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Biotech IR Blog by Our CEO and Founder, Laurence Watts.

September 23, 2026

August 2026 Biotech Follow-on League Table

Welcome to the latest update of New Street Investor Relations’ Biotech Follow-on League table, where we look at biotech follow-ons raising at least $50M in new equity on either Nasdaq or the NYSE. As a reminder, where banks were joint lead bookrunners, we only record the bank that sat “Top Left” on a prospectus.

Biotech Follow-ons in August 2026 (most recent first):

CompanyDate PricedIssue PriceTop LeftAmount raised $M
PMV Pharmaceuticals, Inc.31-Aug-20261.21TD Securities50.77
Immatics NV25-Aug-20268.69Jefferies172.50
Amylyx Pharmaceuticals, Inc.20-Aug-202635.50Leerink500.20
Zentalis Pharmaceuticals, Inc.13-Aug-20263.50TD Securities92.58
AbCellera Biologics, Inc.12-Aug-20269.75Jefferies200.00
Outlook Therapeutics, Inc.12-Aug-20260.99Piper Sandler55.00
Replimune Group, Inc.10-Aug-202612.06Leerink150.00
Twist Bioscience Corp.05-Aug-202696.00Goldman Sachs345.00

Source: FactSet – amounts raised may differ from those detailed in company press releases.

August saw eight biotech follow-ons raising at least $50M in new equity:

  • PMV Pharmaceuticals – pioneering the discovery and development of small molecule therapies targeting p53 – was brought by TD Securities.
    • 41,955,000 shares were priced at $1.21 per share.
    • Gross proceeds were $50.8M.
    • Stock currently trading at ~$1.48.
  • Immatics – the global leader in precision targeting of PRAME – was brought by Jefferies, Leerink, and Cantor.
    • 17,261,220 shares were priced at $8.69 per share.
    • 30-day option to purchase up to an additional 2,589,184 shares granted to underwriters.
    • Gross proceeds were $150.0M.
    • Stock currently trading at ~$8.72.
  • Amylyx Pharmaceuticals – developing novel therapies for communities with high unmet needs – was brought by Leerink, Morgan Stanley, Guggenheim, and LifeSci.
    • 14,090,000 shares were priced at $35.50 per share.
    • 30-day option to purchase up to an additional 2,113,500 shares granted to underwriters.
    • Gross proceeds were $500.2M.
    • Stock currently trading at ~$32.40.
  • Zentalis Pharmaceuticals – developing a treatment approach for ovarian cancer and multiple tumor types – was brought by TD Securities, Guggenheim, Oppenheimer, H.C. Wainwright, and Rodman & Renshaw.
    • 26,450,000 shares were priced at $3.50 per share.
    • Green shoe was exercised in full.
    • Gross proceeds were $92.6M.
    • Stock currently trading at ~$3.03.
  • AbCellera Biologics – discovering and developing first-in-class antibody-based medicines – was brought by Jefferies, J.P. Morgan, UBS, Cantor, and BMO.
    • 20,512,823 shares were priced at $9.75 per share.
    • Gross proceeds were $200.0M.
    • Stock currently trading at ~$12.66.
  • Outlook Therapeutics – focused on the development and commercialization of LYTENAVA™ for the treatment of retinal diseases – was brought by Piper Sandler, BTIG, and Arcadia.
    • 55,555,556 shares were priced at $0.99 per share.
    • 30-day option to purchase up to an additional 8,333,333 shares granted to underwriters.
    • Gross proceeds were $55.0M.
    • Stock currently trading at ~$0.69.
  • Replimune Group – developing novel oncolytic immunotherapies – was brought by Leerink, J.P. Morgan, and Cantor.
    • 12,437,830 shares were priced at $12.06 per share.
    • Gross proceeds were $150.0M.
    • Stock currently trading at ~$12.87.
  • Twist Bioscience – developing a disruptive DNA synthesis platform – was brought by Goldman Sachs, William Blair, Leerink, and Guggenheim.
    • 3,125,000 shares were priced at $96 per share.
    • 30-day option to purchase up to an additional 468,750 shares granted to underwriters.
    • Gross proceeds were $300.0M.
    • Stock currently trading at ~$166.

