2024 Brings Surprising Early Surge of Biotech IPOs

As we all know, 2023 was a horrible year for initial public offerings in biotech. However, the IPO market seems to have come alive in early 2024 with five companies jumping into the fray—Alto Neuroscience, ArriVent Biopharma, CG Oncology, Kyverna Therapeutics and Metagenomi. Bladder cancer–focused CG Oncology said in an SEC filing on Thursday that net proceeds from its offering will be $181.1 million, or up to $209 million if the underwriters exercise their over-allotment option in full.