Biotech IR Blog by Our CEO and Founder, Laurence Watts.
October 7, 2026
“Top Left”: Our September 2026 Biotech IPO League Table
Welcome to the latest update of New Street Investor Relations’ Biotech IPO League table, where we look at biotech IPOs 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 IPOs in September 2026 (most recent first):
| Company | Date Priced | Issue Price | Top Left | Amount raised $M |
| ADARx Pharmaceuticals, Inc. | 24-Sep-2026 | 17.00 | J.P. Morgan | 513.19 |
| Electra Therapeutics, Inc. | 17-Sep-2026 | 15.00 | Jefferies | 350.00 |
Source: FactSet – amounts raised may differ from those detailed in company press releases.
September saw two biotech IPOs raising at least $50M in new equity:
- ADARx Pharmaceuticals – developing next-generation siRNA therapeutics – was brought by J.P. Morgan, Morgan Stanley, TD Cowen, UBS, and LifeSci.
- 30,187,500 shares were priced at $17 per share.
- Green shoe was exercised in full.
- Gross proceeds were $513.2M.
- Stock currently trading at ~$19.
- Electra Therapeutics – developing precision medicines for the treatment of immune-mediated diseases and cancer – was brought by Jefferies, TD Cowen, Evercore, and Cantor.
- 23,333,334 shares were priced at $15 per share.
- 30-day option to purchase up to an additional 3.5M shares granted to underwriters.
- Gross proceeds were $350.0M.
- Stock currently trading at ~$10.
Investment Banks Ranked by Number of Biotech IPOs Sat Top Left in 2026:
| Rank | Bank | Number of deals sat top left |
| 1 | J.P. Morgan | 9 |
| 2 | Goldman Sachs | 5 |
| 3= | Jefferies | 3 |
| 3= | Leerink | 3 |
| 5 | Morgan Stanley | 2 |
| 6= | BofA | 1 |
| 6= | JonesTrading | 1 |
Source: Company filings
- As of September 30, 2026, J.P. Morgan remains in pole position, having sat Top Left on nine of the year’s biotech IPOs.
- Goldman Sachs is in 2nd place, appearing Top Left on five.
Reverse Chronological list of 2026 Biotech IPOs (most recent first):
| Company | Date Priced | Issue Price | Top Left | Amount raised $M |
| ADARx Pharmaceuticals, Inc. | 24-Sep-2026 | 17.00 | J.P. Morgan | 513.19 |
| Electra Therapeutics, Inc. | 17-Sep-2026 | 15.00 | Jefferies | 350.00 |
| Vogenx, Inc. | 11-Aug-2026 | 13.00 | JonesTrading | 93.44 |
| Braveheart Bio, Inc. | 06-Aug-2026 | 18.00 | Goldman Sachs | 439.88 |
| BlossomHill Therapeutics, Inc. | 06-Aug-2026 | 16.00 | J.P. Morgan | 150.00 |
| Latigo Biotherapeutics, Inc. | 06-Aug-2026 | 18.00 | Goldman Sachs | 345.60 |
| Attovia Therapeutics | 05-Aug-2026 | 17.00 | Morgan Stanley | 332.35 |
| Apnimed, Inc | 30-Jul-2026 | 16.00 | BofA | 220.80 |
| Scribe Therapeutics, Inc. | 23-Jul-2026 | 15.00 | Leerink | 148.01 |
| Kardigan, Inc. | 18-Jun-2026 | 16.00 | J.P. Morgan | 460.00 |
| Parabilis Medicines, Inc. | 10-Jun-2026 | 20.00 | Leerink | 770.50 |
| Odyssey Therapeutics, Inc. | 08-May-2026 | 18.00 | J.P. Morgan | 289.80 |
| Seaport Therapeutics, Inc. | 30-Apr-2026 | 18.00 | Goldman Sachs | 260.04 |
| Hemab Therapeutics Inc. | 30-Apr-2026 | 18.00 | Goldman Sachs | 346.73 |
| Avalyn Pharma, Inc. | 29-Apr-2026 | 18.00 | Morgan Stanley | 345.00 |
| Alamar Biosciences, Inc. | 16-Apr-2026 | 17.00 | J.P. Morgan | 219.94 |
| Kailera Therapeutics, Inc. | 16-Apr-2026 | 16.00 | J.P. Morgan | 718.75 |
| Generate Biomedicines, Inc. | 26-Feb-2026 | 16.00 | Goldman Sachs | 400.00 |
| Satellos Bioscience, Inc. | 06-Feb-2026 | 10.10 | Leerink | 57.20 |
| SpyGlass Pharma Inc | 05-Feb-2026 | 16.00 | Jefferies | 172.50 |
| AgomAb Therapeutics NV | 05-Feb-2026 | 16.00 | J.P. Morgan | 200.00 |
| Veradermics, Inc. | 04-Feb-2026 | 17.00 | Jefferies | 294.77 |
| Eikon Therapeutics, Inc. | 04-Feb-2026 | 18.00 | J.P. Morgan | 381.20 |
| Aktis Oncology, Inc. | 08-Jan-2026 | 18.00 | J.P. Morgan | 365.36 |
Source: FactSet – amounts raised may differ from those detailed in company press releases.
- As of September 30, 2026, there have been 24 biotech IPOs.
- This compares to 9 for the whole of 2025, and 16 for 2024.