Investment Banks Ranked by Number of Biotech Follow-ons Sat Top Left in 2026:

RankBankNumber of deals sat top left
1Jefferies25
2Leerink19
3Morgan Stanley10
4J.P. Morgan8
5=BofA5
5=Goldman Sachs5
5=TD Securities5
8=Cantor4
8=Guggenheim4
10Piper Sandler3
11=Barclays1
11=Citi1
11=Konik Capital1
11=Stifel1

Source: Company filings

  • As of August 31, 2026, Jefferies sits atop the rankings, having sat Top Left on 25 of the year’s biotech follow-ons.
  • Leerink is in 2nd place, appearing Top Left on 19 biotech follow-ons in 2026.

Reverse Chronological list of 2026 Biotech Follow-ons (most recent first):

CompanyDate PricedIssue PriceTop LeftAmount raised $M
PMV Pharmaceuticals, Inc.31-Aug-20261.21TD Securities50.77
Immatics NV25-Aug-20268.69Jefferies172.50
Amylyx Pharmaceuticals, Inc.20-Aug-202635.50Leerink500.20
Zentalis Pharmaceuticals, Inc.13-Aug-20263.50TD Securities92.58
AbCellera Biologics, Inc.12-Aug-20269.75Jefferies200.00
Outlook Therapeutics, Inc.12-Aug-20260.99Piper Sandler55.00
Replimune Group, Inc.10-Aug-202612.06Leerink150.00
Twist Bioscience Corp.05-Aug-202696.00Goldman Sachs345.00
Dyne Therapeutics, Inc.22-Jul-202620.50Morgan Stanley431.42
REGENXBIO, Inc.17-Jul-20269.00Morgan Stanley115.04
Q32 Bio, Inc.15-Jul-202618.25Morgan Stanley200.00
Crescent Biopharma, Inc.15-Jul-202614.50Jefferies143.75
Erasca, Inc.13-Jul-202617.50J.P. Morgan632.50
Neurogene, Inc.01-Jul-202630.00Leerink143.75
Nuvectis Pharma, Inc.29-Jun-202620.00Cantor100.00
ProQR Therapeutics NV25-Jun-20261.81BofA50.00
Definium Therapeutics, Inc.24-Jun-202634.00J.P. Morgan805.00
Taysha Gene Therapies, Inc.24-Jun-20266.00Jefferies200.00
Absci Corp.24-Jun-20267.41Jefferies100.00
Cybin, Inc.24-Jun-20264.85Cantor50.00
uniQure NV23-Jun-202645.50Leerink258.75
MoonLake Immunotherapeutics23-Jun-202620.00Leerink230.00
Legend Biotech Corp.17-Jun-202629.35Morgan Stanley226.00
Alvotech16-Jun-20263.75BofA97.75
Enliven Therapeutics, Inc.11-Jun-202637.50Jefferies460.00
Humacyte, Inc.11-Jun-20261.05Barclays50.00
Shattuck Labs, Inc.10-Jun-20264.00Leerink86.25
Tango Therapeutics, Inc.09-Jun-202630.00J.P. Morgan600.00
IDEAYA Biosciences, Inc.08-Jun-202627.00J.P. Morgan345.00
Jade Biosciences, Inc.03-Jun-202615.00Jefferies172.50
Mineralys Therapeutics, Inc.03-Jun-202626.50BofA150.00
Inventiva SA02-Jun-20264.40Leerink120.00
Editas Medicine, Inc.26-May-20262.25Cantor125.00
Assembly Biosciences, Inc.22-May-202626.50Guggenheim115.00
Relay Therapeutics, Inc.21-May-202612.00Jefferies275.00
Immix Biopharma, Inc.21-May-20268.94Morgan Stanley150.00
Nanobiotix SA21-May-202638.92Jefferies99.90
NervGen Pharma Corp.21-May-20262.50Leerink60.00
Pharvaris NV08-May-202629.68Morgan Stanley132.25
Viridian Therapeutics, Inc.07-May-202617.00Jefferies125.00
Cytokinetics, Inc.06-May-202671.00Morgan Stanley805.00
InflaRx NV06-May-20262.00Guggenheim150.00
Avalo Therapeutics, Inc.05-May-202617.75Leerink375.06
Aura Biosciences, Inc.04-May-20266.00Leerink299.40
