Agomab Therapeutics and SpyGlass Pharma secured a combined $350 million in two separate initial public offerings on Thursday, ending a week that has seen investors pour more than $1 billion into the coffers of newly public biotechnology companies.
SpyGlass, which is making long-acting therapies for ocular diseases, raised $150 million, sold nearly 9.4 million shares for $16 apiece. Agomab, which is developing medicines for inflammatory conditions, followed with a $200 million stock sale of 12.5 million American depositary shares at $16 each. Both companies will begin trading on Nasdaq on Friday under the respective ticker symbols “SGP” and “AGMB.”
The IPOs are the third and fourth for drug companies this week, representing the busiest seven-day stretch for new biotech stock offerings in about a year, according to BioPharma Dive data. Hair loss treatment developer Veradermics banked $256 million on Tuesday and cancer drugmaker Eikon Therapeutics grabbed $381 million a day later.
While early and involving a small sample size, some of those offerings also rank among the largest the sector has seen since the start of 2024. Aktis Oncology, Eikon and Veradermics have all topped $250 million in IPO proceeds, a mark reached by only three of the 11 companies to go public last year — Metsera, MapLight Therapeutics and LB Pharmaceuticals.
IPOs have been difficult for drug startups to pull off since the start of 2022. Up until recently, generalist investors had largely pulled back from the life sciences, while venture investors poured money into seemingly safer biotech bets amid poor performance for many that made it to Wall Street. Offering totals hit their lowest point last year, when just 11 drug developers went public.
Still, many of those companies have seen their share values climb amid a broader rebound for biotech, generating optimism about a potential uptick in offerings in 2026. Shares in Sionna Therapeutics and Maze Therapeutics, both of which priced offerings toward the beginning of 2025, have more than doubled in value since. Metsera, which closed 2025’s second-largest IPO, was acquired by Pfizer in a $10 billion deal. A handful of other companies, among them artificial intelligence-focused Generate Biomedicines, have recently joined the queue as well.
Agomab, headquartered in Belgium, has three drugs in development for immunological diseases. Its most advanced is called ontunisertib, which is being advanced for “fibrostenosing” Crohn's disease, a complication of the immune condition where a buildup of scar tissue narrows the intestine. Agomab completed one mid-stage study in November. It plans to report results from an extension phase of the trial, as well as start a second Phase 2 study, later this year.
The European biotech has a second drug in human testing it believes could be useful as a standalone treatment or combination agent with other therapies for idiopathic pulmonary fibrosis. Data from an early-stage study could come in the second half of 2026. Prior to its IPO, Agomab raised nearly $300 million in venture funding.
SpyGlass, based in California, is making drug-device combinations for ocular conditions. One program is a lens implanted during cataract surgery. With the help of attached drug pads, it’s meant to treat glaucoma and ocular hypertension by slowly releasing a medication that lowers eye pressure. The therapy, codenamed BIM-IOL, is currently in two Phase 3 studies that started last month. SpyGlass expects to complete enrollment in 2027.
A second treatment that uses a different delivery system should start human testing this year.
SpyGlass was backed by venture investors such as New Enterprise Associates, Vertex Ventures and RA Capital and secured about $200 million in private financing.
