Biotech IPO Momentum Continues with Aspen, TRex, City and Others

· Health · United States

A wave of biotech companies are moving toward public markets. Aspen Neuroscience, a Gilead-backed cell therapy maker, and Bambusa Therapeutics, an immunology and inflammation startup founded by BioNTech veterans, have filed for IPOs, according to Endpoints News. TRex Bio priced a $117 million IPO to support its immune drug work; Eli Lilly is its largest equity holder. City Therapeutics, an RNAi startup from former Alnylam executives, is targeting a $158 million IPO, while Iambic seeks a $135 million Nasdaq debut. The listings span cell therapy, immunology, RNAi and AI-driven drug discovery, signaling renewed investor appetite for early-stage science. The momentum follows a strong year for biotech IPOs and could provide fresh capital to clinical-stage companies.

Why it matters：A cluster of biotech IPOs across cell therapy, immunology, RNAi and AI drug discovery signals that public-market appetite for early-stage science has recovered, giving clinical-stage companies a funding route that had been constrained and shaping which technologies can advance.

Key points

  • Aspen Neuroscience and Bambusa Therapeutics have filed for IPOs.
  • TRex Bio priced a $117 million IPO, with Eli Lilly as its largest equity holder.
  • City Therapeutics is targeting a $158 million IPO and Iambic seeks a $135 million Nasdaq debut.

Sources (original reporting)

More stories from this day