July 8, 2026

Which Biotechs Qualify for a Subsidized IR Package When Listing on Nasdaq? (And What Does It Typically Consist Of?)

When a biotech prepares to list on Nasdaq, management teams often assume that investor relations infrastructure must be built from scratch – a new IR website, earnings call logistics, media monitoring, disclosure workflows, and governance tools.

What many companies do not realize is that certain new listings qualify for a complimentary IR services package through a Nasdaq partnership program.

This blog explains which biotechs usually qualify – and what the subsidized package typically includes. Note that we’re only covering the subsidized packages associated with Nasdaq listings since biotechs almost exclusively choose it as their exchange.

Nasdaq’s complimentary services are provided in accordance with Listing Rule IM-5900-7, which governs the permissible scope of such services. These services are framed as a way to support companies entering the public markets with institutional-grade communications infrastructure from day one.

The Nasdaq tier you list on matters

The subsidized IPO IR package is not universal. Eligibility is generally tied to the tier of Nasdaq you list on and the nature of your transaction.

Based on Nasdaq’s partnership materials, the program is typically available to companies listing on:

• Nasdaq Global Market.
• Nasdaq Global Select Market.

It is not typically extended to companies listing on Nasdaq Capital Market.

As a reminder, a sample of Nasdaq’s own listing requirements follows:

Select Nasdaq listing liquidity requirements by market

Requirement	Nasdaq Capital Market	Nasdaq Global Market	Nasdaq Global Select Market
Positioning	Entry-level institutional market	Mid-tier institutional market	Nasdaq’s premium tier
Stockholders’ Equity (Equity Standard)	≥ $5M	≥ $30M	≥ $110M
Market Value of Unrestricted Publicly Held Shares (Equity standard)	≥ $15M	≥ $18M	≥ $110M
Unrestricted Publicly Held Shares	≥ 1M	≥ 1.1M	≥ 1.25M
Unrestricted Round Lot Shareholders	≥ 300	≥ 400	≥ 450
Typically Qualifies for Subsidized IPO IR Package?	NO	YES	YES

Source: Nasdaq.

From the above you can see that the two qualifying Nasdaq tiers tend to attract larger/more reputable companies, which in turn pay higher entry fees and annual fees (giving, one assumes, Nasdaq more cash flow to allocate to a company’s subsidized package).

Eligible new listings and transfers

Subsidized IR packages are designed for new primary listings. For biotechs, that usually means one of three scenarios.

• First, initial public offerings, which remain the most common pathway for biotechs.
• Second, direct listings or corporate spin-offs, where a business separates from a parent company or enters the market without a traditional underwritten transaction.
• Third, exchange transfers – companies migrating their listing from venues such as the NYSE to Nasdaq.

Who is typically excluded?

The program is built for operating companies with active disclosure needs, not passive investment vehicles. As a result, the following issuers are usually excluded:

• SPACs.
• Limited partnerships.
• Management investment companies and other fund-like structures.

What do the subsidized IR packages usually include?

The complimentary (typically three-year) package focuses on core infrastructure – tools that every newly public biotech needs. Note that a lot of these services can and will be managed by your outside IR provider, which often plays an active role in getting them set up as well.  

Below is a practical breakdown of key package components:

1. A fully built investor relations website (by Notified)

Newly public biotechs receive support to launch a professional IR website that serves as their central hub for disclosure.

Typical capabilities include:

• Real-time stock quote integration and charting.
• Archived financial filings and webcasts.
• A presentation library for analysts and investors.
• Secure hosting with mobile compatibility.

2. Earnings webcasting infrastructure (by Notified)

Development-stage biotechs might host a couple of earnings calls in their first few years as a public company – alternatively, they may choose not to. If they do, the subsidized Nasdaq package has these covered:

• Global webcast hosting and support.
• Dedicated technical managers.
• Browser-based streaming that does not require software downloads.
• Analytics to track investor engagement.

3. Investor day event support (by Notified / and at Nasdaq MarketSite in NYC)

A typical biotech might host its first investor day shortly before (or after) its first big data readout as a public company. The subsidized package offers investor day support including:

• Live webcast infrastructure.
• A branded microsite for the event.
• Dedicated project management support.

Additional onsite AV services are typically optional upgrades rather than part of the base package. Note also that Nasdaq-listed companies can host their investor days at the Nasdaq MarketSite space at Times Square in New York City.

4. Press release distribution and 8-K support (by Globe Newswire)

Public biotechs must simultaneously satisfy disclosure regulations and investor expectations for real-time communication.

The complimentary services covering this from the package usually include:

• News distribution through Globe Newswire.
• Support for SEC filing workflows tied to disclosures.
• The ability to embed multimedia into press releases.

5. Media monitoring and social listening

Reputation management becomes more complex once a company trades publicly. The tools included in the package that can help with this include the ability to:

• Track brand mentions across media and social media channels.
• Monitor competitors and industry news.
• Measure engagement across owned and earned media.

6. Whistleblower and compliance infrastructure

Perhaps the least visible part of each package, but no less important, is the governance infrastructure it provides.

This includes anonymous reporting systems that:

• Allow employees to submit confidential concerns.
• Maintain audit trails and reporting records.
• Support compliance and corporate governance requirements.

For companies transitioning into Sarbanes-Oxley environments, this component can accelerate a biotech’s governance readiness.