Metagenomi is a precision gene medicine company that develops therapeutic treatments using its proprietary and comprehensive metagenome-derived genome editing toolbox. Its toolbox includes programmable nucleases, base editors, as well as RNA- and DNA-mediated integration systems (including prime editing systems and CRISPR-associated transposases). Currently, Metagenomi has developed multiple pipelines, covering indications such as hemophilia and cystic fibrosis, while also targeting undisclosed objectives in cardiovascular, oncology, and metabolic diseases. All of its candidate products are in the preclinical stage.

Metagenomi R&D Pipeline

On January 16, Kyverna Therapeutics, Inc. filed for an IPO, and the prospectus was officially disclosed.

Kyverna Therapeutics, Inc. was founded in 2018, focusing on the development of CAR-T therapies for autoimmune diseases. Its R&D pipeline includes CD19 CAR-T for the treatment of lupus nephritis, systemic sclerosis, myasthenia gravis, multiple sclerosis, as well as CAR-T therapies for inflammatory bowel disease.

Kyverna completed a $25 million Series A financing in January 2020, an $85 million Series B financing in January 2022, and a $60 million Series B+ financing in August 2023, with cumulative financings reaching $170 million. In the Series B investment, Gilead contributed $14.5 million.

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