Four biotech companies – AgomAb Therapeutics, Eikon Therapeutics, Spyglass Pharma and Veradermics – went public this week, raising a combined total of nearly $1 billion.[6] These public offerings represent a significant turnaround in the biotech sector, which has struggled with economic policies, regulatory uncertainty and declining investor interest in the high cost and low success rate of drug development.[6] Only 11 biotech firms completed an IPO last year, the lowest number in 15 years.[6] Additionally, a fifth company, Generate Biomedicines, has filed for an IPO.[6] Fewer than a dozen biotech companies went public in 2025, the lowest number since 2018.[1] Investors expect an increase in IPO activity in 2026 due to improving market conditions and a backlog of mid- to late-stage drug companies.[1][2]