Cabaletta Bio, Inc.04-May-20262.90TD Securities150.00
Veradermics, Inc.30-Apr-2026100.00Jefferies442.04
Rein Therapeutics, Inc.30-Apr-20261.00Konik Capital57.50
Intellia Therapeutics, Inc.29-Apr-202610.75Jefferies207.00
GH Research Plc29-Apr-202618.00Stifel117.50
Oruka Therapeutics, Inc.28-Apr-202672.50Leerink700.35
Sagimet Biosciences, Inc.27-Apr-20266.00Leerink175.00
Nektar Therapeutics22-Apr-202692.00Jefferies373.75
Altimmune, Inc.22-Apr-20263.00Leerink224.99
Spruce Biosciences, Inc.21-Apr-202650.00Leerink69.00
Prelude Therapeutics, Inc.20-Apr-20264.44Goldman Sachs90.00
Trevi Therapeutics, Inc.16-Apr-202613.00Morgan Stanley173.42
MeiraGTx Holdings Plc16-Apr-20269.00BofA100.00
Spyre Therapeutics, Inc.14-Apr-202662.00Jefferies463.45
Allogene Therapeutics, Inc.14-Apr-20262.00Goldman Sachs200.40
Forte Biosciences, Inc.09-Apr-202626.27Guggenheim150.00
Adagene, Inc.02-Apr-20263.75Leerink70.00
Celldex Therapeutics, Inc.01-Apr-202629.00Leerink345.01
Zenas BioPharma, Inc.27-Mar-202620.00Jefferies100.00
Apogee Therapeutics, Inc.24-Mar-202670.00Jefferies402.50
SAB Biotherapeutics, Inc.18-Mar-20263.85Jefferies85.00
CytomX Therapeutics, Inc.17-Mar-20265.30Jefferies250.00
Dianthus Therapeutics, Inc.11-Mar-202681.00Jefferies718.75
Xenon Pharmaceuticals, Inc.10-Mar-202657.00J.P. Morgan747.50
Larimar Therapeutics, Inc.26-Feb-20265.00J.P. Morgan100.00
Palvella Therapeutics, Inc.25-Feb-2026125.00TD Securities230.00
Vir Biotechnology, Inc.25-Feb-20268.50Goldman Sachs172.50
Bicara Therapeutics, Inc.25-Feb-202616.00Morgan Stanley172.50
Zura Bio Ltd.25-Feb-20266.25Leerink143.75
Compass Pathways Plc19-Feb-20268.00Jefferies150.00
Candel Therapeutics, Inc.19-Feb-20265.45Citi100.00
Eupraxia Pharmaceuticals, Inc.19-Feb-20267.00Cantor63.25
Coherus Oncology, Inc.13-Feb-20261.75TD Securities57.56
Nektar Therapeutics12-Feb-202658.00Jefferies460.00
Galecto, Inc.11-Feb-202619.00Jefferies316.25
Sutro Biopharma, Inc.10-Feb-202613.98Leerink110.00
ALX Oncology Holdings, Inc.30-Jan-20261.57Piper Sandler150.00
Vaxcyte, Inc.29-Jan-202650.00BofA632.50
Erasca, Inc.21-Jan-202610.00J.P. Morgan258.75
Corvus Pharmaceuticals, Inc.21-Jan-202622.15Jefferies201.25
BioAge Labs, Inc.21-Jan-202619.50Goldman Sachs115.00
Monte Rosa Therapeutics, Inc.08-Jan-202624.00Jefferies300.00
Phathom Pharmaceuticals, Inc.08-Jan-202616.00Guggenheim130.00
Alumis, Inc.07-Jan-202617.00Morgan Stanley345.06
Arrowhead Pharmaceuticals, Inc.07-Jan-202664.50J.P. Morgan200.00
Bright Minds Biosciences, Inc.07-Jan-202690.00Jefferies175.05
Praxis Precision Medicines, Inc.06-Jan-2026260.00Piper Sandler575.12
Crinetics Pharmaceuticals, Inc.06-Jan-202645.95Leerink350.14

Source: FactSet – amounts raised may differ from those detailed in company press releases.

  • As of August 31, 2026, there have been 92 biotech follow-ons.
  • This compares to 115 for the whole of 2025, and 124 for 2024.

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